The retail banking industry is facing unprecedented challenges as a result of COVID-19. Customer behaviour has changed drastically and will continue to evolve in a post-Covid world. This LABTalk explores trends in channel usage, customer preferences and brand perceptions captured in the latest REBEX Pulse Survey spanning 30 countries. Join this LAB Talk session to learn how you can use the data and insights for your next case.
Authors: Thorsten Brackert, Mindy Hauptman, Byron Marshall, Holger Sachse, Bjorn Schwarz, Aldo Tolentino & Monica Wegner
Covid-19 Is a Call for Retail Banks to Accelerate Digital TransformationBoston Consulting Group
We see nine imperatives that can help retail banks remain firmly on their feet during the crisis and enable them to move forward rapidly in its aftermath. Ultimately, the crisis reinforces an urgent need for banks to accelerate their digital transformations.
How digital mortgage solutions can help win the war against margin compressionBoston Consulting Group
After a prolonged period of low interest rates, the 30-year fixed mortgage rate has risen, and is likely to stay at a higher level than we have seen for the last decade. Both bank and non-bank originators are feeling the impact, with originations, revenue, and profitability declining in line with historical patterns. Given these challenges, originators are looking for ways to sustain profitable growth and create a market advantage. This white paper addresses how mortgage originators can and are leveraging digital solutions across the mortgage value chain to address those market challenges.
While security servicing providers have performed well in recent years, they face anemic core growth, shifting client expectations, rising pressure on fees, and the potential for disruption. The COVID-19 pandemic and associated recession will put further pressure on the industry. In response, they must be bold in their planning and approach to service delivery.
This paper provides a specific framework with practical examples to address the above challenges, leveraging on BCG experience with financial institutions impacted by COVID-19 (e.g., in Italy, China), as well as well ongoing discussions with Regulators and previous experience during severe pandemic and systemic crises.
One in four customers is planning to either use branches less or stop visiting branches altogether after the COVID-19 crisis, according to new BCG retail banking consumer “pulse” survey.
Optimizing the Content Supply Chain: What Manufacturing Can Teach the Broadca...Cognizant
By applying best practices and models used to optimize physical supply chains, broadcasters can more effectively manage their digital content operations.
El futuro de la tecnología portátil parece prometedor, no sólo en los EE.UU, sino a nivel global. ¿Qué usos hacen los consumidores de sus dispositivos portátiles? ¿cómo evoluciona la conectividad en diferentes áreas del día a día? ¿están protegidos nuestros datos?
Chinese Internet Economy White Paper 2.0 - Decoding the Chinese Internet 2.0:...Boston Consulting Group
Now that China’s major online players have conquered the consumer space, they’re intent on, digitizing B2B industries and building platform-based businesses. China’s consumer internet is driving the development of the industrial internet, according to a new report by Boston Consulting Group (BCG), AliResearch and the Baidu Development Research Center. Comparing the development of China’s consumer internet and industrial internet with foreign markets for the first time, the report systematically reviews China’s internet players’ entrance into the industrial internet, revealing the unique digitalization path in China and its underlying causes.
Covid-19 Is a Call for Retail Banks to Accelerate Digital TransformationBoston Consulting Group
We see nine imperatives that can help retail banks remain firmly on their feet during the crisis and enable them to move forward rapidly in its aftermath. Ultimately, the crisis reinforces an urgent need for banks to accelerate their digital transformations.
How digital mortgage solutions can help win the war against margin compressionBoston Consulting Group
After a prolonged period of low interest rates, the 30-year fixed mortgage rate has risen, and is likely to stay at a higher level than we have seen for the last decade. Both bank and non-bank originators are feeling the impact, with originations, revenue, and profitability declining in line with historical patterns. Given these challenges, originators are looking for ways to sustain profitable growth and create a market advantage. This white paper addresses how mortgage originators can and are leveraging digital solutions across the mortgage value chain to address those market challenges.
While security servicing providers have performed well in recent years, they face anemic core growth, shifting client expectations, rising pressure on fees, and the potential for disruption. The COVID-19 pandemic and associated recession will put further pressure on the industry. In response, they must be bold in their planning and approach to service delivery.
This paper provides a specific framework with practical examples to address the above challenges, leveraging on BCG experience with financial institutions impacted by COVID-19 (e.g., in Italy, China), as well as well ongoing discussions with Regulators and previous experience during severe pandemic and systemic crises.
One in four customers is planning to either use branches less or stop visiting branches altogether after the COVID-19 crisis, according to new BCG retail banking consumer “pulse” survey.
Optimizing the Content Supply Chain: What Manufacturing Can Teach the Broadca...Cognizant
By applying best practices and models used to optimize physical supply chains, broadcasters can more effectively manage their digital content operations.
El futuro de la tecnología portátil parece prometedor, no sólo en los EE.UU, sino a nivel global. ¿Qué usos hacen los consumidores de sus dispositivos portátiles? ¿cómo evoluciona la conectividad en diferentes áreas del día a día? ¿están protegidos nuestros datos?
