Abstract
Digital platforms and ecosystems represent a phenomenon that has emerged from recent dynamics on the market such as global digitalisation and demographic and behavioural changes. In particular, the banking industry is undergoing a revolution based on a combination of technological progress, changing customer behaviour and new regulatory standards, all of which lead to a fundamental transformation of financial services. The paper discusses the shift in value generation, the transition of business priorities from traditional to digital environments and the move to cross-industry and beyond banking solutions. Industry incumbents are pressured to revise their traditional closed business models and base their new strategies on open innovation and collaboration. The authors of this article reflect on these challenges and share concrete steps that RBI undertakes in order to successfully transform the organisation on three levels: being alert to emerging customer needs, urging for new organisational capabilities and overcoming technical barriers of the existing IT foundation.
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