Published: 23 May 2024
Business model transformation could dramatically improve digital business revenue, cost and risk performance, compared with business model optimization. Banking CIOs can accelerate transformation efforts by enabling partnerships with financial services and non-financial-services firms.
Banks with fully transformed business models are 3.2 timesmore likely to exceed revenue goals, 3.5 timesmore likely to exceed cost goals and 1.8 timesmore likely to exceed risk goals related to their digital business strategies, compared with those that have focused only on business model optimization.These are banks with new value propositions, financial models, customer bases, and business or technology capabilities.
In contrast, banks that have focused primarily on optimizing the traditional banking business model are 2.6 timesmore likely to fall behind revenue goals, 3.6 timesmore likely to fall behind cost goals and 1.7 timesmore likely to fall
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