Online Overhaul: Banking in the Digital Age

Deloitte Perspective

2016 (Volume V)

In the Internet era, the evolution and digitization of banks is inevitable. To implement digital strategies, banks should focus on the transformation of channels, product services, and clients by constructing powerful support systems and providing capable IT services.

Ever-advancing information and communications technology means significant changes in client behavior, the rate of Internet expansion, and business operation models.

These changes challenge the banking industry in two major ways. First, the concept of banking “Anytime, Anywhere” presumes that customers know what they need, and banks thrive when offering services directly targeting customers’ new behaviors and expectations. Second, new entrants to the finance industry are disaggregating the traditional banking value chain, impacting banks’ assets, liabilities, and intermediary businesses.

Lynda Wu
Deloitte China Consulting Partner

Floyd Qian
Deloitte China Consulting Director

XiaoJie Hao
Deloitte China Consulting Associate Director

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