Welcome to the next level of Digital banking. Banks are subject to a lot of noise about fintechs today. Optimism regarding technology is at a high, mobility is widely regarded as a game changer, and vast amounts of capital are being deployed in fintechs. Banks may be tempted to dismiss the noise or they may panic and overreact.
So says McKinsey's Cutting through the FinTech noise: Markers of success, Imperatives for banks, which recommends a middle ground that focuses on separating the signals that are truly important from the noise. Specifically, this means that banks should be less preoccupied with individual fintech attackers and more focused on what these attackers represent — and build or buy the capabilities that matter for a digital future. According to McKinsey, the following six digital imperatives are leading the way to a customer-centric, mobile first, digitally transformed financial services experience.