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Retail Banks Face the Urgent Need to Retool Offerings and Strategies


BOSTON, Jan. 26, 2021 /PRNewswire/ — Although retail banks globally have reacted to the COVID-19 crisis with speed, dexterity, and purpose—while remaining true to their environmental, social, and corporate governance goals—further challenges await in their quest to enhance revenues, upgrade digital capabilities, and build a strong, stable future, according to a new report by Boston Consulting Group (BCG). The report, titled Global Retail Banking 2021: The Front-to-Back Digital Retail Bank, is being released today.

This latest in a series of comprehensive BCG studies of the retail banking sector explores the following: potential revenue scenarios based on how the COVID-19 pandemic continues to evolve; the ways in which a rapidly growing number of customers are seeking and expecting digital solutions; a new paradigm for managing costs; how banks can identify and capture new, digital value streams; and how banks can develop a stacked operating model that will position them optimally for the future.

“Building digital capabilities takes time,” said Sam Stewart, a Sydney-based BCG managing director and senior partner, coauthor of the report, and leader of the firm's global work in retail banking. “Most banks have already embarked on the journey and significantly invested in digital in recent years, but most struggle to reap the benefits. By breaking the challenge down to the 10 to 15 most important value streams, and by digitizing each of these in a comprehensive way, from front to back, banks can move faster and with fewer missteps.”

Revenue Pressures. The report plots three potential revenue scenarios—a quick rebound, a slow recovery, and a deeper impact—using different global GDP forecasts. Under the first scenario, retail and private-client revenues globally would rise by 2.8% to $2.59 trillion in 2024 from $2.25 trillion in 2019. Under the second, revenues would rise by 1.0% to $2.37 trillion. Under the third, revenues would fall by 1.1% to $2.13 trillion. The most profound revenue declines are expected to be in Western Europe and North America. From a product standpoint, revenues from consumer finance loans and other lending will take the largest hit. The positive impact of e-commerce will be partially offset by a decline in consumer spending, especially on big-ticket items. Nonperforming loans will weigh on the ability to generate future growth. The expected long-term run of rock-bottom interest rates will affect both deposit holdings and returns.

An Increasingly Digital Customer Base. The pandemic is incentivizing customers' shift away from traditional branches to digital channels. According to BCG's most recent retail-banking survey, an average of 13% of respondents in 16 major markets used online banking for the first time during the pandemic. An average of 12% were new mobile-banking users. In some markets, the percentage is substantially higher. Cashless payments are also receiving a major boost during the crisis. More than 20% of respondents said that they have increased their use of digital payment solutions.

“The shift to digital channels is likely to be permanent,” said Thorsten Brackert, a Frankfurt-based BCG partner and director and coauthor of the report. “Based on our survey, we expect a further net increase in mobile banking adoption of 19% and a further net reduction in branch usage of 26% after the pandemic. Less digitally adept banks may therefore soon find that both new and more-experienced users choose online banking over visiting branches. Digitally aware customers may defect to more digitally advanced incumbent competitors or to nimble and innovative challengers.”

A New Cost Paradigm. The successful retail bank of the future cannot operate with the cost structure of the present and remain competitive. BCG's analysis shows that the operating costs of the best banks are already about 40% lower than those of the typical bank, and they have roughly 50% fewer employees. These banks make larger and more sales, and they do so with branches that are less transaction focused. Specifically, the top banks open 69% more accounts per branch full-time equivalent and conduct 80% fewer branch transactions per customer, compared with the typical bank. Banks that are not planning now for a major step change in their cost structure will find themselves at an unsustainable competitive disadvantage—perhaps sooner than they think.

Digital Value Streams. Retail banks can achieve their goals by focusing on their key value streams—a series of value-adding activities that they can undertake to produce a result that customers want—and by redesigning and digitizing them from front to back. Successfully implementing an integrated approach requires the following: bold business goals, reimagined end-to-end customer journeys, simplified and automated processes, improved risk controls, transformed technology, and integrated teams.

A Stacked Operating Model. By digitizing their main value streams, banks will fundamentally change the way all functions operate, including distribution, relationship management, risk and compliance, and IT. Banks can accelerate the impact and optimization of select capabilities, such as customer engagement, but they will fully address their revenue, cost, and control challenges only with an operating model that is based on front-to-back value streams and built around new capabilities and ways of working.

“After banks successfully digitize all major value streams, a new operating model will emerge,” said Muriel Dupas, a London-based BCG retail-banking expert and coauthor of the report. “The resulting front-to-back digital operating model will be stacked, much like technology architecture, and it will allow a bank's capabilities to work together much more effectively.”

A copy of the report can be downloaded here.

To arrange an interview with one of the authors, please contact Eric Gregoire at +1 617 850 3783 or [email protected].

About Boston Consulting Group
Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we help clients with total transformation—inspiring complex change, enabling organizations to grow, building competitive advantage, and driving bottom-line impact.

To succeed, organizations must blend digital and human capabilities. Our diverse, global teams bring deep industry and functional expertise and a range of perspectives to spark change. BCG delivers solutions through leading-edge management consulting along with technology and design, corporate and digital ventures—and business purpose. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, generating results that allow our clients to thrive.

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SOURCE Boston Consulting Group (BCG)


Industrial Designers Society of Hong Kong Recruit Local Talents for “ReMix · Yesterday’s Future, Invent Tomorrow!”


Relaunch Historical Hong Kong Brands to Achieve New Heights


HONG KONG SAR – Media OutReach – 9 February
2021 – Industrial Designers Society of Hong
Kong (IDSHK)
has always strived to promote the professional standards
of industrial designs and to elevate the professional status of industrial
designers in Hong Kong.

For the first time, IDSHK will organize the “ReMix · Yesterday’s Future, Invent
(Remix) program. The program will bring local industrial designers and historical
Hong Kong brands together, with the alliance of igniting creativity sparks and
infusing new perspectives into established brands. The brands that will
collaborate for the program are: Made
Carmel, Chicks, Red Apple, Yuet Tung China Works X Tung Hing Glass
& Metal Ware and AXIS watch

“Remix” is now
inviting talented designers, design teams or companies to participate in this year’s
program: relaunch historical Hong Kong brands to achieve new heights.

The “ReMix” program aims to align design teams
with the collaborating brands. All new products will be design-led throughout
the product development process, creating a series of products with unique style
and characters.

Mr. Leung Chun-Fai, President of the Hong Kong Industrial
Designers Association said: “Most people have limited understanding of industrial
design in Hong Kong because industrial designers have always been the unsung heroes
behind international brands. Through this program, we spark to showcase the
charm of Hong Kong designs, let people enjoy the results of excellent designs
and appreciate Hong Kong brands from new perspectives, and thus achieving a triple
win situation!”

To participate in the program, applicants have to first submit
their CVs and past portfolios. Then the applicants put forward the brands they
are interested in, together with the reasons for their choices and views on future
busines opportunities on the program website. The short-listed applicants will then
be invited to present their design ideas to representatives of the brands and
the assessment panel in an interview via video conference. Finally, the selected
applicants will collaborate and design new products with leading local brands, and
be awarded royalty fees and design credits for their new products. Apart from media
interviews for the selected designers, the new products will be promoted in roving
exhibitions and major online and offline sales channels.

Application starts on 18 January 2021. Deadline for the
first part of the application is 28 February 2021. For more details, please
visit the IDSHK website at
For further questions, please send email to [email protected]
or call 3586 8831 directly.


Important Dates:

Application starts

Email: from
18 January 2021

Online: from
18 February 2021

Deadline for
1st part of the application
(CV and portfolio submission)

28 Feb 2021

Deadline for 2nd
part of the application
(indicate brand choice(s), reasons, and insights)

10 March 2021


29 March 2021


Early April

New Product
Development and Production

Early April
to December 2021


Application Eligibility:

  • Team of 1-3 designers (at
    least half of the team members must be a HKID card holder) OR a Hong Kong registered
  • One of the team members
    must be

–  a member of IDSHK

–  OR an industrial designer with qualification*
and at least 3 years of working experience

–  OR an industrial designer without relevant
qualification but have more than 5 years of working experience in product

*Qualification means a recognized diploma/ associate
degree/ university degree holder or above in product/ industrial design or
related disciplines.


Advisory /& Assessment Panel:


Industrial Designers Society of Hong Kong (IDSHK)

Dr. Charles

and Director
, Tunbow Group

Mr. Tommy LI

, Tommy Li Design Workshop Ltd.

Yiu-Cheung (Kelvin)

, Axiom Design Partnership Ltd.

Ms. Agatha

Bon Bone Design

Mr. Elmond

, city’super brand, City Super Group

About Industrial Designers Society of Hong Kong

Industrial Designers Society of Hong Kong (IDSHK) is a non-profit organization founded in 2002. IDSHK aims to promote state-of-the-art and professional practice of Hong Kong’s industrial design, and to leverage its status. In 2004, IDSHK has established and implemented the “Professional Practice & Contract Template for Hong Kong Industrial Designers”. It is expected to foster the public interests to the value of industrial design (ID).

IDSHK promotes knowledge exchange regularly through ID seminars, knowledge-sharing forums, mentor workshops and visits to the international ID Expo & Forum in China. IDSHK has successfully established collaborations and strategic alliance partnership with industrial bodies and education institutes.

