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Abstract
Today rapid transforming takes place in the digital era in the banking sector. It is as important that the banks remain as transparent, as their customers remain authentic. The main objective behind integrating banking services with technology is, undoubtedly, convenience. Technology has now become familiar to most individuals, to an extent that it influences their lifestyle. It, then, becomes vital for businesses to distinguish themselves in the digital space with unique offerings. A digital transformation is taking place in the financial services industry, with a host of non-bank innovators offering both customer facing and back office financial technology products and services. This transformation includes emerging market economies, and in many places offers a viable digital alternative to traditional banks, which have left significant populations underbanked. This paper explores the challenges and opportunities that financial technology innovations present for banks in these nations. Digital disruption is occurring at every level in the banking industry. From new technology to new competition to heightened customer expectations, incumbent banks have become increasingly vulnerable.