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By BCG - Global Retail Banking 2021: The Front-to-Back Digital Retail Bank
Customers are moving to digital channels faster than they have in the past. Online banking use has risen by 23%, and mobile banking use is up by 30%. These changes are likely to be permanent, accelerating the migration to digital channels by three to four years over precrisis trends. As customers move online, banks’ position at the intersection of the customer and financial services is coming under attack. A stacked industry landscape, with different types of players competing at each level, is taking shape. Nonbank insurgents are making strong inroads in distribution, threatening to commoditize many banking products. Perhaps above all, banks need to rethink and realign costs—starting now. Current cost structures are not sustainable.
Leading banks are organizing solution delivery around value streams and taking customer engagement to the next level. These banks have rethought their functions end to end from a customer’s perspective in order to define a limited number of critical value streams. They have assigned cross-functional teams that use agile ways of working to each value stream, and they have given those teams responsibility for product management and change, including product revenues and delivery.
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