Banking for Tomorrow – Expert Report

Report, published: September 2022

The report outlines recent trends and dynamics across the financial sector, discussing how banking needs to transform in the coming years. It highlights structural trends – digitalisation, financial innovation, evolving customer needs – along with macroeconomic events – COVID, inflation, climate change – and what impacts these will have on the industry.

The report’s key message is that amidst the market developments customer needs will dictate the future of banks. This requires financial institutions to keep up with innovation and changing operational models in today’s technology-driven environment. Banks will need to differentiate by building digital capabilities that deliver connectivity, real-time enablement, the robustness of the system, and scalability, with an open infrastructure to support. 


The Fincog report culminates with seven critical components for building the Bank of Tomorrow:

  1. Customer Centric Organisation: Moving away from product siloes towards an operating model led by customer journeys.

  2. Technological Competency: Maintaining a modern, clean technology stack with unified access that delivers a tailored customer experience.

  3. Data Analytics: Enabling real-time aggregation and universal access with a decentralised approach to data production and consumption.

  4. Digital Leadership: Embracing digital, starting at the top with a clear vision and then down through the organisation.

  5. New Ways of Working: Redesigning processes with the customer journey in mind coupled with a new, agile way of working.

  6. Embedded Sustainability: Embedding ESG across the organisation by defining clear targets and translating them into the business.

  7. Focused Organisation: Focusing on the core business and competencies, while leveraging the capabilities of specialised third-party providers.

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Research Type Overview
Published 27 Sep 2022
Pages 39
File Type PDF
Size 25668kb
Geographic Scope    Europe
Editions Payments General
Companies fincog