Irish banks are operating in a rapidly changing market and must embrace new technologies and business models to keep pace and to stay ahead of energetic new entrants. But the same banks should accept that they cannot make this transformation alone and have to seek out new partners if they are to succeed or even survive in a new marketplace.

The race is on to carve out fresh lines of revenue in the newly unfolding ecosystem. Emerging technologies, notably AI and Machine Learning (ML), are helping to create a new online experience for banks and their customers. For incumbent banks to remain competitive, it will be key to transform into not only a digital, data-first enterprise, but also an agile one, able to deal with regulatory changes, new consumer demands and emerging technologies.

These changes instigate new business models, which will require new skills and significant cultural change, not least because banks will be required to pursue a more collaborative approach with new external partners in order to monetise these new models and open up new revenue streams.

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