Retail banking has become a digital business, spurred by the rapid spread of broadband access and affordable smart mobile devices. But digital channels will not fully replace physical channels, nor will branches disappear. The main challenge for banks is to fuse digital and physical assets into a hybrid combination that customers now demand - what we call a "digical" transformation.

The best practices so far tend to be occurring outside the U.S. Bain's surveys and interviews with 78 major retail banks worldwide show that five specific imperatives are essential for building a strong bank of the future.

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