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GEODIS Charters Tonnage to Alleviate Container Capacity Shortage on Asia-Europe Trade


 – 10
February 2021 – GEODIS, a leading global supply chain operator, provides
its customers with guaranteed space in an ultra-tight sea freight market from
China to Europe.

GEODIS provides its customers with guaranteed space in an ultra-tight sea freight market from China to Europe


The first 1,000TEU[1] capacity vessel, operated
exclusively by GEODIS, is scheduled to arrive in Hamburg on 28 February. This ship
is carrying a total of 435 forty-foot containers for customers who have found
it increasingly difficult to secure space with regular carriers at a viable rate.
The next vessel sailing is scheduled to leave Shanghai around 10 February.
Depending on demand, GEODIS will plan additional sailings over the coming


Hansen is Senior Vice President Global Ocean Freight for GEODIS, “We understand the current market
challenges resulting from unprecedented customer demand and the limitations of
ocean carrier capacity and sailings from China and other parts of Asia,” he
observed.  “We are working hard to find
solutions for our customers. Hence, this
exclusive vessel charter to supplement fixed long-term agreements we have with
core carriers.  We strive to deliver
certainty to our customers amid the unstable market.”


“These market forces have created variable
and unforeseen spikes in demand for Asian goods,” comments Onno Boots, GEODIS’ Regional President and
CEO for Asia Pacific. “Our primary aim is to offer multi-modal
solutions to our existing customers to enable them to ship on time and in a
reasonably economic manner. As an adaptable and innovative service provider,
GEODIS is permanently looking for alternatives including rail, ocean and air
products that fulfil this aim for shippers on the increasingly volatile Far
East West Bound (FEWB) trade lane.”


Ivan Siew, Managing Director, China, adds, “Ocean freight services out
of China have been in high demand, in the ride up to Chinese New Year and
beyond. We are focused on ensuring that our customers continue to depend on
GEODIS to deliver innovative solutions in accordance with evolving market
demands. As the biggest supplier of goods to the world, using all freight
modes, China is particularly affected by the changes in availability of
capacity and shipping containers. These ocean charters provide much relief to
the companies we serve and we are proud to be stepping up our response as the
situation changes.”

[1] Twenty-foot Equivalent Unit.


GEODIS is a top-rated, global supply chain operator recognized for its commitment to helping clients overcome their logistical constraints. GEODIS’ growth-focused offerings (Supply Chain Optimization, Freight Forwarding, Contract Logistics, Distribution & Express, and Road Transport) coupled with the company’s truly global reach thanks to a direct presence in 67 countries, and a global network spanning 120 countries, translates in top business rankings, #1 in France, #6 in Europe and #7 worldwide. In 2019, GEODIS accounted for over 41,000 employees globally and generated €8.2 billion in sales.

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KAMPOS Expands into South Korea & Strengthens Its Sustainable Mission Internationally


PORTO CERVO, SARDINIA – Media OutReach – 10 February 2021 – KAMPOS, the ultimate Italian brand promoting luxury with integrity, is expanding overseas by entering the South Korean market.

The brand has recently signed a partnership with a local distributor, Sanghyun Yu, based in the capital, Seoul, and has already established KAMPOS South Korea Ltd. As part of the strategy, the brand has just launched its South Korean website (

When we ask the reason of this expansion to Alessandro Vergano, Founder & CEO of KAMPOS, he declares: ”This international move is more than a business decision; it is a strategic and meaningful move to strengthen our sustainable mission. We are determined to transform the way of consumption by challenging the luxury industry’s norms, inspiring change, and reducing marine waste.” He adds: ”Sharing our message at an international has become obvious as we understand the need to reach further international customer profiles outside Europe. We believe South Korea is full of opportunities and we are thrilled to collaborate with Sanghyun Yu”.


Sanghyun Yu is a well-recognized local distributor in South Korea with strong expertise in the market and luxury goods. ”I am extremely excited to be part of the KAMPOS journey. I believe in sustainability as the next big trend in South Korea. The younger generation wants to shop and hear about sustainable luxury brands. Today, there is a big market gap as we don’t give them access to those international changemakers. I’m determined to turn this gap into an opportunity by supporting KAMPOS”.

Discover more about the brand and the product lines on KAMPOS’s website (


Costa Smeralda

by the Sea to the Sea with Integrity

KAMPOS is an Italian luxury brand that believes in creating a world with integrity now and for future generations. KAMPOS supports a socially responsible line of fashion products and accessories. KAMPOS’ unique selling proposition is predicated on raising awareness of over-fishing and marine pollution by offering consumers clothing that is made of recycled plastic bottles and fishing nets or sustainable and organic fabrics.

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