Likely landing points
Building out a set of strategies to stay relevant and endure the pace of change will help banks emerge as digital winners. Below we have outlined an emerging set of strategies:
In the near-term: Banks will need to start looking at tactical ways to improve their business models by investing in easily adoptable technologies within the industry.
In the medium-term: Banks will benefit from developing a multi-investment and adoption program. Banks should place themselves closer to the center of their customers’ digital lives, embedding customer-centric thinking at the core of the corporate strategy along with the right skillsets at every level of the organization.
For the longer-term: Banks will need to consider how they will expand their franchises to develop a service ecosystem around their customers. They need to challenge their own business models, become more relevant to their customers, and access longer-term, but larger, revenue pools.