HELPING CUSTOMERS achieve their financial goals is in the very DNA of banking—and trust is the basic unit of inheritance that makes it possible.
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Since their inception, financial institutions have been uniquely positioned as the source of economic empowerment. Whether it’s maintaining a stable currency, managing systemic risk, providing venture capital, enabling home ownership, or administering retirement portfolios, banks have been central to helping businesses and consumers reach their goals.
A defining moment for financial services
The confluence of technology advances, cultural shifts, and regulatory change has brought the industry to a pivotal moment. New breeds of customers and competitors are seeking radical alternatives to the established order, jeopardizing profitable business lines and revenue streams previously taken for granted.
But in the face of these challenges and threats—and in no small measure because of the energies they have unleashed—banks and other financial institutions have a unique opportunity to redefine their role as trusted brokers in the new economy.
The innovation imperative
For financial services organizations, success in the coming decade depends on how well they transform “business as usual” with technology to create new value, becoming indispensable partners in increasingly interdependent networks and complex value chains that cross business and industry boundaries.
To get there, they must embrace entirely new business models that combine agility and security in dynamic tension, with trust at the centre. And this goes for all segments of the industry—from retail to wholesale banking, and from capital markets to wealth management.
The business imperative—in an industry of inherently and increasingly abstract products—is to innovate, demonstrate relevance, and deliver value on a foundation of trust.
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