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The State Of Digital Banking

The banking industry has entered a period of unprecedented innovation. While many banks have woken up to the threats, few have embarked on a true digital business transformation. This report explores how digital technologies are changing the industry’s customers, competitors, and operations globally. It charts the different approaches that digital teams have taken to avoid disruption and deliver superior digital customer experience, drive digital operational excellence, champion innovation, and experiment with digital business models.

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Digital Disruption Runs Deep

New entrants such as fintech startups, big tech firms, and nontraditional competitors are quickly delivering on customers’ increasing expectations. Faster, better, and cheaper services, together with new business models, are rapidly altering banks’ competitive landscape. Open banking accelerates these changes.

There’s A Growing Gap Between Digital Banking Leaders And Laggards

Many banking executives still think of “digital” in a tactical way as relating to just touchpoints or technologies. Leaders focus on how to deliver on customer outcomes through digital customer experience, digital operational excellence, digital innovation, and digital ecosystems.

Banks Are Struggling To Transform And Vary Widely On Digital Maturity

Many banks are still exploring the potential of digital technologies in pockets of their organization or striving to digitize the customer life cycle from end to end. Only the leaders are investing in transformation with the aim of delivering compelling digital customer experiences and building strong digital capabilities for the future.