This Week in Consulting
Wednesday, October 2nd 2019
What will retail banking look like in 2025?
THIS WEEK’S MUST READ
“In today’s digitally obsessed world, retail banks are struggling to keep pace. Customers expect smart digital banking that is available across channels and tailored to their immediate needs. They want banking services to work like the payment, music, and shopping apps they use every day. But banks, on the whole, have failed to deliver…“
Most people bank almost exclusively through phone apps. Reformed branches that conduct in-person and remote relationships will play second fiddle to a digitally dominated proposition.
This Week’s Must Read is an insight piece from BCG in which the consultants discuss the challenges for retail-banking leaders.
Read on to Find out More: “Retail Banking Distribution 2025: Up Close and Personal“ | Sam Stewart , Philippe Soussan , Pierre Roussel , Muriel Dupas , Juan Uribe , and Frédéric Brugère, The Boston Consulting Group.
THIS WEEK’S VIDEO:
Siew Choo Soh speaks at SpringOne Platform 2018 in Washington D.C about Digital Transformation at their bank.
- Is digital disruption disrupting your customers? “Are you being disruptive enough in your digital transformation journey? Within the industry most organizations are at different stages of digital evolution but how do you ensure you are being disruptive enough to make a material difference to customer satisfaction and forward thinking enough to remain competitive?” Here the author proposes to retail banking to take a step back in their digital transformation journey and make sure their efforts will bring them closer to their customers. | Matthew Phillips, Diebold Nixdorf UK&I
- Rewriting the rules in retail banking: “Retail banks have long competed on distribution, realizing economies of scale through network effects and investments in brand and infrastructure. But even those scale economies had limits above a certain size. As a result, in most retail-banking markets, a few large institutions, operating at similar efficiency ratios, dominate market share.” The Article presents another perspective on the future of retail banking. | Vaibhav Gujral, Nick Malik, and Zubin Taraporeva, McKinsey
- Bank Strategy in the world of Fintech: “Fintech (financial technology) is widely seen as a disruptive force in the banking industry. New information-technology (IT)-focused entrants, including large data and platform-oriented IT firms such as Google and Apple, are seen as a potential threat to the position of banks.” How can traditional banks get prepared for the future and embrace the disruption brought by the world of Fintech? | Arnoud W.A. Boot, University of Amsterdam
- There’s no doubt: Direct banks are here to stay, winning consumers along the way– “From changing perceptions to the right kind of technology, consumer attitudes indicate that the appeal of direct banks continues to grow and threaten traditional financial services organizations in ways that can’t be ignored.” The article debates the shift from traditional to direct banking. How many traditional baking leaders have had the wake-up call already? | Karl Dahlgren, BAI
On the same theme,here is a selection of conferences that you might find useful
European Banking Summit : More than 300 experts, senior policy makers and key industry stakeholders come together to discuss the industry’s challenges and opportunities and to identify new trends.
FT Banking Summit 2019 : The sixth annual FT Banking Summit 2019 will highlight what banking leaders are doing, or should be doing, to be positive and plan ahead.
CONSULTING INDUSTRY NEWS
- McKinsey Named #1 Consulting Firm in all Regions – Europe, North America & Asia-Pacific: In its 2020 list, McKinsey ranked as the #1 consulting firm to work for in Europe according to Vault.com. This follows the firm earning #1 rankings in Vault’s 2020 lists for North America and Asia-Pacific. Vault rankings are based on scores from thousands of respondents who participate in a survey on employer factors. | PR Newswire
- HSBC’s SME loan fund to double help for international businesses: HSBC is set to double the amount ringfenced for international businesses in its small and medium-sized enterprises (SME) loans fund this year, with the help available for the agriculture sector also set to rise. | Anna Menin, CityA.M
- UK manufacturing nosedives amid economic slowdown: The UK’s manufacturing sector is scaling back on investment at a moment in the economic cycle when it would usually ramp up spending, a new study has found. The news paints a potentially ominous picture for the industry’s prospects in 2020, with domestic orders declining and export orders falling despite a weakened pound. |Consultancy.uk
- Data and Analytics Are Top Priorities for Finance Executives, According to New Protiviti Study: According to the 2018 Finance Trends Survey Report released today by global consulting firm Protiviti, CFOs and finance executives view data management (security, privacy and governance) and predictive data analytics to be among their most significant issues to address. | Protiviti
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Hélène Laffitte is the CEO of Consulting Quest, a Global Performance-Driven Consulting Platform and author of “Smart Consulting Sourcing”, a step by step guide to getting the best ROI from your consulting. With a blend of experience in Procurement and Consulting, Hélène is passionate about helping Companies create more value through Consulting.