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Competing with Banking Ecosystems

Exploring significant growth opportunities in a challenging new environment

Banks facing slower growth are on the lookout for a new relationship model. The new imperatives for banks include rebuilding trust in the era of Open Banking and transforming customer interactions into hyper-relevant, personalized experiences.

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Our survey of 120 global banks shows that nine out of 10 banks are strongly interested in customer-facing ecosystems, with banks participating in a network of interlinked companies, working together to deliver value propositions to meet customers’ core needs. Banking leaders (at the Chief Digital Officer (CDO), Chief Marketing Officer (CMO) and Chief Strategy Officer (CSO) levels) have multiple options in developing and launching such ecosystems – as marketplace orchestrators, third party ecosystem participants, open banking platforms or referral platforms – with all paths leading to increasing revenues, reducing customer churn and/or expanding customer engagement.

The key to success for banks considering customer-facing ecosystems is in finding the right operating model. Before launch, banks should develop a clear strategy as to which customer segments to focus on and how value is to be delivered, as new capabilities are needed to support the ecosystem operating model. They should be aware of considerations related to three core domains: ecosystem partners, business architecture and technology. Banks that get these matters right will be well-positioned to attract and retain customers based on value, immediacy and, above all, trust.

As we have explored elsewhere in our Banking as a Living Business series, trust is central to strong banking relationships and is built through personalization, consistent service delivery, security of data and assets, and the ability to support customers at key moments in their lives.

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