The rise of Ant has been watched closely by many in the banking industry, not lest the CEO and Chairman of JP Morgan Chase, Mr Jamie Dimon. They have kept a wary and admiring eye on the rise of Ant and have taken proactive steps to ensure their profitability has not been eroded by these new players. Discuss and explain the approaches that have been taken by incumbent banks to adapt to the rising competition. Conclude, in your opinion, what would be the future of banking and finance. Make good uses of examples, statistics and events to augment your discussion and conclusion. Word Limit: Less than 1,500 words (25 marks)