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DIGITAL TRANSFORMATION IN BANKING


Beyond the Everyday Bank

How a GAFA approach to digital banking transformation will change everything.

WHY GAFA? WHY NOW?

Google, Apple, Facebook and Amazon (GAFA) have become masters at exploiting customer-created value.

Consumers – especially those in their 20s and early 30s – are becoming increasingly receptive to having their banking services provided by a non-traditional financial services company.

Now is the time banks need to figure out how best to compete in the emerging consumer-to-business (C2B) era.

To execute your agenda, read  Beyond the Everyday Bank:

DIFFERENT ROLES A BANK CAN PLAY

Banks can learn much from GAFA about the innovative ways in which 

to position themselves in their customers’ lives. In particular, they 

should consider operating across a combination of the following roles:

Core financial services utility/manufacturer

Relationship player

The bank owns the relationship with customers, leveraging partners to provide solutions.
Platform provider

Platform provider

The bank provides a platform for sellers, buyers and content providers to interact.
Core financial services utility/manufacturer

Core financial services utility/manufacturer 

The traditional role of banks in providing financial services.
Innovation playmaker

Innovation playmaker 

The bank participates in digital banking ecosystems leveraging a full spectrum of approaches to provide capital and to enter new businesses.

Digital ID enabler

Digital ID enabler

The bank operates a secure platform offering consumers access to digital commerce. 
Read more about the roles banks can play by downloading the full report

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THE GAFA BANKING APPROACH: GO DIGITAL. BE DIGITAL

Three major GO Digital sets of platform/businesses to consider within the GAFA banking portfolio:




Digitally powered financial platforms 
Offer physical and digital choices that are easy to access and use.

Experiential living services 
Develop platforms that fulfill the needs of consumers’ everyday lives through partnerships with other firms. 

New businesses 
Explore new territory such as data monetization and services using blockchain.

Download the report to learn more about the GAFA Banking Approach.

DOWNLOAD THE PDF 

DIGITAL ENABLERS


Banks need to develop and deploy four important digital components:

Diffused digital culture

Diffused digital culture

An Enterprise wide digital culture led by leadership.

Liquid customer engagement

Liquid customer engagement 

Customer engagement and relationship management that is flexible and agile.

Digital IT architecture

Digital IT architecture 

Connected, embedded with robotics and cognitive computing and uses distributed consensus ledgers and smart contracts.

End to end process digitization

End-to-end process digitization 

Digital processes are everywhere including back-office tasks.

Learn more about these 4 digital enablers banks should develop 

DOWNLOAD THE PDF