Digital Disruption Hits Retail Financial Services

Digital disruption has arrived in retail financial services. Banks, insurers, and wealth management firms are besieged by a wave of disruptors that aim to use digital tools to deliver superior customer experiences at a fraction of the cost. Regulation is no longer a barrier to entry: Digital disruptors adopt new business models that often let them bypass any regulatory hurdles. With their focus on digital touchpoints, digital executives at incumbent firms understand and are well positioned to respond to this threat. In this report, we map out the disruptors to help digital executives think through and articulate the dangers of disruption to their colleagues and explain why incumbent firms should act now.