Retail banks face a confluence of challenges making this one of the toughest periods in the industry’s history.
Our analysis suggests several possibilities for how the next decade could unfold. Now is the time to consider radical future-facing scenarios to prepare to build the capabilities and resilience that will be necessary to thrive in tomorrow’s far more dynamic environment.
Retail Banking 2025 and Beyond reports on the five trends that will shape the future of banking, and offers five scenarios. Though deliberately exaggerated, all scenarios represent an urgent call to action for retail banks and point specifically to three priority areas.
Underpinning our five scenarios for the future of banking are five dominant trends that banking leaders need to understand to plot a course through a changing market landscape:
By drawing on the global, collective experience of PwC professionals in retail banking, we’ve developed five extreme scenarios that leaders can use to strategize how they will fit into the future retail banking ecosystem:
The trends and scenarios we’ve highlighted point to a clear message: banks need to repurpose themselves to remain relevant. What’s more, although the scenarios are cautionary, they also suggest valuable lessons upon which banks can draw to frame trade-offs and action plans: