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2020, so far, is already turning out to be one of the most challenging years for the banking sector since the 2008 financial crisis. The recent Covid-19 outbreak is an ideal example of showing how challenges can pose vulnerabilities to the global banking system. While surely not at the same crisis level as a global pandemic, the banks must be aware of the crucial market challenges, which are not limited to the recent Coronavirus outbreak. 
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<strong>BigTech Rising as a Key Threat </strong>
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Big tech's rising influence on the customer experience is one of the biggest risks to banks in 2020. When the customers purchase a table or a snow shovel on Amazon, their journey is the same. Banks conventionally use a product- focused approach to their customer journey, and this now outdated. To match the customer's expectation of true digital experience, the banks would need to adopt the Amazon model, or else they are going to be left behind. 
Saying that majority of the giant tech enterprises are seeking partnerships with financial institutions that will offer their regulatory knowledge and account and payment backbone in banking. This will enable the likes of Apple or Google to emphasize on the technology side of the things and customer experience. We cannot overlook the cross-jurisdictional regulatory requirements; hence experts recommend banks follow a regulatory rules engine to make sure compliance by design. 
recommended to focus on compliance and regulations and pay immense attention to the integration of a sophisticated compliance rules engine. This takes customer data and validates it against the pertinent regulatory-specific queries that should be answered to ensure compliance with the prescribed regulations. Banks must recognize that account and customer journey needs compliance by design. 

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