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The Evolution of Financial Services

Technology is Transforming Banking, and Customer Needs Are Shifting

From electronic payments to big data analytics, technology is reshaping how money flows among consumers, merchants, and banks. Customers today expect a simple, intuitive, and low-cost experience. BCG's Christophe Duthoit discusses the key attributes of financial institutions that have successfully engineered their customer journeys.

The Power of People in Digital Banking Transformation

Waves of change from the digital world are dramatically reshaping customer behavior and expectations in banking. Having the right people and organizational structure in place are critical to delivering what the customer wants.

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New Ways of Working in Banking

Cross-functional work in banking has always been important, but today it is mission-critical. Virtually all activities require close collaboration among different elements of the institution. BCG's Nan DasGupta discusses why banks need to forge a strategic workforce plan, adopt agile ways of working, and develop a clear sense of purpose in order to meet the challenge.

Digital Finance in China

Tjun Tang, a senior partner and managing director in BCG's Hong Kong office, explains the digital transformation of China’s financial services sector.

Digital Advances in Corporate Banking

It is time for corporate banks to change the way they serve clients. They need to start employing a mix of digital and human-enabled services that will enrich the client experience, improve cost performance, and sustain growth.

Leading banks will go a step further and transform their relationship models by providing a different mix of digital and nondigital services for each customer segment: a digital, self-service experience for small businesses, a hybrid “man and machine” offering for midmarket clients, and a highly personalized, digitally augmented service model for large corporations that have the most sophisticated needs and requirements.

Our work with corporate banking clients has shown that when institutions digitize their relationship models in this way, they have the potential to increase revenue by 15% to 25%, decrease costs by 5% to 15%, and improve return on regulatory capital by 5% to 10%.

The Benefits of Smart Processing Technology

Smart processing technology is necessary for any financial institution that hopes to become a truly digital enterprise. One important function of this technology is digitization of the customer journey.

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