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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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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

Corporate banking might seem far removed from the digital disruption that has rattled so many sectors. But a recent BCG survey of corporate banking customers worldwide reveals that the industry is on the cusp of a far-reaching digital shakeout. 

Business clients not only are open to transacting and liaising with relationship managers over digital platforms: the majority are willing to switch—and even pay a premium—to work with banks capable of delivering the type of integrated, omnichannel service they’ve grown accustomed to in other spheres.

Indeed, corporate banks that only gradually go digital could be fighting for their place in the market before the decade is out. BCG data indicates that over the next five years, laggards could see profits drop by as much as 15 to 30 percent relative to fast-moving competitors. 

In BCG’s view, three digital value propositions—seamless online banking, enhanced digital advice, and real-time decision-making support—can help corporate banks get on track.

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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