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Global digital Retail Banking Report 2021 From Boston Consulting

The following is the Global digital Retail Banking Report 2021 From Boston Consulting recommended by And this article belongs to the classification: Boston Consulting, research report, financial technology.

BCG released the “global digital Retail Banking Report 2021”. Retail banks around the world have responded quickly, flexibly and purposefully to the new crown crisis while complying with environmental, social and corporate governance objectives. When customers stay at home, retail banks close, diverting resources and customers to remote and digital channels.

Income pressure

GDP has recovered rapidly and will return to the level of 2019 in 2021. Employment has returned to the level it was 19 years ago. Global trade rebounded and over compensated for short-term output losses, while consumer confidence returned to pre crisis levels.

More and more customers are becoming digital

According to the latest retail banking survey, during the new crown pandemic, an average of 13% of respondents in 16 major markets used online banking services for the first time. More than 20% of respondents have increased their use of digital payment, including solutions provided by online banking and third-party applications, and more than 10% of respondents have increased their use of credit and debit cards.

New cost paradigm

The analysis shows that the operating cost of the best banks is about 40% lower than that of ordinary banks, while the number of employees is reduced by about 50%.

Compared with a typical bank, top banks have 69% more full-time equivalent (FTE) accounts per branch and 80% fewer transactions per customer in the branch.

Compared with the typical bank, the inbound call of the contact center is increased by 10% on average. Top banks can also handle 65% of calls unattended, compared with 45% for ordinary banks.

Digital value stream

Despite years of investment in digitalization, most retail banks are still striving to improve the customer experience, increase revenue, build sustainability, reduce costs and improve the quality of control.

Stackable operation mode

By digitizing its main value streams, banks will fundamentally change the way all functions operate, including distribution, relationship management, risk and compliance, and it.

The need for immediate action

Some banks have digitized a single value stream, some banks have implemented part of the digital operation model, but no bank has fully digitized it from beginning to end.

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