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The Digital Banking Imperative

Vision: The Digital Banking Strategy Playbook

In the age of the customer, banks will either reinvent themselves or be forgotten — reduced to what one executive calls “dumb money pipes.” Digital business leaders will need to make tough choices and take bold actions over the next five to 10 years to stave off the serious threats that banks face. This report outlines Forrester’s vision of digital banking’s future, one dominated by firms, both banks, and non-banks, which predict and anticipate people’s financial needs to provide personalized experiences that are simple, ubiquitous, empowering, and reassuring.

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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.