The business of banking is facing significant disruption at a scale not experienced before. According to a BCG report, banks are unlikely to return to valuations and profitability levels reported before the current global financial crisis. However at least $7 trillion in value can be created in the next five years if they can capture a large portion of expected growth and improve price-to-book ratios.  Banks can no longer approach transformation incrementally and must take a holistic look at the entire organization to achieve goals, drive economic growth, and create lasting shareholder value.

This will be possible only if banks can move beyond merely facilitating the flow of money to becoming trusted financial advisors that are integral to customers’ lives. Banks must move from reacting to market changes to proactively disrupting the market to their advantage. This requires an unerring focus on customer centricity.

The bank of tomorrow will be ubiquitous, intuitive, and deeply embedded within the customer’s life. They will operate with the constantly evolving customer at the core of all their strategies and deliver not just a hyper personalized, but also a contextual experience. They must be agile and scalable to stay ahead of emerging competition and must innovate with new business and operational models.

The challenges facing the sector are manifold, but with the right technology foundation, organizations can transform to the bank of the future with ease.