I was fascinated by this article in nextbank. When considered however it rings true. Banks will have to have 50% of their revenue coming directly from digital just to keep up with the industry disrupters such as Google, Amazon, Paypal and whoever else is in that space in five years.
The mindset of seeing digital as an expense with no revenue needs to change. Digital can and will produce much revenue for banks moving forward. Digital can also be seen as cost saving channel, yet there is ample evidence that this analysis is not yet being critically assessed within financial organisations.
Digital channels have to produce increasing levels of revenue for banks simply because if banks fail earn it disrupters as mentioned above will certainly be more than willing accept the windfall gain that will be available.
Engage. Inform. Convert.