The news: Through embedded finance and improved data-sharing partnerships in the banking industry, the financial sector is evolving to allow customers to access any provider’s products and services in any channel and on any platform of their choosing. This change could leave more traditional players behind.

To respond to this rapid change, banks can look to an industry that’s undergone a similar evolution to better understand how to respond. 

The comparison: Fintech Futures recently compared the banking industry to music providers who have evolved to offer unbundled, streaming services based on customers’ changing demand. Per the article, music started as communal "campfire" experiences, evolved into structured performances, then became a mass commodity (records, radio, CDs) controlled by record labels, and radio programmers.