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Accelerating Bionic Transformation
Report

Accelerating Bionic Transformation

Global Retail Banking 2017


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Editorial Rating

7

Qualities

  • Innovative
  • Overview
  • For Experts

Recommendation

Retail banks have reason for optimism: Their growth rates are now on a par with those before the 2008 crisis. But future profits will hinge on banks’ ability to leverage new technology and maximize trusted customer relationships. In this carefully distilled market analysis, Boston Consulting Group professionals expound on “bionic transformation,” a process that involves integrating human and digital elements to enhance service, personalize value and increase customer fulfillment. getAbstract recommends this perceptive report to financial services executives.

Take-Aways

  • Analysts expect the retail-banking sector to grow at a 4.6% compound annual rate from 2016 to 2020. But that growth will likely unfold unevenly across the emerging and developed markets.
  • Top performers are benefiting the most from branch closings, staff reductions and other cost-saving measures but are not doing enough to achieve growth from digitalization.  
  • Banks need a “bionic transformation” in three critical areas: 1) faster and lower cost services, 2) customer value creation through human contact informed by analytics and 3) a commitment to the “customer journey.”

About the Authors

Muriel Dupas et al. are professionals with the Boston Consulting Group.