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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