A new wave of Buy Now Pay Later (BNPL) services, which allow consumers to buy an item and pay later in interest-free instalments, have lately been shaking up the traditional credit card business. As a low-commitment, user-friendly and budget-focused alternative to credit cards, BNPLs are particularly favoured by tech-savvy Millennials and Generation Z, who are wary of credit cards.

The banking industry hasn't been as disrupted as other industries by emerging technologies. Indeed, the bank where you open your first account is likely the same you'll stay with for the rest of your life. But a few interesting things have begun happening. First, open banking regulation will allow new services to emerge. Second, automation is changing the face of retail banking. And, third, new players and services are reshaping the payment landscape.