A PYMNTS.com interview: In Europe, the great digital shift is spurring traditional banks to play a bit of catch-up. Lilia Metodieva, managing director at Monneo, told…

One of the fastest-growing segments of the financial services industry is the movement of retail banking customers from traditional banking solutions to new digital banking service providers. To be fair, some of these “new” digital banks are actually just the traditional banks with a new shape and format, and sometimes even a different name.

While the Internet has certainly flattened the playing field for merchants that want to open an online storefront, it has not freed them from many of the same regulatory obligations that larger, more established firms must meet. This can only serve for optimal business development scenarios in an ever-evolving digital economy around the globe.

The transition to an almost purely digital economy is speeding up with every passing year and that is in part due to the leaps and advances in technology that are changing the way we live and conduct business.