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Internet-oriented new era companies will play a considerable role in shaping the banking industry of the future, according to Gartner.
Gartner analysts examined the future of banks during Gartner Symposium/ITxpo taking place here.
“The evolution of the Internet continues to raise questions about the continued viability of brick and mortar establishments in retailing and financial services,” Gartner fellow Vice-President David Furlonger said.
Increasingly, Internet-oriented mega-firms are seen as the commercial enterprises of the future, he said adding that as far as retail banking is concerned, it would be like “trying to hammer a square peg into a round hole. This just does not fit“.
Furlonger said digital mega-firms have many things in their favour. “They are masters of data management and analytics. To all intents and purposes they define agility, both from a technology and a business model point of view.”
He said digital mega-firms will alter and shape the market by helping it develop, feeding the fires of change by making customers better informed and occasionally catalytic forays into the market with niche financial services offerings.
“For many existing financial services institutions, mapping out the path to the future is proving extremely difficult and challenging. Traditional models no longer apply to many of their customers or markets.”
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