Becoming the bank of the future
We are in the midst of a massive shift in consumer behavior, industry structures, and business
opportunities. With the world getting more connected than ever, the industry borders have started to
blur and customers enjoy the rights to crown the cross-industry digital platform leaders by accepting a
spectrum of lifestyle and financial products from such platforms.
The pandemic has further reinforced the importance of the digital and platform economy. As per a study
by Accenture, 50% of consumers interacted with their bank through mobile apps or websites at least
once a week, compared to 32% in 2018. In this post-pandemic world, banks that aggregate demand and
attract and consolidate ecosystem supply will be best positioned to exploit these massive shifts in value
pools.
In the integrated cross-industry and connected users paradigm, banks will need to understand and
leverage modern technology to orchestrate efficient value-creating business and social interactions thus
creating the platform business models of the future. Financial institutions that successfully implement
platform business models will be able to create new revenue streams, diversification against future
disruptive downturns, and establish an enduring and rewarding relationship with consumers and emerge
as winners.
