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Editorial Rating

8

Qualities

  • Analytical
  • Overview
  • For Experts

Recommendation

Digital innovation and fintech continue creating waves in retail banking, but now transformative change is hitting corporate banking as well. In a global survey conducted by experts at the Boston Consulting Group, a majority of the financial executives polled anticipate the emergence of a whole new competitive marketplace and the need to overhaul business fundamentals. Yet managers actively developing a strategy for their firms’ digital future are in the minority. In this insightful and accessible overview for technology and corporate banking leaders, the authors provide a logical framework for planning that critical transition.

Summary

Corporate banking executives are facing an onslaught of change, as digital technologies create a massive disruption in their sector. A worldwide survey of corporate bankers reveals that 86% believe substantial changes in their business are imperative. But despite that widely held perception, only 43% have formalized strategic plans for a digital transition. This reality is troubling, given that “new digital platforms and channels will attract 30% of traditional corporate banking revenue” by 2023.

Innovations in corporate banking arising through fintech platforms include...

About the Authors

Carsten Baumgärtner et al. are professionals with the Boston Consulting Group.