The safe, reliable rules of retail banking are becoming less relevant as new business models, technologies and generations of customers enter the picture. Today’s CEOs face a profound challenge of creating a new covenant with these emerging customers that are about to dictate the tune of the future; and this is not a task that can be deferred.
Today’s management teams cannot ignore the banking leaders of tomorrow, as those that embrace their pop culture will be rewarded profoundly and unlock growth accelerator that creates both shareholder returns and a firm platform for future business development.
To achieve this, we need to build a distinctive millennial mindset within the heart of retail banking culture. With millennials predicted to account for one third of all spending by 2020, winning their loyalty is crucial to the future, and we need to embark on that bold and decisive transformation today.