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McKinsey: Reshaping Retail Banks for the Digital Battlefield

McKinsey & Company | Oct 18, 2022

McKinsey reshaping retail banks - McKinsey:  Reshaping Retail Banks for the Digital BattlefieldThe current model of universal retail banking is unsustainable over the long term. To thrive, banks need to reinvent themselves, focusing on businesses where they can achieve and extend market leadership in the new digital world.

  • Banks face severe challenges and key trends:
    • shifting in scale advantages from branches to innovation
    • digital attackers taking the first significant bites out of traditional banks’ revenue streams
    • consumers wanting more digital offerings and superior experiences

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  • Digital battlefield:  The fight for customer relationships has moved to new terrain unfamiliar to banks, and many incumbents are ill-equipped to defend market share on the digital battlefield. This is a battle banks cannot afford to lose, and they will need to fortify themselves with new, reimagined, fit-for-purpose value propositions and business models.
  • Update value proposition
    • The daily banking platform would focus on simplifying daily shopping activities by embedding transactions seamlessly (and often invisibly) within customer journeys and giving customers fast, convenient access to diverse retailers and service providers.
    • The home and life events (or complex lending) platform would increase customer value through ecosystem partnerships supporting end-to-end journeys for major life undertakings, from search and selection to financing and ongoing management and maintenance.
    • The platform for wealth and protection services would compete on the appropriate use of customer data to deliver hyperpersonalized advisory support, enabling investors to make well-informed decisions about increasing and protecting wealth over decades.


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  • Operate like a tech company:
    • Leveraging data for personalization and stronger customer engagement
    • A cutting-edge technology stack to reduce costs and speed up innovation
    • An agile operating model to respond to fast-changing markets

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