Report
Evolve or be extinct
Covid-19 has triggered large-scale digital disruption for industries globally. Retail banking is no exception.
A report by Financial Times Focus in partnership with Mambu explores what banks need to build stronger, more competitive and socially sustainable organisations for the future.
Banking revolution in real time
The social and economic impact of Covid-19 has changed customer behaviour and has made the digitisation of banking a profit-driven priority.
Steady digital transformation has turned into an immediate business concern that is threatening to upend traditional banks. Transformation is now business critical, and the new survey by FT Focus reflect this shift.
Among the respondents one group of digitally advanced companies is bucking the trend.
These ‘evolvers’ are taking an innovative approach to implementing a digital strategy and transforming their business processes, and their shared features may help those who want to catch up but are not sure where to start.
- of senior bank executives believe they will lose market share within 2 years if the don't digitise.
- of all respondents think their banks will cease to exist in the next 5 to 10 years if they don't change their business model.
“We went from quarterly planning sessions where we had four or 500 people in one room to quarterly planning which is completely remote... Everything changed and everything keeps changing.”
- Rodrigo Castillo, CIO for Latin America, HSBC
Stay relevant
Competition is growing, and while many banks have been complacent and lag behind on their digitisation strategies, nimble evolvers are quickly increasing their market share.
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