NEW YORK— A new industry report from Cornerstone Advisors lays out a blueprint for how the company says banks and credit unions can transform themselves into more competitive, resilient and future-ready institutions by 2030, identifying five core pillars it says are essential for success in an era of digital disruption and heightened competition.
Titled “The Journey Toward 2030: Becoming a Smarter Bank,” the report argues that the banking landscape is changing rapidly — driven by technology, shifting customer expectations and pressure from fintech challengers — and that traditional institutions must evolve or risk being left behind.
Cornerstone Advisors has defined a “Smarter Bank” as an institution that is hyper-efficient, data-driven, nimble, differentiated and opportunistic, combining strategic use of technology with cultural and operational agility to deliver better experiences for customers and stronger performance overall.
The First Pillar
According to the company, the first pillar, hyper-efficiency, focuses on streamlining operations and leveraging automation and artificial intelligence to reduce costs and improve productivity. The report says efficiency today is not just about cutting expenses but enabling institutions to reinvest in growth and innovation.
Data-driven banks turn vast amounts of information into actionable insights, Cornerstone said, adding it found many financial institutions still struggle to break down data silos and fully harness analytics, suggesting that doing so is key to faster decision-making and more personalized customer service.
Meanwhile, Cornerstone Advisors says the nimble pillar urges banks to adopt faster, agile development and operational models akin to tech companies, speeding product releases and better responding to customer/member needs. Differentiation stresses the importance of standing out in a crowded market by offering unique value and tailored products rather than competing solely on price.
No More Waiting
Finally, opportunistic institutions are encouraged to proactively pursue growth through strategic partnerships, mergers and acquisitions, and innovative offerings — rather than waiting for perfect conditions, Cornerstone Advisors said.
Cornerstone Advisors says the framework is backed by data and real-world examples, and is intended to help financial institutions navigate competitive pressures and technological change as they prepare for the end of the decade. Cornerstone Advisors
The report is available for download on the Cornerstone Advisors website here.
