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Roland Berger Focus Summary: The Digitalization Race

Core Content

This report from Roland Berger analyzes the current state of digitalization in the European retail banking sector, based on the third European Retail Banking Survey. It highlights the challenges banks face in adapting to digital transformation and offers strategic recommendations to help them stay competitive.

Main Findings

1. Digital Maturity is Increasing, But Not Fast Enough

   • Retail banks are making progress in digitalizing their processes, such as closing transactions through digital channels.
   • However, they are still not catching up with digital frontrunners. The focus remains on digitalizing existing models rather than embracing disruptive innovations.
   • Banks are not seeing themselves as innovation drivers and are instead relying on FinTechs and tech giants for innovation.

2. Customer Interface is Becoming Crowded

   • The financial services sector is evolving into a platform industry, where customer interaction is increasingly managed through platforms.
   • Banks are mostly positioning themselves as "relationship experts" at the customer interface, but they are not the main drivers of platform creation.
   • Comparison portals and digital marketplaces are becoming central to the customer experience, and banks need to differentiate themselves in this environment.

3. FinTech Hype is Over

   • The initial excitement around FinTechs has given way to a more pragmatic relationship between banks and FinTechs.
   • FinTechs are seen as industry innovators, platform drivers, and solution providers by banks.
   • However, FinTechs face challenges in achieving long-term sustainability, and tech giants like Amazon and Google are now entering the market, potentially disrupting the sector further.

4. Legacy Structures are a Major Barrier

   • Banks are hindered by legacy culture and legacy technology, which make it difficult to implement disruptive innovations.
   • These systems are complex, outdated, and lack standardization. There is also a lack of digital expertise within the workforce.
   • Decoupling certain functions from legacy systems and implementing them in more flexible IT layers is a potential solution to enable faster innovation.

5. No One-Size-Fits-All Approach to Digital Transformation

   • Banks are using a variety of implementation models, including centralized (CDO), interdisciplinary, and classic models.
   • The need for agile implementation and strategic alignment is growing as traditional methods are insufficient for driving real innovation.
   • A flexible and coordinated approach is essential to ensure that digital transformation efforts do not interfere with regular operations.

Key Recommendations

1. Clear Strategic Positioning

   • Retail banks should choose one of three roles: relationship expert, product expert, or technology provider.
   • This strategic decision will guide their digital agenda and help them differentiate in a competitive market.

2. Flexible Implementation Approach

   • Banks should apply different implementation models simultaneously to address various aspects of digital transformation.
   • This includes using innovation labs, joint ventures, and agile frameworks to manage the complexity of digital change.
   • Cultural transformation is also critical to support the adoption of new technologies and innovative practices.

Critical Takeaways

• Digital transformation is not just about technology, but also about organizational change and cultural innovation.
• Strategic differentiation is necessary for banks to remain relevant in a platform-driven market.
• Partnerships with FinTechs can provide banks with agility, innovation, and customer-centricity, but must be managed with a long-term vision.
• Legacy systems and culture are major obstacles to digital disruption, and must be addressed to enable true innovation.
• Agile and coordinated approaches are needed to successfully implement digital transformation while maintaining core banking operations.

Conclusion

Despite progress in digitalization, European retail banks are still lagging behind in terms of disruptive innovation and strategic alignment. To stay competitive, banks must redefine their strategic roles, overcome legacy barriers, and adopt flexible implementation models. The future of retail banking will depend on their ability to adapt to a digital-first environment and to collaborate effectively with FinTechs and other external partners.