2
Executive summary
With evolving consumer demands and institutional supply
dynamics, the financial services industry is undergoing a
transformative reform. Technological and business model
advances across various ecosystem stakeholders – such
as fintech startups, nonbank innovators and progressive
regulators – are nudging incumbent financial institutions
toward change.
Banks need to evolve across the two vital stages of
digitalization and platform banking to keep up. Digital-first
models have the potential to achieve efficient customer-
centricity and business model agility, whereas platform-
banking models can build on this to amplify financial services
through exponential collaboration.
Leveraging modern technology and collaborating with new
industry entrants will catapult banks to the forefront of
innovative disruption. Platform banking will enable data-
driven hyper-personalized services for customers and
create converging routes for financial services across
industries.
Traditional
Physical Shared
Digital
Business
model
evolution
Platform
Business assets transformation
Platform banking
Legacy banking
Digital-first
banking
