Planning for future growth in a rapidly digitizing bank industry can be complicated, difficult and cause anxiety for leadership and boards. Deciding how to organize a strategy – where to start, where to focus, and deliver results – can also be vexing, for at least a portion of the industry.
It’s a time of opportunity and anxiety for many banking institutions. Planning for future growth in an industry that is rapidly digitizing is complicated work. Meeting this challenge through strategic planning has produced a real sense of anxiety among a host of bank management committees and boards. And, deciding how to organize and execute on a strategy is proving to be vexing for banks large and small.
In our opinion, there are three primary causes of strategic anxiety in banking:
To manage this environment we advise making a broad strategic shift:
“You could define co-opetition as a shift from a model of exclusivity to one of inclusivity,’’ says David Pessah, a director at KPMG’s Innovation Lab, specializing in financial services. “And, that’s not only as it relates to products and services. It’s also about a bank’s ability to work with other participants in the banking ecosystem. It’s all about how interconnected the bank can become, and how it can personalize the banking experience.’’