While there is no surefire path to a bank’s winning emergence in the new ecosystem, 10 DNA-like markers can help guide the way. These guiding principles can help banks navigate the wave of ongoing disruption and establish a future-state vision.

Using customer data strategically will help banks provide a differentiated customer experience and address the persistent right-pricing questions. Data can be used to eliminate customer-journey pain points for a more consistent and pleasing experience. Data can also be used to segment customers for appropriate targeting. Data will enable banks to provide personalized and relevant services and to realize the lifetime value of a customer rather than just the value of an impending transaction.

Changing organizational culture is an enormous challenge. Core cultural issues such as risk aversion, legacy mindsets, and the lack of customer centricity should be tackled first. Agile principles will only help banks innovate faster, and save time, effort, and money because issues will be raised quickly. A lean and agile structure will help banks overcome unpredictable challenges that may arise within the rapidly-evolving banking ecosystem. Each firm should uniquely address the best ways to promote innovation, agility, and a digital focus within their operational culture to support their new business strategy.

Today’s consumers demand better experience, more convenience, faster response time, and more value for their money, which exerts constant pressure on banks to transform. Not surprisingly, most banks consider customer experience to be their top driver for transformation. Banks’ cost-reduction measures are often isolated and therefore marginally effective. To develop innovative and products and services, banks can process customer data across multiple product lines and channels and use real-time analytics to generate new insights.