Different technologies have emerged in the banking industry

    Different technologies have emerged in the banking industry, affecting the bank's mode of operation and system. Guo et all (2019). Digital disruption in the banking industry in providing financial services is associated with the use of new technologies used by financial organizations in different aspects of their work and transforming their activities from physical into digital. Holmström & Partanen (2014), Chandler et all (2019). Despite increasing efficiency on the banks' operations, the technologies have also resulted in significant challenges to the banks and customers considering compliance with the regulations especially the European Union Revised Payment Services Directive which regulates the payment services and payment service providers throughout the European Union (EU) and European Economic Area (EEA). This regulation’s objective is to promote the development and use of innovative online and mobile payments through open banking using application programing interface (API) that allows third parties to connect with the software application or web service of the banks. This has made the banks open the providing of financial services which they have exclusivity to other smaller fintech companies which are more advanced in using technology in providing services and to the big tech companies (like PayPal, Google) thus increasing the competition for the banks. This study highlights how technology and covid-19 are forcing the bank to change its model of operation. The emergence of the Covid-19 pandemic across the world has encouraged the need to adopt change in business operations mode. Banks, in particular, has been forced to provide customers with new experience based on the use of technologies. New digital banking platforms, applications that allow customers to quickly and directly contact banks, web-based connections, mobile devices and smartwatches are just the beginning of the future that awaits us. Agrawal et all (2015). The technologies have made transaction costs associated with bank services cheaper or affordable to customers. The banking industry undergoes a significant transformation from being based on physical branches to the application of big data and information technology. Due to the emerging technologies, the banks face stiff competition from fintech companies.