Incumbents must embrace technology, adapt to a dynamic and rapidly evolving market and leverage innovative approaches to offering financial services. It's a tried and tested statement that most in the industry know, if not already live by.
But what actually constitutes a digital bank? There are, according to Accenture, several key traits that many of the world's leading digital retail and commercial banks have in common. In it's Are You Really a Digital Bank? Ten Key Questions to Assess Digital Maturity report, the global services organisation explains that these patterns demonstrate whether a bank is progressing towards becoming a "truly digital" business.
And while that success in the digital sphere can be linked to market value premium or superior operating economics, Accenture's checklist is wide ranging and encompasses a multitude of key areas. These include, for example: