Moreover, the industry is facing an accelerating digital threat, both from new digital competitors and from customers’ rapid and widespread adoption of digital banking. The accelerating pace of digitisation represents not only a threat, but also an opportunity for banks, argued the McKinsey report. To counteract the digital threat, banks first need to fully deploy the digital tools available to them to industrialise their operations to boost revenue, improve capital usage, and especially cut costs. “A full-scale digital transformation is essential, not only for the economic benefits, but also because it will earn banks the right to participate in the next phase of digital banking,” said the report. a stand-alone digital bank).

Source: The Nation Bangkok October 27, 2017 18:00 UTC