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Agility. It is about restructuring banks away from current constraints to be more customer-centric and nimble in 2020 and beyond. It is about making change an asset rather than a liability. Agility requires that banks reinvent, even cannibalize, their business models to achieve a sustainable competitive advantage—before others do it for them.
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Convergent disruption is redefining the banking landscape. Many banks today are meeting change head on by optimizing and simplifying current business models. These measures are essential to help banks compete today. But they cannot ensure a competitive future.
Agility must be the next step. Banks need a broader mindset that looks beyond current structures to focus, manage and embrace change at speed since volatility is here to stay.
Becoming a digital business is imperative, as is the vision to see the potential of change. This way, banks can develop customer experiences that serve and delight—giving customers things they may not even know they want.
Using all channels to consistently attract and retain customers—even as new channels emerge and customer demands continue to change—will be at the heart of adapting with agility. What’s more, agile banks will ensure that their people have the right skills and that the business is backed by flexible financial strategies.
Agility sets the course for banking innovation, which will distinguish tomorrow’s industry leaders. But an agile business is impossible without agile information technology. As such, cloud banking, virtualizing networks, omnichannel strategy, social collaboration, banking analytics and mobility banking will all have a place in the agile bank.
No bank is agile enough for the future—yet. Getting there will be an important part of the journey to a sustainable competitive advantage.
November 18, 2013
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