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Digital banking: Navigating the unknown and unexpected on the path to resilient growth

Create sustainable value across the full circle of customer needs, setting a strong course for future growth.

 

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In today's fast-paced banking industry, organic growth is essential for banks to survive and succeed. However, short-term market disruptions often hinder growth strategies. To overcome this challenge, banks need to embrace digital transformation. By leveraging modern digital technology, banks can create sustainable value, meet customer expectations, and set a strong course for future growth. This article explores the importance of digital transformation, offers advice for successful implementation, and provides a real-world case study from KPMG. Discover how your bank can break free from the cycle and thrive in the digital era.

Dive into our thinking:

Building a digital growth engine to steer through banking industry pendulum swings

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Three keys to sustainable growth

Differentiated and personalized experiences

Delivering against increasing customer expectations, which are influenced by their everyday interactions with nonbanks, is the foundation of retention and growth in the industry. Digital technologies empower banks to draw insights from customer data to innovate winning offerings and tap into new revenue streams.

Continuous technology modernization

Replacing legacy systems and integrating the latest advanced technologies enable banks to automate manual processes, harness data insights, improve operational efficiency, enhance service quality, reduce costs, and unlock funding for continued growth.

Solidifying the foundation with efficiency, safety and soundness

Regulatory compliance and risk management are mission-critical to any growth or efficiency initiatives. They must be addressed to get the green light to execute any change or growth strategy.

Facing a constant swinging pendulum of priorities, banks are frequently distracted and lose focus on crucial long‑term growth efforts.

Steps you can take to establish a standout ESG M&A due diligence program:

1

Identify your motivation for the program

2

Develop a clear ESG strategy

3

Secure appropriate resources and assign responsibilities

4

Collaborate with external experts

5

Link ESG M&A due diligence to ESG strategy

6

Develop your ESG M&A due diligence framework

7

Perform ESG M&A due diligence procedures

8

Link ESG M&A due diligence findings to post-closing actions

9

Monitor and report findings to stakeholders

10

Continuously improve the due diligence process

How KPMG helps banks modernize and grow

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Achieve transformation and make the difference
An integrated, cross functional approach to organizational change focuses on digitizing processes, optimizing operations, and capturing value — driving toward growth.
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KPMG offers a range of digital transformation solutions for banks to help them navigate the challenges and capitalize on the opportunities in the digital era. Our services include developing digital strategies, enabling agile ways of working , and leveraging data analytics and AI to drive innovation and growth. With our technical skills and experience in the banking sector, we can help banks successfully transform and stay ahead of the curve.

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Meet our team

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Celeste Diana
Principal, Corporate Strategy, KPMG US
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Anand Shah
Principal, Financial Services, KPMG US
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Celeste Diana
Principal, Corporate Strategy, KPMG US
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Image of Anand Shah
Anand Shah
Principal, Financial Services, KPMG US
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Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. KPMG LLP does not provide legal services.

The information contained herein is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

© 2024 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.

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