Managing Director & Senior Partner
Deepak Goyal is a member of Boston Consulting Group’s Insurance and People & Organization practices and a core member of the firm’s Marketing, Sales & Pricing, Financial Institutions, and Technology Advantage practices. He is BCG’s North America leader for pricing within financial institutions.
Since joining BCG in 2004, Deepak has advised global clients on a range of issues, including strategy, operations and IT, organization, and overall transformation.
Before joining BCG, Deepak worked for McKinsey in India.
Savings are waiting to be tapped in many areas. Banks that take an aggressive approach to improving procurement can boost net income before taxes by 3% to 4%.
The pandemic has radically reset the pace of change in the banking industry. To keep up, a new approach is needed—fast.
Securities servicing businesses outperformed their capital market peers and delivered steady growth in the years following the 2008 financial crisis. COVID-19 has created headwinds for security services, but there are various strategies to maximize competitive advantage.
Given the profound changes sweeping the industry landscape, it’s time for banks to reinvent themselves.
Today’s leading firms achieve stronger revenue growth by treating pricing as a capability they can adjust in response to varying client needs.
Robots and artificial intelligence will vastly improve many banking services, including deposits, loans, fraud protection, and mortgage processing. Here’s how to realize the promise of smart processing.
Attrition accounts for 10% to 15% of gross revenue loss annually. Much of this loss is addressable. Corporate banks that pursue targeted client retention efforts can double their revenue growth without selling more.
By ensuring that their relationship managers account for customers’ price sensitivity when setting target prices, commercial lenders can increase revenues by up to 10%.
Despite the urgency for corporate banks to boost returns, few scrutinize their pricing practices. That is a costly mistake. Repricing is a low-risk way to improve growth.
Increasing share of wallet with existing clients—as opposed to focusing on developing new business—and taking a data-led, advisory approach can lift wholesale banks’ performance.