In a FinextraTV interview, Tsvetanka Nankova, Head of Corporate Development and Chief of Staff, Corporate Bank, Deutsche Bank, explained the three core drivers of the fragmentation in the financial services space at the moment: changes to the global operating environment; a lack of standardisation when it comes to financial processes; and unaligned regulation in fraud mitigation, AML, ESG and KYC.

There is, however, cause for optimism. Despite the slowdown from the Covid-19 pandemic and geopolitical shifts, the world continues to be sourced, produced, traded, and lived globally. And with new technological developments, there are plenty of opportunities across cash management, cross-border payments and trade finance and lending. Fragmentation is what banks will make of it.