As payments, technology and e-commerce disruptors compete against banks with embedded finance solutions, banks must harness emerging technologies to create their own digital ecosystems and remain at the center of the banking universe.

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New research from Economist Impact supported by Temenos finds that European banks are fighting back against competition from platform players, neobanks and payment providers.

In Europe, scrappy fintech firms and neobanks took the lead in using new technologies to provide better customer experiences, reach underserved markets and offer a greener alternative to traditional banking services. Now Europe’s traditional banks are fighting back.

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• Research from Economist Impact finds that European banks are more likely than other regions to expect neobanks to be their biggest competitors in the next five years – 35% in Europe compared to 25% globally.

• European banks are emulating the way that new entrants have used technology to reach new and existing customers and support them in managing their personal finances.

• Over one in five see moving to public cloud as a strategic priority to ensure that their operations are agile and secure.