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12:30 - 1:30 Bob Hedges


Industry Innovation Luncheon | A New Competitive Reality: The Innovation Imperative


Bob Hedges
Partner, Global


Session Description

Sponsored by:

Consumers are increasingly responding to competitive banking innovations. Market share is moving from traditional regional and local community banks to more digitally-oriented players including the leading national banks and fast-growing, direct-oriented competitors. With approximately 10% of U.S. consumers switching their primary banking relationships every year, the strong competitive value propositions of digitally-oriented competitors are driving share gains and putting increasing competitive pressure on less well-equipped competitors. The resulting movement in market share poses a grave strategic risk to regional and local bank competitors unless they respond to today’s innovation imperative. During this session we will review recent consumer market research and explore current market competitive dynamics. We will examine why consumers are switching banks, which competitors are successfully capturing these consumers, and what are the key elements of innovation required to succeed. Based on our market research, we will share our scenarios and forecasts for ongoing industry consolidation and the prospects for regional and local banks. In today’s highly competitive marketplace, banks will soon be facing the ultimate dilemma --- innovate and compete strongly to maintain and build your franchise, or become vulnerable to increasing consumer expectations and lose competitive relevance.


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