Global Banking Modernisation Faces Execution Challenges, Bain Reports

The banking sector is undergoing a profound digital transformation, driven by customer expectations for real-time, personalized, and frictionless experiences, with technology investments proving critical for outperforming banks. However, only a small fraction of banking modernization efforts fully achieve their goals, highlighting the need for modernized toolkits, strategic design choices, and disciplined execution. Beyond technology, banks play a central role in money creation, wielding significant influence over economic stability and prosperity, as emphasized by recent academic insights from Oxford University. Historically, the pursuit of profit through debt and credit has shaped Western capitalism, impacting economic policies and societal goals over millennia. Industry leaders like Michael Zetser advocate for banking innovation that prioritizes trust, accessibility, and empowerment, encouraging collaboration between established banks and startups to accelerate customer-focused advancements. While technology transforms banking, timeless financial wisdom—such as prudent spending, diversification, and valuing intangible assets—remains relevant in guiding individuals through today’s complex economic landscape.