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How to be a truly digital bank

Author

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  • Maiya, Rajashekara

Abstract

Consumers today are experiencing accelerated digital lives, supported in particular by rapid internet penetration, increasing smartphone adoption and an ever expanding network of networks. In this atmosphere, banks face a fundamental challenge: how to sustain and grow their business in the face of increasing digital disruption and new customer demands. Research indicates, however, that close to 70 per cent of banks around the world do not have a systematic digital strategy. This article proposes that for banks to sustain and thrive, they will need to re-imagine banking and embrace a truly digital persona, a concept which is itself unclear to many. The article explores what exactly constitutes truly digital and proposes a roadmap for banks to achieve the same.

Suggested Citation

  • Maiya, Rajashekara, 2017. "How to be a truly digital bank," Journal of Digital Banking, Henry Stewart Publications, vol. 1(4), pages 338-348, March.
    • Handle: RePEc:aza:jdb000:y:2017:v:1:i:4:p:338-348
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    More about this item

    Keywords

    digital; digital banking; blockchain; banking analytics; banking transformation; core banking; omnichannel;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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