Financial institutions have been ramping up their digital capabilities for several years. But since COVID-19 restrictions began, banks have put those efforts on a fast track. This requires dismantling legacy operational structures, rethinking cultural norms and exploring new business models for digital relevance.

The stakes are high as the number of digital banking customers continues to rise. Banks will be left behind if they aren’t agile enough to innovate—and if they don’t place the customer at the heart of everything they do. This report explores: 

• The implications of emerging industry models—open banking, marketplace banking and subscription-based—on digital strategies
• What prevents banks from being flexible and responsive to changing customer expectations 
• Why restructuring back- and middle-office operations around customer data is so important
• The central role of technology in ongoing product and service innovation