The Digital Banking Ecosystem from Business Insider - Business Insider

The banking industry is in the grips of an identity crisis. Leaders of the world's largest banks — such as Citi, BBVA, and Goldman Sachs — have begun describing themselves as technology companies with banking licenses.However, this description is still aspirational. Executing the vision will require billions of dollars in investments, the restructuring of teams, a reimagining of the entire banking technology stack, and the adoption of a far more customer-centric business view.

Lastly, we examine what incumbents are already doing today to transform themselves into digital-first organizations to compete in a customer-centric, data-driven global economy, and how they are learning to meaningfully measure the progress of their transformations.

Legacy channel usage is steadily dwindling, while digital channel usage is firmly on the rise. This turn to digital is being accelerated by younger, tech-savvy generations like millennials and Gen Zers quickly becoming banks' largest addressable market. To digitally transform, banks need to join forces with partners, enemies, and frenemies alike. Vendors will be key to the modernization of banks' IT, with specialists catering to each layer: 81% of banking executives surveyed by Finextra and the Euro Banking Association cited working with partners as the best strategy for achieving digital transformation goals.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Inside Emirates’ newest and most luxurious first-class suite - Business InsiderThe cabin won Best First Class at the 2019 TripAdvisor Travelers' Choice® awards. It features a personal dining service and skincare collection.
Source: BusinessInsider - 🏆 729. / 51 Read more »

17 photos from inside Trump's tour of an Apple factory with Tim Cook - Business InsiderApple CEO Tim Cook showed President Trump the factory where Apple is working on the new $6,000 Mac Pro, set to ship next month.
Source: BusinessInsider - 🏆 729. / 51 Read more »

What first, business, and economy class looks like on Emirates - Business InsiderBusiness Insider's Rachel Hosie takes us through each class on Emirates' double-decker Airbus A380.
Source: BusinessInsider - 🏆 729. / 51 Read more »

How to win a business pitch competition, according to a 12-time winner - Business InsiderA 33-year-old entrepreneur won a dozen pitch competitions in 2 years and raked in $75,000 along the way. Here's how she uses stats to craft a winning pitch.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Austin-based Next Coast Ventures raised $130 million for its second fund - Business InsiderSilicon Valley is just realizing that profitable companies are wise investments, but Austin-based Next Coast Ventures has a $130 million head-start in its second fund
Source: BusinessInsider - 🏆 729. / 51 Read more »

Laid-off Juul employees describe how the e-cigarette company imploded - Business InsiderJuul just laid off 650 workers after federal investigations rocked the company. Workers who were affected describe how it was handled and what they saw leading up to it.
Source: BusinessInsider - 🏆 729. / 51 Read more »