Top talent is the prerequisite for value generation.

BANKING & FINANCIAL SERVICES

Banking and financial services organisations across the globe are refining strategy as growth slows and COVID takes another fatal blow to an already depressed economy. Loan growth is declining — and a good deal below nominal GDP growth. Yield curves are also flattening. And, although valuations fluctuate, public and investor confidence in banks is weakening once again.

In light of declining revenues and volumes across the board, organisations want to find top talent to re-gain trust and control of strategy transformation initiatives involving pricing, digitisation, marketing and customer journey / experience. Identification, assessment, development, and retention are critical. And agile, strategic pricing leaders who can excel through change are essential.

Our Banking team has detailed understanding of financial market segments. We we help you drive strategy with our organisation team design and strategic executive search solutions. We work with forward-thinking organisations that are focused on building customer focused organisations.

KEY PRICING ISSUES

The focus is on:

RETAIL BANKING

As revenue growth and customer relationships come under pressure, some leading banks are rethinking their revenue drivers, developing new product pricing and looking for new product launch opportunities, and adjusting offers toward an advisory and protection focus. Some banks are improving their analytical capability to help identify relevant niches and growth areas. Others are improving their analytical capability as part of a wider transformation to improve digital banking solutions, sales journeys and marketing.

FINTECHS

Fintechs are coming for value pools across financial services by taking full advantage of increased digitisation, heightened customer expectations, and operational efficiencies. Over the past ten years, what started mostly as disruption in the payments space has expanded to every corner of finance. Even areas once assumed to be safe are seeing new entrants and competitive threats. Wealth and asset management, wholesale banking, capital markets, regulation and risk, and trade finance are just the most recent areas to see innovation driven by small technology-first players.

DIGITAL TRANSFORMATION

Digital transformation is a difficult but necessary process for most incumbent financial institutions. Redesigning core infrastructure to be more modular and dynamic, driving a new agile operating model, and upgrading technology and workforce skills are all necessary to compete with outside threats, fintech and otherwise.

INSURANCE

As a result of the economic crisis, the shrinking economic pie will spur fierce competition in the insurance industry. Insurance carriers have already launched aggressive marketing campaigns to reduce customer churn and attract new business. Some are lowering future premiums, others are returning a portion of current premiums to customers, and still others are offering customers free temporary add-ons, such as new policies or extended coverage periods. As the insurance industry matures and existing products in both personal and commercial lines commoditise, P&C insurers must increasingly maintain a clear focus on improving the accuracy of pricing and underwriting in order to outsmart and outperform the competition on price.