Banks and financial institutions are globally facing immense challenges as disruptive change-driven by a combination of heightened regulation, fast-paced technological innovation and evolving consumer behaviour - reshapes traditional ways of doing business. But banks navigating the transformation trail are struggling in a low-growth economy, balancing financial returns over the short to medium term, while simultaneously investing in their digital capabilities and innovation to position themselves for long-term growth.

Complicating the challenge to innovate more rapidly and efficiently is the complexity of legacy banking infrastructure, the size of organizations and their "risk averse" cultures and hierarchical structures, which often kill innovations before they can gain any momentum.

Dynamic new partnerships and initiatives are 'at the heart of the digital future' for banks