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TECHNOLOGY VISION FOR BANKING 2016


Overview

Trend 5: Predictable Disruption

More and more companies in most major industries are looking to build or partner in platforms. As they do, new and fast-emerging, cross-industry digital ecosystems are emerging around them. Such digital ecosystems all need financial services and will likely spur the next major stage of banking disruption.

Because ecosystems are inherently tied to industries and business models, traditional banks are particularly well placed to predict ecosystem movement and redirect their own strategic actions.

While there is no crystal ball that bankers can look into to know the future, they can adopt a few new strategies and adapt their organization to gain a proactive grasp on the upside of disruption.

To learn more:

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85% of bank executives agree that bank industry boundaries are being erased and new paradigms are emerging with every industry being significantly impacted

85% of bank executives agree that bank industry boundaries are being erased and new paradigms are emerging with every industry being significantly impacted

Three Key Indicators for Banks

Banks can watch for and recognize three small tremors to anticipate imminent earthquakes of ecosystem-driven disruption:

Rapid growth and patterns of digital ecosystems inside and outside of banking.

Shifts—gradual or sudden—in consumer income and spending that may indicate needs and point to new bank products or services.

Use of new technologies, such as the Internet of Things, to reshape industry processes, products and services.

By paying attention to and predicting the rise of these and other sign posts of disruption, traditional banks can redirect their own strategies.

They can use their scale, resources, vast industry knowledge and maturing digital abilities to map out ecosystem scenarios and unveil the disruptive opportunities and threats. Doing so will likely point to new roles and pathways for banks to turn disruption into opportunity to get ahead.

Read more about disruption in banking by downloading the full report:

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