In 2017, 73% of US online adults used online banking on a desktop or a laptop at least once a month; 46% used a smartphone for banking activities monthly or more. Digital upstarts like Alipay and Venmo are using technologies like smartphones, cloud services, artificial intelligence, and application programming interfaces to disrupt banks. Too many traditional banks are taking a piecemeal approach to digital transformation. Banks must embrace digital banking as a catalyst for wider change.