Perspectives

How Banks Can Respond To The Big Tech Threat

Dr. Sharon Springell
Emerging Tech Research | Virtusa xLabs
White paper

How Banks Can Respond To The Big Tech ThreatA jobs-to-be-done design approach has the answers

The past decade for banks has been nothing short of grueling. After the rollicking good times in the lead up to the 2008 financial crisis, post the crash the banks have faced tightening pressure from all sides, be it regulators, FinTechs, or the escalating demands of customers. But, today, the banking industry is on the cusp of another major inflection point.

The hostile threat amassing on the horizon is Big Tech. Unlike the FinTechs, the Big Techs have the brand, the data, and the customer-facing platforms to give them significant cross-sell opportunities. Unlike the banks, with their highly intricate legacy structures and product silos, the cloud native Big Techs are nimble and real-time.

But emulating the characteristics of Big Tech will only get banks so far. In the race to catch-up to their tech wizardry, banks’ large-scale digital transformation projects will only consign them to the rear of the pack. At issue is the tech giants’ strategy and design thesis, which is the wellspring of their competitive advantage. Going forwards, as banks reimagine their future, we believe they should reflect seriously on the “Jobs-to-be-done” ( JTBD).

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