Digital only banks

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The rise of Digital-Only Banking 
What incumbents can learn from digital players

“Digitization means that financial institutions are increasingly becoming technology companies with a banking license.” - Zane Miltina, Luminor Bank 

What does truly digital mean for banks?  
  • For the customer: Seamless experiences 
  • For the business: Automate to reduce time and cost   

Banks are investing top dollars to win the digital race  

The emergence of 2 kinds of banks:  

  1. The digital disruptors 
    • Already profitable digital banks 
    • Deposits and customers growing exponentially 
    • Serving the millennials and the unserved 
  1. The digitally disrupted 
    • Slow to adopt technology 
    • Think of digital transformation as building apps 
    • Fail to shift legacy mindset 

The 6 things banks need to do: 

  • Reduce costs by automating 
  • Build digital customer solutions 
  • Generate new revenue models 
  • Develop responsive agility 
  • Build a trustworthy technology brand
  • Ensure customer data security 

The 3 principles of Digital Banks 

  1. A digital first thinking like WeBank 
  1. Be a true advisor of customer financial well-being 
  1. Build partnerships with non-financial service providers to embed customer value 

The Future of Banking

How is the world transacting differently?