“An uncoordinated proliferation of global data frameworks may prove counterproductive in the long run," says Matthew Blake of the WEF.

This transaction was completed in 24 hours whereas "a typical paper-based transaction would take 5-10 days,” said HSBC.

From IT to BPO to regulatory compliance efforts, we are now arriving "at that place where the banks are ready to outsource,” says Anupam Jain of Everest Group.

More than 1,000 bank branches have been shuttered in the past two years, with HSBC closing 27% of its branches and Lloyds closing 14%.