Ecosystems challenging traditional banks: McKinsey October 26, 2017
New findings on the future of the finance industry released by management consulting firm McKinsey & Company are reverberating through the finance industry and business media. In an annual global banking review, McKinsey sends a clear warning to traditional banks: the digital tsunami is coming and you need to move faster if you hope to remain competitive.
McKinsey points to what it calls “platform” companies, who, “by creating a customer-centric, unified value proposition that extends beyond what users could previously obtain… are bridging the value chains of various industries to create ‘ecosystems’ that reduce customers’ costs, increase convenience, provide them with new experiences, and whet their appetites for more.” The report goes on to explain that these platform companies “have exceptional data that they exploit with remarkable effectiveness but also, more worrisome f
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