Chinese Internet Economy White Paper 2.0 - Decoding the Chinese Internet 2.0:...Boston Consulting Group
Now that China’s major online players have conquered the consumer space, they’re intent on, digitizing B2B industries and building platform-based businesses. China’s consumer internet is driving the development of the industrial internet, according to a new report by Boston Consulting Group (BCG), AliResearch and the Baidu Development Research Center. Comparing the development of China’s consumer internet and industrial internet with foreign markets for the first time, the report systematically reviews China’s internet players’ entrance into the industrial internet, revealing the unique digitalization path in China and its underlying causes.
Digital Process Acupuncture: How Small Changes Can Heal Business, and Spark B...Cognizant
Our latest research reveals that by applying digital remedies to precisely targeted process areas, organizations can relieve operational stress and generate improvements, yielding outsized results that ripple across the process value chain.
The Insurance Reporting Challenge: Building an Integrated FrameworkAccenture Insurance
The reporting component of Solvency II has become a major concern for insurance companies operating in Europe. Solvency II Pillar III increases reporting requirements in terms of volume, frequency, timeliness and complexity. These, in turn, have a direct bearing on insurers’ data, processes, methodologies and organization. The pressure put on insurers to enhance their reporting calls for a revamped closing and reporting framework where integration is part of the approach. Beyond the new Solvency II requirements, reporting, in our view, remains a pressing issue at the global level.
The value of digitally influenced spending in emerging markets will approach $4 trillion by 2022, amounting to about 50% of all retail spending in Asia, Latin America, and Africa. But the dynamics will vary widely between markets, requiring B2C companies to “de-average” their offerings in order to succeed.
Local Dynamos – emerging-market companies focused largely on their home markets - are beating both local state-owned companies and multinational corporations, thanks to savvy digital strategies and an ability to meet rising consumer expectations. MNCs need to understand how the Dynamos are rewriting the rules in emerging markets.
Connected Shipping: Riding the Wave of E-CommerceCognizant
Digital platforms, applications and processes are rapidly changing how shipping and transportation companies operate. Our primary research study confirmed that while acknowledging the importance of a Web-based business model, many shipping companies are proceeding cautiously. Based on our analysis of the e-commerce market and the approaches that some companies are taking, we have defined a maturity framework to help shippers better assess their current capabilities and plan ahead.
Bank innovation - PwC Study on When the Growing Gets Tough: How Retail Banks ...Jeff Grill
As the United States emerges from the financial crisis, retail banks are striving to outperform their competitors while grappling with unprecedented regulatory challenges and shifts in consumer behavior. For more information see http://www.pwc.com/us/en/financial-services/publications/viewpoints/viewpoint-when-the-growing-gets-tough.jhtml
How P&C Insurers Can Unlock Value from Mergers & AcquisitionsCognizant
P&C insurers are likely entering a historic era of increased M&A activity aiming to drive growth at a double-digit pace, pivot into new business models and remain competitive. These insurers will be under pressure to realize the projected revenue growth and cost savings through integration synergies. Here's how P&C insurers should complete a post-merger integration - from strategy development and planning through execution.
We all have an idea of what Google Analytics can do, but do you know how to use it to help your organization? Do you know who your visitors are and what actions they're completing on your website? Do you know how to best use all the data provided by Google Analytics?
We are very happy to welcome Nina Cruz and Elena Czubiak from the Google for Nonprofits team for an afternoon workshop with NetSquared Vancouver. They will walk through the latest version and features of Google Analytics, and then get you to roll up your sleeves to ensure you're tracking clear goals for your organization. Learn what is working in your marketing efforts and on your site so you can make better decisions to further your mission.
Accenture Distribution and Agency Management Survey: Reimagining insurance di...Accenture Insurance
The global Distribution & Agency Management Survey draws insights from 400+ insurance distribution executives about connected devices, data and analytics, agent compensation and more. The research covers topics such as the customer experience, channel optimization, the changing role of agents and the Internet of Things, among others and how digital is affecting insurance distribution and customer interactions.
2020 CTRM Vendor Perception Survey and AnalysisCTRM Center
The 2020 Commodity Technology Advisory’s Vendor Perception Study is a biennial survey and analysis conducted to establish end-user and market influencer perceptions of the CTRM vendors, and to determine market leadership perceptions as well as buying criteria and brand awareness of the different vendors. As in previous years, the research survey was comprised of a comprehensive set of questions that CTRM end-users and industry consultants were invited to answer.
2021 Trends in Agricultural and Soft Commodities TradingCTRM Center
Arguably, all commodity and commodity-exposed businesses are facing unprecedented change and disruption. These numerous challenges range from climate and carbon to COVID lockdowns and work from home, to managing geopolitical and operational risks through supply chains while seeking to digitalise, automate and increase efficiencies across the business.
While talk of a new commodities supercycle may be premature, global population growth and the resulting increased demand suggest rising prices and volatilities, especially in agricultural commodities. Companies need enhanced agility in such markets. It starts with a modern software platform that provides adequate visibility and control over the business, from managing physical movements to limiting risks and exposure.
