Today, digital solutions are creating an enormous opportunity for retail bankers—$405 billion in industry-wide Digital Value at Stake from 2015 to 2017. While agile digital disruptors are changing “business as usual” forever, retail banks can capture their share by implementing key digital use cases. And become secure and innovative firms that thrive by driving their own disruption.
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With the right technology investments, retail banks will streamline operations and compliance, while offering customers the real-time financial advice and convenience they increasingly expect.
More than 90 percent of this potential value is driven by 10 key digital use cases. These include sales and services transformation, next-generation workers, video-based advisor, mobile payments, and connected ads.
Four out of 10 top incumbents are at risk of displacement by digital disruption in the next three years.
With rising pressure from agile digital competitors—whether “fintech” startups or tech giants like Apple, Microsoft, or Google—every bank must think like a tech company.
However, most banks do not have proactive strategies to minimize digital threats and capture digital opportunity.
A recent Cisco study, “Cybersecurity as a Growth Advantage,” shows that effective cybersecurity enables retail banks to drive critical digital initiatives. In the survey of 1014 senior finance and line-of-business executives:
“Secure digitizers” have higher confidence in the security of Big Data/analytics, cloud, and the Internet of Things—making them more willing to pursue digital offerings.
Digital transformation—and the associated technology investments—requires a self-funding strategy.
Start with use cases that will deliver quick value through operational efficiency. Then use those savings to fund longer-term digital strategies to drive even greater value.