
Global Retail Banking 2022: Sense and Sustainability
Sustainability is moving up the priority list for all retail bank stakeholders. What does a “sustainable” bank look like?
In retail banking, digital technologies are eroding traditional advantages and opening the door to new competitors. Our retail banking consulting teams help clients master the skills they need to remain relevant to their customers.
Retail banking players have struggled with unsustainable cost structures and shrinking revenues for years. With customers now moving to digital channels more rapidly than ever, nonbank insurgents making deeper inroads in distribution, and both online and mobile banking use soaring, banks must meet ever-evolving customer needs with a new sense of urgency.
To safeguard their relevance, retail banks must redesign their solutions and operations. BCG helps its retail banking clients meet this imperative and achieve impressive results.
BCG’s banking consulting experts bring a proprietary suite of proven solutions and powerful tools to every engagement, including the following offerings:
A retail banking client asked BCG to help implement a digital transformation program aimed at enhancing the customer journey and reducing costs. Deploying our proven methodology, we addressed customer-experience and cost-base challenges in three customer journeys—consumer onboarding, credit cards, and home ownership—which helped the bank accelerate the opening of new accounts across channels, decrease end-to-end costs by 20%, reduce credit-card-related complaints by 10%, and deliver new features to customers two to three times faster than before.
Sustainability is moving up the priority list for all retail bank stakeholders. What does a “sustainable” bank look like?
The pandemic motivated customers to conduct complex business transactions using digital tools. Now, banks have the rare opportunity to change the way they do business.
By offering a suite of green products and services, banks can support the growing number of climate-conscious consumers—and reduce their own carbon footprints as well.
Leading banks are already organizing solution delivery around customer value streams and taking customer engagement to the next level.
BCG’s retail banking consulting experts operate around the globe. With each engagement, they bring long-time experience and deep knowledge of topics including retail banking strategy, digital disruption in retail banking, operational resilience, retail analytics, AI at scale, and radical cost management.