COVID-19: Sustaining Liquidity/Funding Management and Treasury Operations in ...Boston Consulting Group
As COVID-19’s international spread has accelerated, markets have started to price in epidemic-related risks. This paper provides a four-step approach that can enable executives to quantify impacts and define mitigating actions, helping them tackle near-term (crisis management) and long-term (structural liquidity management).
Optimizing Voluntary Strategy via Realigned TPA Engagement and Targeted Inves...Cognizant
For group insurers with voluntary offerings, working with third-party administrators (TPAs) is a double edged sword, one fraught with problems of costs, up- and cross-selling, inadequate data, decoupling challenges and more; IT modernization programs are problematic as well. We offer a framework that enables companies to align their voluntary and TPA strategies.
The HCEG Top 10 also provides the framework for an annual research survey: The Industry Pulse.
Developed in partnership with Change Healthcare over the past 10 years, the Industry Pulse research survey is used to gather additional, more detailed information on the opportunities, priorities and challenges faced by health plans and health systems across the country.
The 2020 Industry Pulse Report provides an in-depth analysis into the sentiments of over 445 payer and provider organizations.
Digital Banking Customer 3.0: “What Changed in the Satisfaction and Loyalty i...Fabio Mittelstaedt
Fintech Startups are bringing new banking business models focused on simple and effective customer experience based on mobile and with lower fees. And traditional Banks are struggling to face these neo banking challengers by developing new internal digital capabilities or collaborating with Fintech and even buying them. But in this new Fintech hype scenario, how is the satisfaction and loyalty of banking customers?
Digital Process Acupuncture: How Small Changes Can Heal Business, and Spark B...Cognizant
Our latest research reveals that by applying digital remedies to precisely targeted process areas, organizations can relieve operational stress and generate improvements, yielding outsized results that ripple across the process value chain.
The Insurance Reporting Challenge: Building an Integrated FrameworkAccenture Insurance
The reporting component of Solvency II has become a major concern for insurance companies operating in Europe. Solvency II Pillar III increases reporting requirements in terms of volume, frequency, timeliness and complexity. These, in turn, have a direct bearing on insurers’ data, processes, methodologies and organization. The pressure put on insurers to enhance their reporting calls for a revamped closing and reporting framework where integration is part of the approach. Beyond the new Solvency II requirements, reporting, in our view, remains a pressing issue at the global level.
The value of digitally influenced spending in emerging markets will approach $4 trillion by 2022, amounting to about 50% of all retail spending in Asia, Latin America, and Africa. But the dynamics will vary widely between markets, requiring B2C companies to “de-average” their offerings in order to succeed.
Local Dynamos – emerging-market companies focused largely on their home markets - are beating both local state-owned companies and multinational corporations, thanks to savvy digital strategies and an ability to meet rising consumer expectations. MNCs need to understand how the Dynamos are rewriting the rules in emerging markets.
Connected Shipping: Riding the Wave of E-CommerceCognizant
Digital platforms, applications and processes are rapidly changing how shipping and transportation companies operate. Our primary research study confirmed that while acknowledging the importance of a Web-based business model, many shipping companies are proceeding cautiously. Based on our analysis of the e-commerce market and the approaches that some companies are taking, we have defined a maturity framework to help shippers better assess their current capabilities and plan ahead.
Bank innovation - PwC Study on When the Growing Gets Tough: How Retail Banks ...Jeff Grill
As the United States emerges from the financial crisis, retail banks are striving to outperform their competitors while grappling with unprecedented regulatory challenges and shifts in consumer behavior. For more information see http://www.pwc.com/us/en/financial-services/publications/viewpoints/viewpoint-when-the-growing-gets-tough.jhtml
How P&C Insurers Can Unlock Value from Mergers & AcquisitionsCognizant
P&C insurers are likely entering a historic era of increased M&A activity aiming to drive growth at a double-digit pace, pivot into new business models and remain competitive. These insurers will be under pressure to realize the projected revenue growth and cost savings through integration synergies. Here's how P&C insurers should complete a post-merger integration - from strategy development and planning through execution.
We all have an idea of what Google Analytics can do, but do you know how to use it to help your organization? Do you know who your visitors are and what actions they're completing on your website? Do you know how to best use all the data provided by Google Analytics?
We are very happy to welcome Nina Cruz and Elena Czubiak from the Google for Nonprofits team for an afternoon workshop with NetSquared Vancouver. They will walk through the latest version and features of Google Analytics, and then get you to roll up your sleeves to ensure you're tracking clear goals for your organization. Learn what is working in your marketing efforts and on your site so you can make better decisions to further your mission.
Accenture Distribution and Agency Management Survey: Reimagining insurance di...Accenture Insurance
The global Distribution & Agency Management Survey draws insights from 400+ insurance distribution executives about connected devices, data and analytics, agent compensation and more. The research covers topics such as the customer experience, channel optimization, the changing role of agents and the Internet of Things, among others and how digital is affecting insurance distribution and customer interactions.
