The retail banking industry in the UK is transforming and expanding, due in part to a number of new technologies, including ones which have revolutionised access to data. So how will this new data opportunity shape the future of banking?
Unlocking data-driven revenue streams
The key to success will be a move towards an evolving ecosystem that encourages competition and supports success for all. Rather than banks forcing themselves into models within which they don’t truly fit, playing to strengths is key. Banks need to understand where they fit naturally within the future banking ecosystem to allow the greatest chance for success and ensure a strong foundation from which to build a data monetisation strategy.
A market leading position can be achieved in many ways. To unlock these data-driven revenue streams fundamental questions need to be asked. Before banks can look to untangle the identities of their customers, they need to understand their own, and ask exactly what kind of role they want to play in the new data ecosystem. Whilst the temptation is always to chase the new and the disruptive, real value is derived from playing to your strengths.
So, conversely, the journey towards finding a place in the new and interconnected financial services world starts with a look inwards and the question … what kind of bank do you want to be?
Where will your bank’s focus lie in the future?
There are four facets of the future banking marketplace which banks might choose to focus on. Whichever facet(s) are selected, data will be key to success:
- Customer-centric digital bank
- Platform provider
- Product specialist
- Utility provider
To find out more about how to consider what kind of bank you want to be, download our report.