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New technologies are profoundly changing the strategic context of the business world across industries by altering customers’ behavior and expectations, the structure of competition and business conduct. The banking industry is no exception. It is forced to evolve not only to secure existing sources of revenues but also to find new ones.

The goal of this document is to discuss how banks can grow and thrive in the digital age.

To achieve growth, banks need to use digital assets and capabilities to create new value for their customers and partners. In particular, banks have the opportunity to retain and expand their privileged position in the value chain by providing pro-active, cross-business offers and services in real time. In addition to focusing on life events, banks can actually engage with and add value for their customers at almost every moments of their daily life.

The migration to a digital banking world will not be smooth and will lead to further fragmentation in financial service markets. This digitalization of financial services will be accompanied by a significant shift in power and influence from existing financial services providers to their customers, as well as other parties and intermediaries.

As a result, banking business activities will need to be componentized before being reassembled to be able to create new offers and services (including non-financial) that can be integrated into an extended ecosystem. Depending on their context, ecosystem and strategy, each bank will assemble a different set of offers and services to create new value.

To achieve the agility and openness necessary to thrive in the digital world, banks will be required to equip a set of modern solutions, including multichannel customer experience platforms, advanced analytics for CRM and marketing, and open platforms for appstores and APIs. Beyond these, banks must undergo a deeper modification of their business, culture, and IT. In particular, a digital bank will put innovation at its core and use data to create new business, revenue and customer engagement.

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