⏳ Platform Transformation of banking is no longer just a prediction — it’s happening now.
As more and more mobile-first📱 consumers demand control over their data, convenience, and “anytime, anywhere” accessibility, every traditional model of how people manage their finances has been turned completely upside down. New companies that provide digital solutions for payments💳, budgeting📊, saving💰, and investing📈 are bursting onto the scene. Entrenched, legacy institutions are responding — albeit not always at Silicon Valley speed — by developing their own capabilities, or collaborating with innovative upstarts, or both.
Even though US banks🏦 possess great assets — for examples, strong brand and consumer-base — the reality is shifting to a platform business model in a traditionally slow and steady industry has its Challenges. While banks are highly-regulated⚖ and have massive scale, they also have many structural and regulatory📃📄📑 disadvantages to compete in this space. The result is that few large U.S. banks are in a position to lead the evolution of Platform Transformation.
Banks must disrupt themselves or prepare for slow decline💣.
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