Financial Services Ireland

NextWave Banking

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NextWave Banking

Are you shaping your bank’s digital future or is it shaping you?

A disruptive wave is changing the face of banking globally and we are seeing the first ripples on Irish shores. Challenger banks like Revolut and N26 are capitalising, by delivering customer-centric experiences that are meeting the new consumer expectations. Meanwhile, traditional players are struggling to keep pace, hampered by legacy issues, outdated delivery models and challenges in keeping up with the rate of change. The path forward is not clear; there are multiple challenges to navigate and conflicting advice as to how best to compete.  Coupled with the empathy gap that still exists between customers and the traditional pillar banks, and we have all the elements of a perfect digital storm.


In addition to the challenger banks, the ascendency of FinTechs has eroded some of the traditional banking offerings, such as payments and lending. This disruption has been accelerated with regulatory drivers such as PSD2 and Open banking creating a new open ecosystem for financial services.

Now is the time for the traditional players to act to ensure they have a future in this new landscape. Today’s decisions will impact your organisation’s future survival. The new banking ecosystem is driving organisations to start thinking differently across a number of key challenge areas:

  • Reshaping the bank’s operating model to be fit for the future
  • Creating new strategies to engage the workforce and develop talent
  • Transforming branch networks to service a digital world?
  • Building cost-efficient business models
  • Determining the bank’s role in the new ecosystem
  • Delivering on changing customer expectations
  • Defining the purpose and culture of the organisation
  • Balancing agility with compliance
  • Tackling the legacy technology challenge
  • The trust equation
  • Finance of the future in retail banking
  • The role of the Digital CRO
  • Protecting the bank from cyber threats

There is no one-size-fits-all approach to shaping your digital future. EY can support you through your digital transformation to achieve your desired operating model. If you have a question about any of the topics mentioned, don’t hesitate to get in touch.

Our NextWave Banking Leaders