In 2015 a study made by FIS found that only 23% of customers believe their banks are fulfilling their expectations. Now, in the COVID-19 era, a recent survey conducted by PwC shows that even though consumers are happier with the banking services provided, the new risks of the industry are competitors and mostly non-traditional competitors. In fact, KPMG has stated that banks are encouraged to use channels that haven’t been prioritized in the past.

Starting with 1990, digitalization has been a constant in the financial industry. This trend that continues to grow is driven by new customer expectations. When today's consumer evaluates financial services, they don't compare banks anymore. They compare experiences. Thus, banks adopted new technologies to improve their services, and create smarter digital service offerings.

With a digital-first focus, the banking game has changed, as shown by the new disruptive proposals that appear in the industry. The latest of which, is virtual banking.

The evolving landscape of ESG considerations has attracted widespread attention in recent years, particularly in relation to the prominent subject of Sustainable Finance. However, its emergence has accentuated a concerning issue of greenwashing. The implications of greenwashing are significant as it could undermine the credibility and effectiveness of sustainable finance by potentially misleading investors who seek to support sustainable initiatives.