With the coronavirus crisis prompting a vast shift from in-branch operations to online, like most industries, financial services has needed to adapt.

Open Banking is also disrupting the market, with both banks and FinTechs looking to boost customer experience by harnessing data to offer improved services and a wider range of products.

Both the shift to online and the disruption of Open banking have created opportunities for the market to grow and adapt, but they've also generated a whole host of new privacy and security concerns. With the backdrop of the pandemic to boot, there's never been a more challenging time for the market.

Traditional banks not only have to address changing consumer habits and a greater reliance on digital banking, but also face growing competition from alternative banks, including digital-only platforms.