1、FINANCIAL INSTITUTIONSTHE FUTURE OF FINANCEFit for Growth,Built for PurposeTo Remain a Force for Good,Banks Must Boldly Integrate AI and Earn a Broader Mandate May 2025 By Saurabh Tripathi,Andreas Biffar,Aparajit Sudhakar,Kilian Berz,Matteo Coppola,Ryan Curley,Sreyssha George,Deepak Goyal,Federico M

2、ux,Stiene Riemer,Olivier Sampieri,Sam Stewart,Steve Thogmartin,and Mark WisemanContents3 Executive Summary4 IntroductionToo Good to Be True:Was 2024 a True Recovery?6 Financial Services Revenues Are Growing,but for Whom?Growth of Nonbank Financial Institutions Is Set to Accelerate Some Digital Attac

3、kers Are at ScaleAre They the Future?Digital Assets:Recognition Overdue?13 The Afterglow:Banking Has Not Yet Fully Adjusted to the Post-GFC Social Contract Secular Decline in Noninterest Income Generation Cost Efficiency Gains Are Slowing:Is Digitization Hitting a Plateau?Spotlight#1:Do Banks Shy Aw

4、ay from Pricing for Value?The Big Unlocks Are in the Balance Sheet,Not Just in the P&L Persistent Low Valuations in Major Pockets Signal Deep Investor Skepticism20 Learning from Pockets of OutperformanceWidening Valuation Gaps:Do Winners Take It All?Scale Is Winning:But Scale Is About More Than Size

5、Investors Love Efficiency,but They Love Fee Income More24 Four Winning Stances,with a Golden Thread of True Digital ExcellenceFront-to-Back Digitization:The Key to Operating LeverageSpotlight#2:Offshore Capability and Innovation HubsCustomer Centricity:From Service to Multiproduct Digital SalesFocus

6、ed Business Models:Hard Decisions Lead to OutperformanceM&A at Speed:Digitization Makes the Difference33 AI,a Game Changer If Implemented Boldly with Focus,May Not Be EnoughThe Search for the Next Frontier of Digitization The Promise of Agentic AI and Machine Voice to Transform BankingSetting Up for