Today customers demand a banking experience compatible with their digital lifestyle. The growing influence of BigTechs and other high-tech players has raised the bar for seamless user experience. Moreover, agile and opportunistic FinTech firms are leveraging their digital expertise to develop, deliver, and scale a variety of critical services, including payments via mobile devices. In addition, economic forces plus the broad adoption of enabling technologies in the ecosystem, has further ignited customer expectations that are pushing strategic change for financial institutions. Incumbents must take notice and respond or risk losing customers. They will have to invest in emerging technologies or partner with FinTech and BigTech players that offer an inventive approach and an agile ecosystem. Collaboration with them may be particularly important in establishing relationships with millennials. The question is which players – or combination of partners – will most effectively embrace digitization to improve efficiencies, provide value-added service and become a growth engine within the new open banking ecosystem?