Digital channels are gaining ground in the distribution of retail-banking products and services, but recent McKinsey research shows that banks are adapting at very different paces. In many cases, consumers appear to be ahead of banks in terms of their willingness to use new channels. This leaves significant white space for banks to innovate in terms of network optimization, branch formats, refreshed customer conversations, remote advisory, and digital sales and service. There is, in fact, emerging evidence that distribution innovators are pulling away from the pack.
To compete, banks will need to fight four must-win battles: reshape the distribution strategy, introduce and migrate to new channels, build a new approach to sales, and become digital in all channels. Banks that find distinct solutions—and do so quickly—will be fit for success in the digital age.
Download the full report on which this article is based, The future of customer-led retail banking distribution (PDF–2 MB).
