Thorsten Brackert
Partner & Director
Frankfurt
Dr. Thorsten Brackert is a core member of the Financial Institutions practice of The Boston Consulting Group. He is part of BCG's global Retail Banking leadership team, and a core member of the firm’s People & Organization as well as Operations practices.
Thorsten has acquired deep expertise in strategy, organization, operational excellence, and transformational restructuring from working with clients in Germany, the Nordics, Europe, and North America. From a functional perspective, Thorsten focuses on operational excellence, including target operating model design and process optimization. From a segment perspective, he works primarily in retail banking, in particular end-to-end digitization and business and operating models of the future.
Thorsten joined BCG Frankfurt in 2001. During his career with the firm, he has worked in the Copenhagen office where he led the Nordic Financial Institutions practice, and in the Toronto office. Thorsten is driven by a desire to help financial-industry leaders boost the performance of their divisions and companies, by helping clients identify the key that unlocks maximum value.
Before joining BCG, Thorsten was a trainee with Deutsche Bank and a research assistant at the Department of Economics at the University of Ulm, Germany.
Banks today are under pressure on multiple fronts across the globe. Customers increasingly demand that their financial services providers offer the kind of user-friendly, frictionless experiences they are used to receiving from a host of consumer companies. Traditional and new competitors alike are investing to grab market share. Regulatory scrutiny continues and margins remain under pressure. Meanwhile, many banks find too much of their resources are consumed by inefficient processes that fail to deliver customer value. To meet these challenges, banks will need more than incremental improvement. Rather, a comprehensive transformation of the operating model is required.
BCG’s approach delivers greater efficiency, an improved customer experience, and a more engaged workforce, enabling banks to meet today’s challenges.
Shifting consumer behaviors are challenging traditional banks to keep up.
To keep pace with evolving customer expectations and achieve greater efficiency, banks must implement a set of operational improvements interactively and in harmony.
A practical approach to cost cutting can yield savings of up to 80%.
By treating third parties as strategic partners and customers, retail banks can turn the disruptive power of open banking into a source of long-term revenue growth.
