McKinsey looks to 'the future of private banking in Europe'

Published in Insights on 23rd July 2020

A very insightful report insight from McKinsey, who say that 'European private banks must rapidly reimagine client coverage, and deliver a remarkable client experience powered by technology; reconfigure the operating model; and inject a social purpose into their business choices'. This paragraph, in particular, corresponds with our recent experiences:

"While the bar for delivering remarkable experience is rising, private banks have traditionally been slow to innovate and transform client journeys. However, the crisis has highlighted the potential to substantially increase the metabolic rate of innovation by adopting ways of working. For example, banks can increase the pace of innovation through a series of targeted service enhancements delivered via a minimum viable product approach with faster deployment time and the opportunity to co-create with clients. Some financial institutions have managed to deploy new digital journeys and MVPs at breakneck speed through the crisis —a sharp contrast to pre-crisis timelines. Banks should maintain the same urgency and rigor in their transformation plans. When designing next-generation journeys, it is essential to embrace the needs and reactions of different client segments, and design each journey from a zero base and end-to-end perspective; that is, not simply digitizing existing processes, or offering isolated use cases."

We couldn't agree more.

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