Retail banks across the globe nimbly and decisively responded to the #COVID19 crisis while taking cognizance of their ESG goals.
The #newnormal greets them with new challenges. Global banking revenues are under pressure and revenue pools have already suffered substantially. The pandemic has exposed and catalyzed changes that were on the anvil and has created space for new ones.
In this report, Boston Consulting Group (BCG) evaluates these changes and what they mean for banks by tracing revenue scenarios based on 3 paths (U, V, & L shaped) of recovery out of the many proposed, examining migration to digital channels and the position of banks in the fast-changing landscape of customer and financial services with the incumbents constantly adapting and new and innovative players gaining entry. It also brings out the usefulness of identifying value streams restructuring them around the organization and integrating them from front to back to achieve objectives of viability and feasibility.
Read on for a summary of their report we have prepared