Banks Will either reinvent Themselves or Be forgotten
Banks are relevant to customers today, but digital disruption, disintermediation, and changing regulations threaten to reduce some banks to low-margin utilities, without relevance in people’s everyday lives.
Successful Banks Will enable customers’ financial Well-Being
While banks today vary in the quality of their digital offerings, their product sets, services, and business models are mainly all the same. This will start to change, and banking itself will begin to fracture as individual banks find new revenue streams, explore new business models, and establish new brand positioning. But all successful banks will have a common attribute at their core: enabling financial well-being for customers.
Ecosystems Will Be mission-critical
Gone are the days when banks could essentially go it alone in serving their customers’ needs. Digital banking strategies should focus on building financial ecosystems to provide more relevant and expansive services.