Retail Banking Hero

Retail Banking

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 vital for competing in this charged environment—against both their peers and newcomers—and for remaining relevant to their customers.

Retail banking players were already struggling with unsustainable cost structures and eroding revenues when the COVID-19 pandemic struck. The crisis intensified these challenges and accelerated the need for more comprehensive change. With customers moving to digital channels more rapidly than ever, and both online and mobile banking use soaring, banks must meet ever-evolving customer needs with a new sense of urgency.

The disruptions catalyzed by the pandemic will likely prove permanent, weakening retail banks’ position as the go-to provider of financial services. As nonbank insurgents make deeper inroads in distribution, traditional banks must act.

To safeguard their relevance, retail banks must redesign their solutions and operations to produce the results that customers want. BCG helps its retail banking clients meet this imperative and achieve impressive results.

How BCG Helps Its Retail Banking Clients Succeed in the New Reality

BCG’s banking consulting experts bring a proprietary suite of proven solutions and powerful tools to every engagement, including the following offerings:

Meet Our Retail Banking Consulting Leaders

Our Client Impact in Retail Banking

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.

BCG’s Latest Thinking on Retail Banking

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