Gartner Research

Digitalization Will Make Most Heritage Banking Firms Irrelevant

Published: 16 January 2020

ID: G00376641

Analyst(s): Jeff Casey

Summary

By 2030, 80% of heritage banking firms that fail to adapt to digitalization will go out of business, become commoditized or exist only formally. Product managers must focus on accelerating the digitalization of functional processes to help banks expedite transformation and remain relevant.

Table Of Contents
  • Impacts

Analysis

Impacts and Recommendations

  • Digital Disruptors Will Force Financial Services Firms to Accelerate Digital Transformation
  • Digital Ecosystem Partnerships Will Enable Disruptors to Rapidly Scale and Offer More Diversified Services to Challenge Incumbents

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