The Future of Retail Banking Hinges on 'Bionic Growth Strategy'

Banking providers must raise service levels, profitability and competitiveness by efficiently and effectively fusing digital technologies with personalized human interactions. Retail banks and credit unions are plagued by inconsistent online- and offline capabilities, and generic customer propositions. To overcome these fundamental issues, Boston Consulting Group (BCG) says financial institutions must embrace a "bionic" a strategy. According to BCG, a bionic transformation essentially consists of three interrelated elements. First is the blending of digital and personal interactions to create a more responsive and cost-effective distribution model.