Setting course in a disrupted marketplace: becoming the digital bank of the future.
Today’s leading financial services companies are operating in a new and more complex environment; one where the fundamental definition of how customers experience and interact with a bank is being challenged and redefined. Leading companies are also facing competition from a myriad of nontraditional providers and as we’ve seen, banks of all sizes have been burdened with increasing regulations and mounting demands for skilled resources. One bank executive summarized the environment best — we are operating in a marketplace under siege.
The goal for leading banks is twofold. First, to proactively capitalize on disruption by growing market share and increasing margin; and second, to vigorously protect high value segments and clients. Banks who are successful at both will create shareholder value and a long term competitive advantage.
While simple in concept, the path to implementation requires a keen understanding of digital disrupters and enablers, customer experience, and strategic value drivers such as:
Digital disruption will create winners and losers. Winners will be characterized as those with a clear strategic vision, an appetite for customer analytics and technology, and a stomach for volatile innovation returns.
This paper looks at these and other themes in order to provide insights into a successful digital strategy. Please feel free to contact us to discuss any of these ideas further.
Author: Jim Negus, Principal, KPMG in the US, +1 213 955 8507
<p>© 2018 KPMG, a group of Bermuda limited liability companies which are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.</p> <p>KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.</p> <p> </p>
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.