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06 May 2020
Retail Banking in the
New Reality
1
Copyright©2020byBostonConsultingGroup.Allrightsreserved.
Recap on global insights: Covid-19 crisis has already
triggered significant changes in customer behavior
On average
12%of respondents enrolled into
online and mobile banking for the
first time as a result of the COVID-
19 crisis
On average
24%of customers are planning to use
branches less or stop visiting all
together once the crisis is over
More than
60%
of customers would open an
account in another channel if their
preferred channel – branch - was
unavailable
Source: REBEX Pulse 2020, study conducted from 13th April to 27th April 2020, N=5105 across 15 countries
Less than
5%
of customers have criticized their
banks, while 25% have
recommended suggesting an
overall positive outlook to banks'
response to COVID-19 crisis
2
Copyright©2020byBostonConsultingGroup.Allrightsreserved.
One in four customers is planning to either use branches less or stop visiting
branches altogether, once the crisis is over
3%
5%
3% 4% 4%
6% 8%
3%
6%
10%
6%
9% 7%
25%
13%
11% 16% 16% 16%
14%
14%
20%
18%
14%
19%
25%
21% 25%
15%
UK NetherlandsUS Sweden FranceCanada
20%
Australia Germany Global
average
Finland SingaporeDenmark
2%
17%
ItalyHong Kong Japan Norway
16%
20%
24%
20%
21%
23% 24% 24% 25%
27%
30%
32%
39%
21%
Less likely to use branches Stop using branches
Channel
usage
Global
sample
Question: How likely are you to use branches, post Covid-19?
Source: REBEX Pulse 2020, study conducted from 13th April to 27th April 2020, N=5105 across 15 countries
Expected change in branch usage post Covid-19 (%)
3
Copyright©2020byBostonConsultingGroup.Allrightsreserved.
Customers are enrolling in digital channels as a result of the crisis accelerating
the conversion of younger customers
Channel
usage
Global
sample
Question: Have you enrolled (signed up) in Online and Mobile banking for the first time as a result of the COVID-19 crisis?
1. Digital includes online and mobile
Source: REBEX Pulse 2020, study conducted from 13th April to 27th April 2020, N=5105 across 15 countries
FranceAustralia Japan
7%
UK USACanada
12%
Netherlands Global
average
Italy Hong
Kong
Germany Singapore
5%
9%
10% 10%
11%
15%
12%
12%
17%
18%
17%
45-54
20%
18-24 25-34 35-44 55-64
24%
65 and
above
7%
4%
2%
By country By age
Customers enrolled in digital1 for the first time as a result of the COVID-19 crisis (%)
4
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(a copy of which is available upon request) or such other agreement as may have been previously executed by BCG.
BCG does not provide legal, accounting, or tax advice. The Client is responsible for obtaining independent advice
concerning these matters. This advice may affect the guidance given by BCG. Further, BCG has made no undertaking
to update these materials after the date hereof, notwithstanding that such information may become outdated
or inaccurate.
The materials contained in this presentation are designed for the sole use by the board of directors or senior
management of the Client and solely for the limited purposes described in the presentation. The materials shall not be
copied or given to any person or entity other than the Client (“Third Party”) without the prior written consent of BCG.
These materials serve only as the focus for discussion; they are incomplete without the accompanying oral commentary
and may not be relied on as a stand-alone document. Further, Third Parties may not, and it is unreasonable for any
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and any Third Party hereby waives any rights and claims it may have at any time against BCG with regard to the
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contained in these materials are based upon standard valuation methodologies, are not definitive forecasts, and are not
guaranteed by BCG. BCG has used public and/or confidential data and assumptions provided to BCG by the Client.
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operating assumptions will clearly impact the analyses and conclusions.