2020 CTRM Vendor Perception Survey and AnalysisCTRM Center
The 2020 Commodity Technology Advisory’s Vendor Perception Study is a biennial survey and analysis conducted to establish end-user and market influencer perceptions of the CTRM vendors, and to determine market leadership perceptions as well as buying criteria and brand awareness of the different vendors. As in previous years, the research survey was comprised of a comprehensive set of questions that CTRM end-users and industry consultants were invited to answer.
2021 Trends in Agricultural and Soft Commodities TradingCTRM Center
Arguably, all commodity and commodity-exposed businesses are facing unprecedented change and disruption. These numerous challenges range from climate and carbon to COVID lockdowns and work from home, to managing geopolitical and operational risks through supply chains while seeking to digitalise, automate and increase efficiencies across the business.
While talk of a new commodities supercycle may be premature, global population growth and the resulting increased demand suggest rising prices and volatilities, especially in agricultural commodities. Companies need enhanced agility in such markets. It starts with a modern software platform that provides adequate visibility and control over the business, from managing physical movements to limiting risks and exposure.
COVID-19: Sustaining Liquidity/Funding Management and Treasury Operations in ...Boston Consulting Group
As COVID-19’s international spread has accelerated, markets have started to price in epidemic-related risks. This paper provides a four-step approach that can enable executives to quantify impacts and define mitigating actions, helping them tackle near-term (crisis management) and long-term (structural liquidity management).
Optimizing Voluntary Strategy via Realigned TPA Engagement and Targeted Inves...Cognizant
For group insurers with voluntary offerings, working with third-party administrators (TPAs) is a double edged sword, one fraught with problems of costs, up- and cross-selling, inadequate data, decoupling challenges and more; IT modernization programs are problematic as well. We offer a framework that enables companies to align their voluntary and TPA strategies.
The HCEG Top 10 also provides the framework for an annual research survey: The Industry Pulse.
Developed in partnership with Change Healthcare over the past 10 years, the Industry Pulse research survey is used to gather additional, more detailed information on the opportunities, priorities and challenges faced by health plans and health systems across the country.
The 2020 Industry Pulse Report provides an in-depth analysis into the sentiments of over 445 payer and provider organizations.
Digital Banking Customer 3.0: “What Changed in the Satisfaction and Loyalty i...Fabio Mittelstaedt
Fintech Startups are bringing new banking business models focused on simple and effective customer experience based on mobile and with lower fees. And traditional Banks are struggling to face these neo banking challengers by developing new internal digital capabilities or collaborating with Fintech and even buying them. But in this new Fintech hype scenario, how is the satisfaction and loyalty of banking customers?
Software is having an impact on everyone’s lives and we’re fascinated by its effect on user behavior. Building on our existing financial sector expertise, Beyond wanted to fully understand how people’s behavior is changing in one of the world’s oldest industries and what this change means for the future design of products and services in banking.
Taking friction out of banking white paper - UKNils Mork-Ulnes
In our white paper, ‘Taking the friction out of banking’ we research the threat from disruptive FinTech start-ups and look into designing for banking innovation with a focus on improving the digital experience for increasingly digitally-focused consumers.
Taking friction out of banking white paper - USNils Mork-Ulnes
In our white paper, ‘Taking the friction out of banking’ we research the threat from disruptive FinTech start-ups and look into designing for banking innovation with a focus on improving the digital experience for increasingly digitally-focused consumers.
Software is having an impact on everyone’s lives and we’re fascinated by its effect on user behavior. Building on our existing financial sector expertise, Beyond wanted to fully understand how people’s behavior is changing in one of the world’s oldest industries and what this change means for the future design of products and services in banking.
How Banks Can Close the 'Value Gap' and Regain Customer TrustJoseph M Bradley
Across the globe, banks have faced a wide array of challenges in recent years. At a time of rapidly changing consumer expectations, upstarts from outside
the traditional banking industry have used technology to disrupt incumbents.
US Retail Banks have enjoyed several years of strong profitability and positive revenue growth. However, we see numerous headwinds to growth due to demographic, competitive, and consumer trends. While many of these trends will persist well into the future, 2019 will be a pivotal year. The attached white paper provides insights into the growth challenge and creative solutions for banks can act to accelerate their growth.
Accenture North American Digital Banking Consumer Survey 2014 accenture
According to the new Accenture 2014 North America Consumer Digital Banking Survey, digital banking trends are changing traditional relationships between consumers and banks. In fact, the research suggests the relationship is increasingly uncertain as consumers are intrigued by branchless digital banks, define their relationships as merely transactional and generally want more advice and proactive financial services from their Everyday Banks. Read the PDF to learn more about the results of the survey, and how banks can respond to these threats.
Even before the pandemic struck, the payment industry was quite dynamic over the past few years. Double-digit growth rates, dizzy valuations, and technological advancements at an unprecedented rate are some of the indicators that prove it. However, one must not underestimate the small volume decline due to COVID-19.
