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McKinsey: Banks face big profit loss to digitisation

A new McKinsey report suggests that banks far big profit loss to digitisation.

To meet the challenge, banks must reorient their business models to the customer and the new digital environment by establishing the bank as a platform for data analytics, and aggressively linking up with fintech startups, platform providers, and other banks to share costs through industry utilities. They also need to streamline their operating models and IT structure and move toward a proactive regulatory strategy.

Discover the report here as published on FinExtra.