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RAPPORT

Don't bank on long-term survival

Customers think differently about banking services in the digital age.

Market dynamics, evolving customer expectations and behaviors, and the emergence of digital competitors are converging to necessitate a fundamental change to what banks do—and how they make money.

In this new environment, simply being better at what they currently do won’t be a viable strategy for growth. To thrive, they must adapt their business models and turn digital disruption into digital differentiation.

The financial implications of these trends are stark. Our analysis has shown that new competitors could ultimately erode one-third of traditional bank revenues in North America in just a few years. The prospects are particularly bleak for banks that have not yet launched aggressive digital transformations. But digital prowess is no guarantee of success. That’s because digital levels the competitive field. As technologies advance, new players will enter the scene rapidly. Even the most digitally savvy traditional banks will lag behind competitors who do things fundamentally differently.8 To survive, banks will need to beat their nontraditional rivals at their own game.

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