Concis Miniatures: Winning in the World of Ecosystems
A McKinsey guide to building banks of tomorrow with the power of an ecosystem strategy.
Access to capital and an innate understanding of technology has suddenly brought some digital upstarts around the world to challenge the might of large incumbent banks in many large countries. Think Ant Financial, Paytm, Go-Jek, Grab or Japan’s Rakuten.
So, how should you as the strategy or digital leader in your bank approach this problem?
According to McKinsey, banking players which focus on creating an ecosystem or being a part of one could weather the storm and come out stronger on the other side of the great digital divide.
What is an eco-system?
From McKinsey’s perspective, an ecosystem is an interconnected set of services enabling users to fulfil a variety of needs in one integrated experience. Ecosystems have three defining characteristics:
Act as gateways for consumers to acquire different product or services.
Ecosystems use network effects that give companies a strategic scale advantage.
Ecosystems integrate data that helps companies create value-added products and services.
Read the full summary: https://1drv.ms/b/s!AoWPZHFw5klwgYQ-KZ0rVwoEgz4lmg?e=GCCt6J
Get the info-slides: https://1drv.ms/b/s!AoWPZHFw5klwgYRAm9hv0784ORZPQA?e=ZmcUA9
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