Idea Transcript
Banking Banking institutions are facing an exciting, yet precarious, time. We work alongside all types of banks, including commercial, private and retail banking clients, to develop and implement strategies that address immediate challenges while laying out a clear plan for future leadership. Major banks have come to trust our proven experience and expertise: We've supported clients across the industry including 22 of the world's 25 largest banks by asset size.
Bain Digital Transformation Revolutionizing the way financial services firms compete to become the digital leaders of tomorrow.
Dial 'T' for Transformation These phone-centric operations, reimagined and reenergized, can hold the key to retail banking’s digital future.
Tapping Latent Demand in Personal Lending Banks’ success in personal lending will hinge on taking a more data-driven approach. What we do Our perspective Client results Insights Our team What we do We work with banks across all regions to help them adapt and prepare their businesses for market changes shaped by evolving digital technologies, dynamic consumer preferences, increasing competition and changing regulations. More banks have come to recognize that the way forward requires harnessing new business models, integrating digital and physical channels, capturing the economics of customer loyalty and dramatically reducing costs. Our consulting teams address all of these challenges, and more. We work with clients to:
Develop winning strategies. We adjust business models, refocus long-term strategy on the core business, assess business portfolios, manage divestments and explore new markets and partnerships. We also design and support full-scale transformations and improve risk-evaluation methods, both managerial and technical. Improve banking customer strategy, customer experience, and customer loyalty. We redesign product lines, increase sales effectiveness and develop unparalleled customer loyalty that boosts the bottom line. Succeed with digital. We help banks adapt distribution and service channels to seamlessly incorporate digital and mobile banking. Establish efficient organizations. We enable decision-making capabilities that improve organizational effectiveness. Confront compliance. We support compliance and risk officers and their teams in satisfying the demands of more complex regulations while also helping their companies grow their top and bottom lines. Lower costs and increase efficiency. We reduce back-office costs and optimize service operations, including branch and ATM networks and online and mobile services. Realize the full potential of information technology. We support clients in evaluating and implementing new IT processes that enable faster decisions and rapid technology development. Our perspective The fusion of digital and physical assets and the subsequent affect on consumer expectations and banking capabilities is creating substantial challenges and opportunities. Increased competition from financial technology startups, combined with a more stringent regulatory landscape, further heighten the importance of making and executing the right strategic decisions. Companies that embrace the disruption in their industry may be better positioned to earn customer loyalty, identify new profit pools and strengthen risk management processes. The dual bank of the future challenge. Banks today need the right strategy and capabilities to be able to transform their existing businesses and, at the same time, reinvent themselves through new digital business models. Earn customer loyalty—and the cost reduction it brings. Customer loyalty yields significant rewards. Loyal customers buy more, stay longer, often cost less to serve, and refer valuable new customers. That raises the stakes for banks to deliver the right customer experience for the interactions that matter most to banking customers, using the most cost-effective channel that will earn their loyalty. Embed superior risk management and governance systems into the organization. Banks need sound risk-control mechanisms, with end-to-end decision-making processes, to guard against dangerous risk exposure now and adapt to government and regulatory changes going forward. Evaluate opportunities in banking's new profit pools. A big catalyst for change is the rapid evolution of the industry's traditional profit pools. As markets mature, wealth shifts away from deposits toward investments. Banks in many countries are poised to capture growth opportunities in wealth management, with strong starting points in transactional products and distribution networks. The winners will create new pricing and service models adapted for diverse customer segments. Client results We share our clients' ambitions. We work to understand their reality and deliver true results—focusing on strategic decisions and practical actions. And we align our incentives with our clients' objectives, so they know we're in it together.
Transformation sparks financial leader's turnaround Close collaboration allows firm to regain its financial footing while its stock price skyrockets.
Bank gets back to basics to protect customer base Bain helped a banking client upgrade service delivery to retain customers, which resulted in a 5% turnaround in market share and a 30% profit growth.
Aligning a new IT platform with new business priorities
Legacy IT platforms could not support the needs of a newly-created holding company. Bain recommended a new IT architecture and governance structure based on a standard software solution.
The change process unlocks potential and profits Our banking client’s credit business was a resource drain. Redesigned decision processes resulted in improved profits and effectiveness of the division.
A bank and a grocer build a fruitful alliance A major retail bank was positioned to win a bid for an alliance with a major grocer. Bain recommended building the partnership on the strengths of each side, which led to a successful alliance.
The right value for the right customers To combat declining performance, our banking client implemented a special program to attract and retain loyal customers. The result was an increase in both retention and profits.
