Evolution or Revolution?
Retail banking will look very different in 2020 than it does today. Many have gloomily predicted the fall of the traditional bank, as disruptive new entrants win share by offering a better customer experience through new products and channels. Yet, despite the emergence of new competitors and models, we believe the traditional bank has a bright future - the fundamental concept of a trusted institution acting as a store of value, a source of finance, and as a facilitator of transactions is not about to change. However, much of the landscape will change significantly, in response to the evolving forces of customer expectations, regulatory requirements, technology, demographics, new competitors, and shifting economics.
Against this background, 70% of global banking executives believe it is very important to form a view of the banking market in 2020 – to understand how these global trends are impacting the banking system in order to develop a winning strategy.
Each bank needs to develop a clear strategy to deal with this transforming landscape. They need to decide whether to lead, to follow fast, or to manage defensively, putting off change for as long as possible. They need to be agile to adapt to rapid change and future uncertainty. Yet whatever the chosen strategy, success will come from successfully executing the right balance across the following six priorities.
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