Banks know that digital transformation is strategically essential. Customers expect it, competitive pressure requires it, and it’s becoming more and more important to regulators.

But is digital transformation also operationally essential? Does it make sense on a strict cost and efficiency basis? The answer is a strong yes.

Operational efficiency

In its 2019 State Of The Financial Services Industry, Oliver Wyman compared existing banks to digital challengers. 

Existing banks

Digital challengers

Cost to acquire a current account customer



Time from application to current account functionality

3 days

0 days

Time to launch a new feature

3-6 months

2 weeks

Retail customers per full-time employee

< 1000

> 2,500

Operational cost

In Digital Finance for All, the McKinsey Global Institute looked at the cost of providing financial services in emerging economies, on a per-customer/per-year basis.



Cost of providing cash-in, cash-out



Time to launch a new feature



Cost of supporting money transfers



Total cost of providing services, per customer and per year



If you’d like to attain these cost and operational benefits, we would like to help you get there. Contact us at