Banking is undergoing deep changes. We’ve been tracking that. And ss consumers become increasingly open to new digital options, incumbent banks are feeling the pressure. It’s hard to innovate when you spend upwards of 70% of your budget maintaining legacy systems. But neobanks are also dealing with their own reckoning – we’ve moved beyond the days where we got excited about the overall headline customer numbers. As they mature, unit economics matter for these institutions if they want to compete for the long term. Frankly, it’s not easy and it’s expensive to build a lasting banking franchise. Deloitte’s Nick Cowell, Digital Banking Leader, joins me on this podcast to go deep into talking about the challenges banks face. As he explores some of the causes of customer attrition, for example, Nick defines the characteristics of the eventual winners in the digital banking market. For him, the banks that will lead in the future will become a multi-tenant or multi-product provider for their customer base. This is part of a four part series we’re doing with Deloitte’s financial services leadership on the trends shaping our industry today and out into the future. **The big ideas and questions** $ What are the key forces driving the evolution of digital banking? $ How digital banking is changing the landscape. $ Consumers openness and intentionality around digital tools. $ Challenges faced by the incumbents. $. Characteristics of the winners in the digital banking market. $. Buy vs. build. $. What is the definition of success? $. Future trends that will influence digital banking propositions. $. How will digital banks evolve from just a bank to a multi-product provider? Here’s my conversation with Nick.