The world economy, and particularly international commerce, has incurred huge losses because of the
coronavirus epidemic. Due to the worldwide lockdown, social isolation, and other precautions taken to
prevent the spread of the COVID-19 pandemic, consumers have boosted their purchases on digital
services. Therefore, the corporate environment underwent dramatic changes throughout the quarantine
period. The COVID-19 crisis sped up the expansion of the digital commerce industry. The digital
commerce industries have exploded in growth during the COVID-19 disaster. Businesses and consumers
progressively "went online" as lockdowns became routine. It is anticipated that the growth rate of global e-
commerce will be 12.2 percent in the year 2022, which will bring the total sales of global e-commerce to
$5.542 trillion. Despite this, the pace of increase is slower than it was this time last year. By 2021, growth
rates for worldwide e-commerce will have reached 16.3 percent
This presentation examines trends and innovations in financial services (focusing on banking, insurance, credit cards).
In the last few years, the financial services industry has undergone a digital evolution. Now, it is time for a digital revolution, due to growing disruptive "Fintech" start ups and their innovative models.
The Future of Bank Branches Coordinating Physical with DigitalCapgemini
Digital Technologies will Accelerate Branch Transformation, Not Make Them Extinct
Retail banking is evolving at an accelerated pace. Globally, banks are facing disruptions from multiple directions. Business and economic realities have reduced the total number of US bank branches by 3,000 between 2009 and 2012 - a decrease of 3% over the 3-year period. In Spain alone, banks have closed 5,000 branches or 12% of their overall capacity since the financial crisis began in 2008, lowering the total branch count to approximately 40,000 in 2012.
That is not all. Digital technologies have also brought a significant shift in consumer banking behavior. The percentage of US banking customers who prefer to bank online jumped to 62% in 2011, up from 36% the previous year. Today, four of the top five transactional banking activities in North America – bill pay, viewing balances/transactions, viewing statements and money transfer – are happening online.
This brings us to the key question of this paper: do brick-and-mortar branches have a role to play in the future of retail banking?
The 2014 Accenture survey of nearly 4,000 retail banking customers in the US and Canada shows that the relationship at traditional banks is susceptible to disruption, even though 40% of US customers and 64% of Canadian customers have been with their current bank for the past decade or more
Similar to Seismic shifts: Retail banking in the wake of COVID-19 (20)
Boston Consulting Group partners with leaders
in business and society to tackle their most
important challenges and capture their greatest
opportunities. BCG was the pioneer in business
strategy when it was founded in 1963. Today,
we work closely with clients to embrace a
transformational approach aimed at benefiting all
stakeholders—empowering organizations to grow,
build sustainable competitive advantage, and
drive positive societal impact.
Our diverse, global teams bring deep industry and
functional expertise and a range of perspectives
that question the status quo and spark change.
BCG delivers solutions through leading-edge
management consulting, technology and design,
and corporate and digital ventures. We work in a
uniquely collaborative model across the firm and
throughout all levels of the client organization,
fueled by the goal of helping our clients thrive and
enabling them to make the world a better place.
Independent of industry, BCG Green Ventures believes in 12 concrete opportunities the world needs to get to net zero. These are the 12 levers available for any given corporate to participate in the decarbonization economy, which we are treating as a massive value creation opportunity.
BCG has launched its Telco Sustainability Index, designed to capture the four dimensions most relevant to a telco’s environmental strategy. The index tracks the company’s commitment to sustainability, its emissions intensity and that of its upstream and downstream partners, its elimination of waste, and its customer enablement.
BCG has launched its Telco Sustainability Index, designed to capture the four dimensions most relevant to a telco’s environmental strategy. The index tracks the company’s commitment to sustainability, its emissions intensity and that of its upstream and downstream partners, its elimination of waste, and its customer enablement.
COVID-19’s uneven trajectory has created a slower-than-expected rebound in urban travel worldwide. Some mobility modes, however, are poised to exceed pre-pandemic levels. BCG provides a breakdown of recovery levels in urban mobility by region and mode--and over time.
Of the different patterns that have emerged in governments’ fight against coronavirus—crush and contain is the most effective. While many countries missed the initial opportunity to crush and contain, it is critical that governments prepare now to make sure they don’t miss the opportunity again.
Radical change in racial equity is needed. In order to successfully drive that change, a holistic response is required—with attention to business drivers, teams and culture, and resources.
What Does the Recovery of Demand for Urban Mobility Look Like Post-COVID-19?Boston Consulting Group
Based on a survey of 5,000 residents in china, the EU, and the US, BCG analyzed the likely recovery of demand in urban mobility following the COVID-19
outbreak. Ultimately—until a cure emerges—we expect we expect a major shift away from public transit toward private mobility modes, specifically private cars and bikes. But the magnitude of the shift will differ across the varied type of cities.
The COVID-19 crisis is threatening the lives and well-being of the global community. Health, political, societal, and business leaders must drive an integrated response to navigate, manage, and lead through it.
The COVID-19 crisis is threatening the lives and well-being of the global community. Health, political, societal, and business leaders must drive an integrated response to navigate, manage, and lead through it.
How should nonprofit leaders adjust to the new reality of operating under COVID-19? This detailed checklist can help you understand the actions needed to protect team health, improve financial resilience, and continue executing on your mission with clarity and impact.
