Digital technologies continue to have an evolutionary impact on consumer financial services. This impact is most strongly felt within the customer relationship, as changing consumer dynamics, channel expectations and purchasing trends are forcing a long-overdue transformation – one that is tearing banks away from their reliance on traditional branch banking and product-development models and compelling them to adopt new and fully digital ways of doing business.
Based on a Russell Reynolds analysis of 25 leading consumer banking organizations across the U.S., Canada, the UK and Australia, we have identified two primary factors that affect the success or failure of this digital evolution more than any other: the internal organizational structure of the bank and its talent. These two critical factors are inextricably intertwined; the success of one relies inherently on the success of the other.