The Digital Disruption Battlefield

Categories : Technology and FinTech, Technology and Operational Enablers

Posted:

Author: Cleo Turner

Digital technology has already transformed several industries, not only by digitalising the sales process but, in some cases, the product. Blockbusters and Borders branches have closed down not only because movies and books can more conveniently be ordered online but because they have become electronic products, deliverable online. Does a similar fate await today’s large incumbent traditional banks? Or, more positively, what can banks do to avoid suffering the same fate? That is the question addressed in this Oliver Wyman Perspective. It begins by surveying the new competition in financial services before looking more closely at the particular threats and opportunities digital technology presents for banks, with a specific focus on Retail Banking within the EMEA region. It ends by describing the broad strategic options available to banks responding to the digital threat.