The relevance challenge: What retail banks must do to remain in the game

Summary: 

Industry stakeholders can rarely quantifiably track the impact of disruptive megatrends and market drivers. The intent of EY’s 2016 Global Consumer Banking Survey was to deliver such insight. Based on the inputs of 55,000 consumers worldwide, they developed a deep understanding of customer preferences and behaviors, as well as their attitudes toward new emerging competitors that increasingly challenge traditional banks. As part of this work, EY introduces the Banking Relevance Index (BRI), which measures how important traditional banks are to people’s lives today. The purpose of this is not only to measure the relevance of banks today but also to track its evolution over the coming years.