World retail banking report 2021

Pandemic fallout catapults banks to the brink of a new era – Banking 4.X

Welcome to Banking 4.X, which will shatter traditional industry boundaries as banks become virtually invisible, and banking is embedded for convenient access within consumer lifestyles. Banking 4.X is experience-driven, platform-based, optimum channel banking that is resilient to financial and non-financial threats, built around long-term, sustainable growth where human interactions evolve from servicing to advising.

Banks unlock new value by leveraging ecosystem capabilities

Open ecosystems create new value streams via Banking-as-a-Service (BaaS) platforms. Embedded finance, enabled by BaaS, offers traditional banks access to a large customer base, new data sources, and monetization opportunities. A robust digital foundation is essential to convert BaaS potential into a reality.

Amplify value in the Banking 4.X era by hyper-personalizing engagements

Customers are frustrated by friction across channels and demand a truly omnichannel experience. Harvesting customer behavior to hyper-personalize engagements will be the key to the success of Banking 4.X. Building an overarching digital and technology-agnostic CX layer will offer a consistent, secure, and superior experience across the banking ecosystem.