How technology will transform banking in 2016: Blockchain, digital challengers and IoT
But the competitive landscape has intensified as they continue to fight on a number of fronts, and the wave of fintech startups, digital challengers and tech giants present a threat that is unlikely to go away soon.
At the same time, a wave of innovation in the sector offers a number of opportunities for those that are able to move quickly. Blockchain has certainly been the clearest example this year.
So what will set the banking technology agenda in 2016?
Banks will come under increased pressure from tech giants
It is no secret that a major concern for the big banks is having their lunch eaten by the likes of Apple, Google, Facebook and Amazon. And we can expect these internet behemoths to build on their consumer relationships and make further inroads into payments next year.
Apple launched its Apple Pay mobile payments service this year, and others such as Samsung are set to move into the market with similar offerings too. While Barclays has its own wallet, Pingit, it will be interesting to see if other banks attempt to stake a claim in this market too, or leave it to the big tech firms.