Big banks should learn from Apple, Spotify and Netflix, McKinsey says

Companies like Amazon, Apple, Google, Netflix and Spotify have taken existing services and transformed them into digital experiences that are now embedded in customers’ daily lives, McKinsey said. — AP

The world’s biggest banks can tighten their grip on the industry in coming years only if they learn from tech-savvy upstarts that have already claimed a slice of the pie, consulting firm McKinsey & Co said in a report.

Established firms must develop their own technological offerings to cater to younger customers, or gain an edge by acquiring companies as JPMorgan Chase & Co has done, McKinsey said Wednesday in its annual report on the state of the industry.