article thumbnail

Reshaping retail banks: Enhancing banking for the next digital age

McKinsey and Company

The current model of universal retail banking is unsustainable over the long term. To thrive, banks need to reinvent themselves, focusing on businesses where they can achieve and extend market leadership in the new digital world.

Banking 105
article thumbnail

The Automation Advantage in Retail Banking

Automation Anywhere

As more fintechs enter the market and consumer preferences shift, traditional retail banks face significant challenges in attracting and holding customers while remaining profitable. Recently, my company, Bain & Company, surveyed retail banks. Recently, my company, Bain & Company, surveyed retail banks.

Banking 96
professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Banking Functionality Doesn’t Differentiate Banking Software Anymore, But Technology And Ecosystems Do

Forrester Digital Transformation

Functionality in retail and corporate banking is not highly differentiating anymore. In the future, only those that can support partner solutions in their ecosystem seamlessly can fully cope with banking industry's expanding requirements.

Banking 130
article thumbnail

Identifying Automation Opportunities for Retail Banking

Automation Anywhere

The retail banking industry is faced with significant challenges to achieve optimal operational efficiency and profitability while providing the highest level of customer satisfaction. Retail banks offer a wide variety of products, including consumer loans, credit cards, and checking and savings accounts.

Retail 98
article thumbnail

Have The Most Remarkable Corporate Banking? Let’s Talk

Forrester Digital Transformation

The digital transformation of retail banking has been ongoing for the last few years. Banks have transformed retail banking to offer enhanced digital experiences, digitize operations, build digital ecosystems, and drive digital innovation. Now, the same digital urgency is reaching corporate banking.

Banking 130
article thumbnail

Understand The State Of Central Bank Digital Currencies In Asia Pacific

Forrester Digital Transformation

The Asia Pacific (APAC) region is at the forefront of central bank digital currency (CBDC) development. China, South Korea, India, and Thailand are proactively piloting retail CBDCs. Most APAC countries are proactively exploring and experimenting with CBDCs.

Banking 130
article thumbnail

Best of both worlds: Balancing digital and physical channels in retail banking

McKinsey and Company

Banking distribution needs to account for the evolving interdependencies between channels. Accelerating digital and upgrading the physical experience to “phygital” offers a viable solution.

Banking 133