Digital Transformation and Omnichannel Retail Banking

Twenty-five years ago, Bill Gates made a statement that created domino reactions and sparked a series of debates. He predicted that in the future Banking would continue to exist, but not the Banks ("Banking is essential. Banks are not.") A modest reading of this statement could lead to the fact that it already seems that it is not far enough from reality, considering that banking services are very largely digitised. However, the Bank's role remains irreplaceable. Therefore, as a structure, it may become impossible to disappear, but certainly traditional banks need to be radically reshaped in order to survive in the modern value creation environment. The purpose of this study is to present the current state in the field of multi-channel banking following an omni-channel perspective. We emphasize the importance of digital transformation of traditional Banks in order to survive in the contemporary retail banking environment.