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Retail Banking in the New Reality – Summary Survey Findings

  • 1. 06 May 2020 Retail Banking in the New Reality
  • 2. 1 Copyright©2020byBostonConsultingGroup.Allrightsreserved. Recap on global insights: Covid-19 crisis has already triggered significant changes in customer behavior On average 12%of respondents enrolled into online and mobile banking for the first time as a result of the COVID- 19 crisis On average 24%of customers are planning to use branches less or stop visiting all together once the crisis is over More than 60% of customers would open an account in another channel if their preferred channel – branch - was unavailable Source: REBEX Pulse 2020, study conducted from 13th April to 27th April 2020, N=5105 across 15 countries Less than 5% of customers have criticized their banks, while 25% have recommended suggesting an overall positive outlook to banks' response to COVID-19 crisis
  • 3. 2 Copyright©2020byBostonConsultingGroup.Allrightsreserved. One in four customers is planning to either use branches less or stop visiting branches altogether, once the crisis is over 3% 5% 3% 4% 4% 6% 8% 3% 6% 10% 6% 9% 7% 25% 13% 11% 16% 16% 16% 14% 14% 20% 18% 14% 19% 25% 21% 25% 15% UK NetherlandsUS Sweden FranceCanada 20% Australia Germany Global average Finland SingaporeDenmark 2% 17% ItalyHong Kong Japan Norway 16% 20% 24% 20% 21% 23% 24% 24% 25% 27% 30% 32% 39% 21% Less likely to use branches Stop using branches Channel usage Global sample Question: How likely are you to use branches, post Covid-19? Source: REBEX Pulse 2020, study conducted from 13th April to 27th April 2020, N=5105 across 15 countries Expected change in branch usage post Covid-19 (%)
  • 4. 3 Copyright©2020byBostonConsultingGroup.Allrightsreserved. Customers are enrolling in digital channels as a result of the crisis accelerating the conversion of younger customers Channel usage Global sample Question: Have you enrolled (signed up) in Online and Mobile banking for the first time as a result of the COVID-19 crisis? 1. Digital includes online and mobile Source: REBEX Pulse 2020, study conducted from 13th April to 27th April 2020, N=5105 across 15 countries FranceAustralia Japan 7% UK USACanada 12% Netherlands Global average Italy Hong Kong Germany Singapore 5% 9% 10% 10% 11% 15% 12% 12% 17% 18% 17% 45-54 20% 18-24 25-34 35-44 55-64 24% 65 and above 7% 4% 2% By country By age Customers enrolled in digital1 for the first time as a result of the COVID-19 crisis (%)
  • 5. 4 The services and materials provided by Boston Consulting Group (BCG) are subject to BCG's Standard Terms (a copy of which is available upon request) or such other agreement as may have been previously executed by BCG. BCG does not provide legal, accounting, or tax advice. The Client is responsible for obtaining independent advice concerning these matters. This advice may affect the guidance given by BCG. Further, BCG has made no undertaking to update these materials after the date hereof, notwithstanding that such information may become outdated or inaccurate. The materials contained in this presentation are designed for the sole use by the board of directors or senior management of the Client and solely for the limited purposes described in the presentation. The materials shall not be copied or given to any person or entity other than the Client (“Third Party”) without the prior written consent of BCG. These materials serve only as the focus for discussion; they are incomplete without the accompanying oral commentary and may not be relied on as a stand-alone document. Further, Third Parties may not, and it is unreasonable for any Third Party to, rely on these materials for any purpose whatsoever. To the fullest extent permitted by law (and except to the extent otherwise agreed in a signed writing by BCG), BCG shall have no liability whatsoever to any Third Party, and any Third Party hereby waives any rights and claims it may have at any time against BCG with regard to the services, this presentation, or other materials, including the accuracy or completeness thereof. Receipt and review of this document shall be deemed agreement with and consideration for the foregoing. BCG does not provide fairness opinions or valuations of market transactions, and these materials should not be relied on or construed as such. Further, the financial evaluations, projected market and financial information, and conclusions contained in these materials are based upon standard valuation methodologies, are not definitive forecasts, and are not guaranteed by BCG. BCG has used public and/or confidential data and assumptions provided to BCG by the Client. BCG has not independently verified the data and assumptions used in these analyses. Changes in the underlying data or operating assumptions will clearly impact the analyses and conclusions. Copyright©2020byBostonConsultingGroup.Allrightsreserved.