Insights We develop insights that work for our clients. Our approach and recommendations are highly customized and lead to practical actions. Visit Bain Insights to read more, or stay current on the topics you care about most by downloading the Bain Insights app today. BAIN BRIEF
Big, Bold Bank Cost Transformation By Peter Stumbles, Mohit Wadan, Andrew Carleton and Jason Heinrich Costs won’t fall out unless you overhaul the operating model.
BAIN REPORT
Customer Behavior and Loyalty in Retail Banking Leading banks are taking a "mobile first" approach, shifting routine transactions from branches to digital self-service tools.
BAIN VIDEO
Richard Hatherall: How Banks Can Accelerate the Mobile Migration By Richard Hatherall Three steps banks can take to increase digital adoption and improve the customer experience.
BAIN VIDEO
Peter Stumbles: The Massive Opportunity in Mobile Migration for Banks By Peter Stumbles There is a once-in-a-generation opportunity for mobile adoption in banking right now.
BAIN BRIEF
What Great Looks Like in Banking Sales Practices By Richard Fleming and Joe Fielding Banks need a new approach—one that focuses less on pushing products and more on attracting and retaining customers.
BAIN REPORT
Customer Loyalty in Retail Banking: Global Edition 2016 By Gerard du Toit and Maureen Burns Cost savings hinge on promoting mobile adoption.
BAIN VIDEO
Peter Stumbles: Sustained Cost Transformation in Banking By Peter Stumbles In today's low-growth environment, banks need to rethink their approaches to reducing costs.
BAIN REPORT
The Bank Branch and Call Center Traffic Jam By Maureen Burns, Gerard du Toit, Mark Schofield and Christy de Gooyer Why do customers keep visiting tellers and calling the contact center?
BAIN INFOGRAPHIC
Why Do the Customers Keep Calling? From millennials to seniors, banking customers still call and visit their banks a lot. Here is how banks can cut costs and delight customers while migrating them to mobile.
BAIN VIDEO
Peter Stumbles: The Massive Opportunity in Mobile Migration for Banks By Peter Stumbles There is a once-in-a-generation opportunity for mobile adoption in banking right now.
BAIN VIDEO
Andrew Edwards: Seizing the Robo-Advising Opportunity
By Andrew Edwards Robo advising can remove customer service hurdles and deliver better experiences to the client segments that need it the most.
BAIN BRIEF
Retail Banks: Manage for Glory or Cash? By Joe Fielding, James Hadley, Nicolás López and Gary Turner It's time to make tough strategic choices about how to meet the challenge of insurgent competitors and capture new profit pools.
BAIN BRIEF
Reinvigorate Cross-Selling By John Senior, Tom Springer and Lori Sherer Advances in customer data, digital marketing and the customer experience have opened new opportunities to grow share of wallet.
BAIN BRIEF
Banking Regtechs to the Rescue? By Matthias Memminger, Mike Baxter and Edmund Lin Fintech specialists can help improve compliance, but banks should proceed cautiously.
BAIN BRIEF
Distributed Ledgers in Payments By Glen Williams, David Gunn, Eduardo Roma and Bharat Bansal Banks are starting to move beyond experimentation to realize the potential for faster, more efficient payments.
BAIN BRIEF
Retail Banks: Manage for Glory or Cash? By Joe Fielding, James Hadley, Nicolás López and Gary Turner It's time to make tough strategic choices about how to meet the challenge of insurgent competitors and capture new profit pools.
BAIN INFOGRAPHIC
Just Make It Easy Routine transactions have a greater overall effect on customer loyalty than complex sales and service transactions.
BAIN BRIEF
Is Private Equity the Bridge to Bring European Banks to Safer Shores? By João Soares, Tim Cochrane and Vitor D'Agnoluzzo As big banks face regulatory and economic pressures, private equity, with ample capital and expertise, may be just what the banking industry needs.
BAIN VIDEO
Mark Schofield: Is the Bank Branch Dead? By Mark Schofield Bain Partner Mark Schofield discusses three critical ways that banks can harvest digital dividends.
BAIN VIDEO
Martin Tornes: A Guide to Winning SME Banking Strategies By Martin Tornes Bain Partner Martin Tornes describes how banks can earn superior returns by setting clear priorities on where to play and how to win.
BAIN BRIEF
Corporate and Investment Banks Search for Light at the End of the Cycle By Thomas Olsen, Ada di Marzo, Jan-Alexander Huber and Joe Fielding Structural shifts raise existential questions for banks.
BAIN VIDEO
Ada Di Marzo: For C&I Banks, Searching for Light at the End of the Cycle By Ada Di Marzo Regulation and digitalization are placing dramatic pressures on the existing business models of corporate and investment banks.
