The digital transformation of financial institutions has changed the way customers interact with banks and insurance companies. Online banking users have increased from 40% in the EU to 61% in the US, and are expected to rise to 83-89% in the EU by 2020. Brick-and-mortar institutions are becoming obsolete, with 70% of European youngsters preferring to go to the dentist than visit a bank branch. Financial institutions that are able to transform themselves will be better prepared to ride the digitalization wave, but most companies remain unprepared. According to a 2015 pan-European survey by Arthur D. Little, financial institutions are less adapted to digitalization than the cross-industry average.