COVID-19: Sustaining Business in All Scenarios: A New Lens on Bank Credit Ris...Boston Consulting Group
Risk drivers specifically related to the COVID19 outbreak are not currently directly captured by credit ratings systems. It is therefore critical for banks to ensure they understand their positions and prepare to take mitigating action.
Authors: Matteo Coppola, Lorenzo Fantini, Filippo Fioravanti
Financial Institutions need a strategy to help maximize their level of resilience and prepare for any macroeconomic and financial scenario amid the COVID-19 crisis.
In our view, it is critical for Financial Institutions to take specific steps both for the short term and the medium term. In this White Paper we have identified ten key action points to be addressed.
Data science is one of the hottest and fastest-growing fields in companies around the world. But it remains a highly male-dominated field, with women making up as few as 15% of data science professionals globally. This gender imbalance is a
significant threat to sustainable growth and to unbiased, safe AI
Responses to a BCG global survey of over 9,000 current and former students across ten countries make it clear that a
significant share of the problem lies with the companies themselves.
The enterprise software industry is being transformed by substantial investor capital, Cloud 2.0, artificial intelligence, data protection, preferred platforms, and a talent shortage, leading stakeholders of all kinds to make big changes, and big choices.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
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BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
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Seismic shifts: Retail banking in the wake of COVID-19
1. 1
White Paper
Seismic Shifts: Retail Banking in the Wake
of COVID-19
Thorsten Brackert, Mindy Hauptman, Byron Marshall, Holger Sachse, Bjorn
Schwarz, Aldo Tolentino & Monica Wegner
September 2020
2. BOSTON CONSULTING GROUP SEPTEMBER 2020
he COVID-19 pandemic has accelerated the migration of retail banking
customers throughout the world towards digital channels. Worryingly for less
digitally adept banks, they will very soon wake up to find that a significant
proportion of both first-time and more experienced users of online banking are turning
to this channel much more than they even do today, while also frequenting branches a
lot less. It now seems clear that the crisis has already brought about fundamental
changes in customer behavior that have reshaped retail banking for good. Retail banks
should urgently reassess their distribution strategy to see how best to capture the
customer zeitgeist.
These are among the key findings of BCG's Retail Banking Excellence Benchmark
(REBEX) survey, a comprehensive and unique study of 17,600 retail banking customers
in 30 countries conducted between mid-May and mid-June 2020.1
The survey offers
much food for thought for bank leaders, and lays bare very considerable risks and
opportunities for their organizations. In this paper, we will set out the most eye-catching
and significant results from the survey, and explore the critical implications for banks.
As the current crisis drives customers to move in even greater numbers from traditional
to digital channels, established incumbent banks need to make appropriate investments
in response, and improve the digital customer experience they offer. If they do not do
so, there is the danger that many of their now more digitally aware customers will
defect to nimble and innovative digital challenger banks. With footfall in branches
greatly reduced, banks will also need to think carefully about how much physical space
they really need and how to put it to best use. This will be a complex decision, based on
a nuanced picture. Our survey also shows that a smaller group of customers will use
branches more than they did previously, possibly because they believe they will need
more financial advice in turbulent economic times.
1
BCG conducted online interviews with 17,600 respondents in 30 major retail banking markets throughout
the world between 18th
May and 19th
June 2020.
T
3. BOSTON CONSULTING GROUP SEPTEMBER 2020
During this period of uncertainty, many consumers have postponed purchasing
decisions, including for financial products such as insurance, investments and pensions.
At the same time, our survey reveals that a significant proportion of customers, younger
ones in particular, are open to switching banks in the next few months. Market shares
are therefore up for grabs if banks are able and prepared to meet the increased demand
for financial advice and to provide the digital service and experience that customers
seek.
There is no time for hesitation for banks - the window of opportunity is now. Customers
were willing to put up with merely adequate service as they hunkered down during the
crisis. Now, as things gradually settle down, their expectations are likely to rise
commensurately. Banks have to anticipate these rapidly developing customer needs,
getting ahead of demand with a revamped distribution model and relevant products and
sales strategy.
The pandemic and customer response
The use of digital banking, especially mobile banking, has increased substantially during
the COVID-19 crisis. Indeed, almost one in three of all customers, and one in two
customers aged between 18 and 34, say they have used mobile banking more than they
did before the crisis. (See Exhibit 1).
4. BOSTON CONSULTING GROUP SEPTEMBER 2020
A large cohort of first-time users is partially responsible for this trend. Around one in six
respondents to the survey said they had never used online banking or mobile apps until
the crisis hit. Younger customers were more likely than older generations to say they
had registered for online banking for the first time.
The trend towards digital banking is set to continue after the crisis. Around a quarter of
respondents say they are likely to use online banking even more as time progresses.(See
Exhibit 2). What is more, those who signed up for online banking for the first time
during the crisis, primarily out of necessity due to branch restrictions, are equally likely
to say this as more long-time users. (See Exhibit 3).