BAIN VIDEO
Thomas Olsen: For C&I Banks, Searching for Light at the End of the Cycle By Thomas Olsen Bain Partner Thomas Olsen discusses the different paths to success for corporate and investment banks in a shifting marketplace.
BAIN BRIEF
Just Make It Easy: A Guide to Loyalty in Banking By Mark Schofield, Gerard du Toit and Maureen Burns Customers want simplicity and convenience, and often that means making interactions mobile.
BAIN BRIEF
For Commercial Banks, a Better Route to "All Aboard" By Jan-Alexander Huber, Bruno Perrin and Edmund Lin Banks can take five steps to substantially improve the onboarding process for commercial customers.
BAIN BRIEF
Are You Ready for Robo Advising? By Andrew Edwards and Antonio Rodrigues Financial services firms can heed four lessons from the experience of early movers.
BAIN BRIEF
A Guide to Winning SME Banking Strategies By Martin Tornes, Niels Peder Nielsen, Joe Fielding and Peter Stumbles Small and midsize businesses can offer attractive returns if banks carefully choose their segments and take a more tailored approach.
BAIN VIDEO
Joe Fielding: Retail Banks Wake Up to Digital Lending By Joe Fielding Three priorities for banks to get digital lending right.
BAIN BRIEF
How Banks Can Win the Regulatory Endgame By Matthias Memminger and Jan-Alexander Huber The new regulatory paradigm demands a strategic reassessment, not a compliance exercise.
Interactive: The channels that delight or annoy Find out which banking channels delight customers in different countries, based on Bain's survey of 115,000 consumers.
BAIN VIDEO
Thomas Olsen: Bringing Strategy Back to Banking By Thomas Olsen How banks can better define their ambitions, where to play, and how to win.
BAIN BRIEF
Retail Banks Wake Up to Digital Lending By Richard Fleming and Joe Fielding Our benchmark survey highlights the capability gaps and the potential for banks to defend their profit pools.
BAIN INFOGRAPHIC
Customer behavior and loyalty in retail banking Leading banks are taking a "mobile first" approach, shifting routine transactions from branches to digital self-service tools.
BAIN BRIEF
Is the Bank Branch Dead? By Richard Fleming, Mark Schofield and Damian Stephenson Customers deserting bank branches in favor of mobile and online channels for many interactions signal that the size and nature of the branch network has to change faster and more substantially than most banks acknowledge.
BAIN VIDEO
Digital Reinvention in Retail Banking: Why It Matters By Dirk Vater, Richard Fleming and Nadeem Shaikh Before the migration to digital, banks mostly copied each other. Now, external disruptions are forcing more imaginative innovation.
BAIN BRIEF
Five Imperatives for Navigating Turbulence in the Payments Ecosystem By Glen Williams, Karim Ahmad and David Gunn How merchant acquirers can evolve from financial utility to technology partner.
BAIN BRIEF
The Return of Corporate Strategy in Banking
By James Hadley, Niels Peder Nielsen, Thomas Olsen and Gary Turner The new market dynamic demands deliberate choices about where to play and how to win.
BAIN BRIEF
Escaping the Doom Loop in Contact Center Operations By Michael Woodbury and Corrie Carrigan Many retail banks struggle to eliminate bad and avoidable calls, only to find that total call demand stubbornly remains high.
BAIN BRIEF
Further, Faster: Mastering Digital Reinvention in Retail Banking By Dirk Vater, Mike Baxter and Richard Fleming Start-ups are now generating most of the innovations in financial services. Banks have to step up their digital innovation or watch their customer base erode.
BAIN VIDEO
Mike Baxter: Building the retail bank of the future By Mike Baxter Digital technology is fueling some of the most profound changes the banking industry has experienced in a generation, says Mike Baxter, a partner in Bain's Financial Services practice, in this short video.
BAIN REPORT
Evolving the Customer Experience in Banking By Gerard du Toit and Maureen Burns "Alexa, move my bank accounts to ..."
Read more financial services insights Our team We work as an integrated part of your team, from frontline to C-suite, to deliver true results and make the changes stick. We have a core group of senior financial services-focused experts that we deploy across the globe. Our leadership team
Ed Lin Partner Singapore
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Gary Turner Partner Sydney
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Gerard du Toit Partner Boston
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Ada Di Marzo Partner Paris
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Joao Soares Partner London
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Mike Baxter Partner New York
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Paolo Bordogna Partner Milan
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Jan-Alexander Huber Partner Frankfurt
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Peter Stumbles Partner Sydney
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Dirk Vater Partner Frankfurt
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