Retail banking’s next chapter: primacy, personalization, and digital transformation

Episode 34 of Banking Reinvented explores the changing landscape of retail banking and how banks can secure long-term profitability.

Host Tim Rutten and Backbase Founder/CEO Jouk Pleiter are joined by special guest Max Flötotto, Senior Partner at McKinsey & Company, who is co-leading the firm's Retail and SME Banking work globally. Together, they examine the current state of retail banking, discussing “fake growth,” rising competition, and the potential of AI to transform banking operations.

Tune in to gain insights into the strategies of leading banks and learn why those investing in personalization and AI are set to win over their customers.

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(00:00) - Welcome to the ‘Banking Reinvented’ podcast

(00:25) - Introduction of Max Flötotto from McKinsey

(01:54) - Record profits, interest rate tailwinds, and hidden risks

(05:04) - Why many banks’ recent success is not sustainable

(07:53) - The rise of fintechs, neobanks, and niche players reshaping the market

(10:43) - The importance of granular segmentation and personalization

(11:59) - How chatbots, automation, and modernized tech stacks improve efficiency

(17:04) - Why banks must become their customers’ primary financial partner

(24:16) - The mobile app as the new banking growth platform

(33:10) - Leadership mindset, regulatory challenges, and tech debt

(37:36) - How change-makers inside banks drive transformation

(41:34) - Key takeaways

(45:50) - Episode wrap-up