Oct 22, 2019
McKinsey to banks: innovate or die
Traditional banks are ceding market share to new platforms.
IndyMac Bank failed during the last recession. Above, customers are allowed into a branch in Pasadena, California after the federal government seized the failing bank in 2008.
David McNew/Getty Images
A new report from consulting firm McKinsey & Company says that banks need to innovate soon or they might not make it through another economic crisis. According to the report, market conditions and the threat of a global downturn mean banks need to invest in different strategies to meet customer needs.
“We’re hoping that this is more of a wake-up call for some banks to really think of their position [and] what it is they want to do differently,” said Asheet Mehta, senior partner at McKinsey.
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