Banking is undergoing a paradigm shift in the way transactions are conducted as well as products and services offered to customers. Customers’ hyper-connected lifestyles present banks with a unique opportunity to be at the center of their lives by delivering value through innovations and the partnerships banks can forge with other players in the extended ecosystem. The top priority for banks today is to outpace nimble new entrants by distinguishing themselves in the prevailing intensely competitive, customer-centric, and low-margin environment. A combination of economic and regulatory pressures, the digital revolution, and the rise of the ecosystem model is profoundly impacting the banking industry. This whitepaper builds on our earlier paper, Ecosystems: The Cornerstone of Future Banking1, which examined how the ecosystem model enables banks to drive sustainable growth and lead in the emerging reality. In this paper, we elaborate on the foundational pillars required to build purpose-driven ecosystems to drive sustainable growth and transform banks into future-ready financial enterprises.
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