The report explores the potential for competition or cooperation between banking and telecoms industries, as digitalization encourages convergence. Retail banks have been pushing digital channels, while telecom companies have been adapting their customer relationships and offering additional services such as financial services. However, the integration of financial services into telecom portfolios has been slower than expected due to barriers to entry and regulation. As these barriers are disappearing, banks will face increasing competition from telecoms, which are aggressively entering the financial services market. The report suggests that there are opportunities for both competition and co-opetition between these industries.
