As digital technologies change how people live and work, financial services firms need to choose how they will adapt to a broadly reordered marketplace.
To stay competitive in their existing core businesses, financial service incumbents will need to invest in digital transformation much more deeply than they have previously in order to realize dramatic cost reductions.
In Section 1 of our State of the Financial Services Industry 2017 report, we discuss how financial services incumbents can adopt a strategy of “deep digitization” in order to radically reduce costs and defend profits.
Exhibit 5. A SYSTEMATIC APPROACH TO MODERNIZING YOUR BUSINESS
