The So What from BCG
Breaking the Bank
Jun 5, 2024
Kilian Berz, global vice chair of BCG’s financial institutions practice, discusses how traditional banks can overcome challenges by embracing leadership and transformation. They delve into topics such as the impact of big tech companies, regulatory challenges, and the future of innovation in the banking sector.
19:56
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Quick takeaways
- Traditional banks can regain competitiveness by focusing on leadership and transformation.
- Banking sector needs to prioritize innovation, modernize technology, and enhance customer experiences to stay relevant.
Deep dives
Challenges Faced by Banks in Modern Financial Systems
Banks are struggling in the modern financial system due to factors such as ultra-low interest rates and increased regulations. The top tier banks in North America have outperformed others since the financial crisis, while many banks face challenges in maximizing their value and profitability. Regulation post-2008 has increased capital requirements and limited banks' abilities to innovate and generate returns.
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