There is no standard playbook for digital disruption. All pioneers had to adapt existing and traditional business models, or even come up with completely new ones. Especially when facing the unfolding digital revolution. How very different from the traditional banking business model which has remained pretty much the same over many centuries.
Digital disruption has come late to financial services, reflecting the complexity of the sector. But this lateness means that banks have the opportunity to learn from the experience of other sectors in determining how to evolve (or revolutionize) their business model as part of becoming a truly digital-first bank. It is not enough to just put a digital front end on an existing business model. Future business models must be truly and entirely digital.
In this whitepaper, we’ll be looking at the business models that have emerged as part of the digital revolution in other sectors and we’ll consider their applicability to financial services.