Banking on the Future

Banking on the Future

The road in banking will require fintech collaboration, shorter strategy cycles, and agile actions

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Highlights

  • Leverage of nonbanks is critical for success
  • Side bar: Discussions with an innovative big bank, BBVA Compass
  • Mine market signals of change
  • Understanding “freeze and wrap" of core IT

“We are a technology company.” That brief but powerful sentence was uttered by Goldman Sach’s CEO Lloyd Blankfein. If nothing else, they add urgency to the banking industry’s rapidly developing digital innovation initiatives.

In this report we take the position that meaningful change focused on producing tangible benefits can be realized if banks:

  • Choose to adopt, partner or align with experience driven digital interactions currently offered by fintech businesses
  • Shorten their strategy cycle to months, not years.
  • Get better at monitoring important signals of change that can inspire, inform, and help prioritize operational and strategic decisions in this disruptive environment
  • Are fanatical about becoming agile organizations, both operationally and culturally
  • Accept that there is not enough time or money to “rip and replace’’ core IT systems and instead consider alternative methods to freeze legacy code bases and wrap legacy IT with digital services 

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KPMG's new digital platform

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