Customers’ increasing comfort with digital channels comes across repeatedly in our
survey. Indeed, 50% of those customers who prefer branches are now willing to manage
an account digitally if branches were unavailable, instead of delaying a purchase or
opting for another provider.
5. BOSTON CONSULTING GROUP SEPTEMBER 2020
Cashless payments represent another area to have received a major boost during the
crisis. More than 20% of respondents told us that they have increased their usage of
digital payment solutions, such as internet banking or third-party apps, and more than
10% say the same about credit and debit cards. In terms of the willingness to use digital
6. BOSTON CONSULTING GROUP SEPTEMBER 2020
payments in the future, there was very little difference (less than two percentage points)
between first-time users and those who were already using them before the crisis.
The use of remote channels, such as a contact center and remote advisors, has also gone
up during the pandemic and is expected to continue to grow. The proven willingness of
customers to use such channels will be an important consideration for banks as they
revamp their distribution strategy in the wake of the crisis.
Perhaps inevitably, given widespread restrictions on access, there have been fewer visits
to branches in the vast majority of markets surveyed. We saw significant variations
between those markets, however, with already digitally mature markets unsurprisingly
registering a more moderate decline in branch usage.2
Indeed, Denmark, the
Netherlands and Hong Kong even experienced a slight uptick in branch usage during the
crisis, while around a quarter of customers in countries such as South Africa, Russia and
Greece say they have been using branches less than they did previously. (See Exhibit 4).
2
Digital maturity equates with digital competitiveness, as defined in the Institute for Management
Development (IMD)’s World Digital Competitiveness Ranking 2019
7. BOSTON CONSULTING GROUP SEPTEMBER 2020
The exodus from branches seems unlikely to be temporary. In almost all countries,
respondents are more likely to believe they will use branches even less after the COVID-
19 crisis is deemed to be over. Indeed, more than one quarter of customers are planning
to either use branches less or stop visiting them altogether. That said, there is again
some variation by country, with increases in branch uses expected in Hong Kong and
Sweden. (See Exhibit 5) Younger customers are more likely than their older
counterparts to say they will visit branches more in the future, perhaps to seek financial
advisory services after such an unsettling period.
The general move away from branches to digital is reflected in the respective levels of
customer satisfaction with the various channels. Customers are most satisfied with
online and mobile banking channels, and significantly less so with branches, although of
course restricted access to the latter may partially explain this finding. (See Exhibit 6).
Given the anticipated increase in usage revealed by our survey, banks should view with
some concern that current customer satisfaction levels with remote advisors, and
especially with contact centers, leave considerable room for improvement.
8. BOSTON CONSULTING GROUP SEPTEMBER 2020
First-time users from the crisis period are less satisfied with digital channels than their
more seasoned counterparts. However, as we have seen, this relatively lukewarm initial
response may still not stop them using the channels more in the future.
Our comprehensive bank-by-bank analysis also reveals a significant variation in
customer satisfaction. Customers of challenger banks are more satisfied with their
experiences in both online and mobile channels than are customers of incumbent
banks.3
A flight to safety versus an itch to switch
Despite this greater satisfaction with the digital channels provided by the challenger
banks, traditional banks gained more trust among customers during the COVID-19 crisis
than their newer rivals. Overall, traditional banks enjoyed a net increase in trust of 12%,
compared to a net increase of 8% for challenger banks.
3
Across all markets in the study, 124 challenger banks and 414 traditional banks were identified. Challenger
banks include both digital newcomers and smaller non-incumbent banks.
9. BOSTON CONSULTING GROUP SEPTEMBER 2020
These figures may indicate some early signs of what has been a recurrent historical
trend in times of economic uncertainty and recession, in which customers tend to
gravitate towards more established financial institutions that are generally perceived to
be more secure.
However, banks need to ensure that they maintain the requisite quality of service
within all their channels. Customers’ trust in their bank was much more likely to go up
during the crisis if they were extremely satisfied with its channels. Indeed, the increase
in trust was 50 percentage points higher among the extremely satisfied cohort than
among those that are extremely dissatisfied; 25 percentage points more than among
those that are dissatisfied; and 22 percentage points higher than among those that are
neither satisfied nor dissatisfied. This trend is most pronounced for clients using contact
centers and least for those using online banking, once again demonstrating the
importance of perfecting the provision of remote human assistance.
Younger customers were more likely than their older counterparts to say that they had
become more trustful of incumbent banks since the start of the crisis. To complicate
matters, however, younger customers are more disposed to switching banks in the next
six months, and they are also more likely to feel happy depositing their money in a
digital bank. (See Exhibit 7).
10. BOSTON CONSULTING GROUP SEPTEMBER 2020
This is important market information for banks to appreciate and make sense of. This is
particularly true given another survey finding, namely that a significant proportion of
younger customers are planning to delay a purchase until the crisis recedes further.
Moreover, customer responses suggest that the sales mix is set to change, with a shift
towards off-balance items such as insurance, investments and pensions. (See Exhibit 8).
