Digital & AI transformation of a banking group, catalyzing 10% p.a. growth in the retail segment
Financial Services
Digital & AI Transformation
Client Context And Challenges
Banking Group was facing muted growth and shrinking margins in the corporate segment, while its retail presence was limited
Main project objective was to build a digital-first retail banking business, capture a large share of the rapidly growing and profitable retail segment, and enable the development of beyond-banking ecosystems (e.g., lifestyle services)
Main challenges:
Lack of clarity on market, consumer preferences, the bank’s competitive position
Fragmented and obsolete IT landscape
Only a few processes formalized
No customer-oriented culture, administrative mindset with focus on compliance, limited room for initiative
Our Approach
Completed a comprehensive market sizing and competitive analysis
Defined customer segments, identified customer needs and willingness to pay, leveraging surveys and a design thinking approach
Defined a digital-first strategy for the bank, developed the business case, transformation roadmap, cultural change approach
Defined a new governance, Target Operating Model, modernized IT landscape, main macro processes
Set up and launched a Transformation Management Office, helped steer the transformation
Supported the launch of digital products and services
Defined an AI roadmap, enabled by the in-progress digital transformation
Impact We Achieved
>10% annual growth in the retail segment
Modernized IT landscape
Profound cultural change
Initiation of an AI transformation