We can make the case, therefore, that market shares are up for redistribution in the
near future, and that substantial revenue is there for the taking for those banks that
offer the most persuasive overall offering. The digital component is likely to be a very
significant factor when customers with purchasing intentions decide to switch to another
bank. Whereas customers dissatisfied with their experiences in a branch are five
percentage points more likely to delay a product purchase than those who were
satisfied, those dissatisfied with the online channel were 10 percentage points more
likely to do so.
11. BOSTON CONSULTING GROUP SEPTEMBER 2020
Implications for banks: Meeting accelerating demand for digital
For a number of years, bank customers have been steadily migrating towards digital
channels. The COVID-19 pandemic has squeezed what might have been several more
years of further progression into the space of two or three months. Such a sudden
acceleration in customer behavior, and the realization that these new habits are set to
become still more ingrained, demand an urgent response from bank leaders.
Let’s take American customers as an example. During the survey period, most of them
(62%) were hybrid customers, using both digital and branch channels. Meanwhile, 26%
used only digital channels and 12% relied on face-to-face communication. However, our
survey suggests that after COVID-19, the percentage using digital only will jump to 39%.
Banks cannot afford to adopt a wait-and-see approach as these developments unfold,
but instead respond with energy and commitment. Despite the high adoption of digital
channels, a large number of customers have still not used relevant features, such as
disputing transactions or managing ATM withdrawal limits online.
12. BOSTON CONSULTING GROUP SEPTEMBER 2020
Great opportunities await those banks who can rise to the task. Many customers have
left substantial sums in low-interest current accounts, delaying purchases of financial
products until the crisis settles down. And, as our survey intimates, the good news for
long-standing established banks is that customers may well view them as the safest
option during what is likely to be a prolonged period of instability.
However, incumbent banks have often been left behind in the digital space by the more
innovative challengers that have entered the market in recent years, not to mention by
the many efficient digital operators in other fields to which customers have now become
accustomed. Our survey demonstrates that, when it comes to their experience of digital
channels, banking customers are more satisfied with these challengers. Moreover,
younger customers in particular appear open to depositing money with them.
Incumbents need to expedite their digital progress just to offer what is now generally
expected, and meet the rapidly growing demand for high-class digital channels. During
the lockdown period, customers with more pressing concerns on their mind will have
tolerated merely adequate service. They may not be so forgiving in the future.
The short-term priority for banks must be to retain customers and capture the purchases
that have been delayed by the crisis. Small-scale lighthouse use cases with this dual aim
in mind, based on data analytics, can serve as models for more extensive transformation
of digital banking.
One eye, however, should be kept firmly fixed on anticipating and building for what
customers will be looking for further down the line. We have seen that there are some
customers who plan to use branches more, so banks should not simply resort to the
blunt instrument of cutting their branch network. Banks need to undertake a
fundamental review of their distribution model, in particular their branch network
footprint and the nuances of its new role, and determine how best they can meet client
needs through remote channels, such as video chat.
13. BOSTON CONSULTING GROUP SEPTEMBER 2020
It is critical that customers can start their journey in mobile channels and be offered
seamless access to human support while still in that channel. They must always be able
to enjoy such flexibility in their interaction with the bank. Although digital development
should be the priority, banks should aim to provide bionic customer journeys, blending
digital technology and human interaction to offer the right products and services. Those
banks which respond most adroitly to the shifting momentum in customer behavior can
grab significant market shares from their competitors.
The COVID-19 pandemic has had a very considerable impact on the behavior of retail
banking customers. Given the scale of the change revealed in our survey, banks should
embrace the resulting opportunities. In the short term, they should exploit the greater
trust now invested in them to capture delayed purchases and seek to retain clients. In
the medium term, their distribution strategy will require a fundamental overhaul.
Thorsten Brackert
Mindy Hauptmann
Byron Marshall
Holger Sachse
Bjorn Schwarz
Aldo Tolentino
Monica Wegner
Thorsten Brackert is a partner and director in the Frankfurt office of the Boston
Consulting Group. Mindy Hauptman is a partner and associate director in the firm’s
Philadelphia office. Byron Marshall is REBEX director for North America in BCG’s
Chicago office. Holger Sachse is a managing director and senior partner in the firm’s
Dusseldorf office. Bjorn Schwarz is REBEX director for EMEA in BCG’s London office.
Aldo Tolentino is the global director for REBEX in the firm’s Miami office. Monica
Wegner is a managing director and partner in BCG’s Sydney office.
The authors wish to express their gratitude to Ankur Patil, Richard Cummings and
Sebastian Balmaceda for their support.
14. BOSTON CONSULTING GROUP SEPTEMBER 2020
You may contact the authors by e-mail at:
brackert.thorsten@bcg.com
hauptman.mindy@bcg.com
marshall.byron@bcg.com
sachse.holger@bcg.com
schwarz.bjorn@bcg.com
tolentino.aldo@bcg.com
wegner.monica@bcg.com
About BCG
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their most important challenges and capture their greatest opportunities. BCG was
the pioneer in business strategy when it was founded in 1963. Today, we help
clients with total transformation—inspiring complex change, enabling
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To succeed, organizations must blend digital and human capabilities. Our diverse,
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