{"id":16496,"date":"2021-12-14T09:11:45","date_gmt":"2021-12-14T09:11:45","guid":{"rendered":"https:\/\/bulletins.bfconsulting.com\/?p=16496"},"modified":"2021-12-14T09:11:45","modified_gmt":"2021-12-14T09:11:45","slug":"financial-institution-positioning-for-long-term-post-crisis-success","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/financial-institution-positioning-for-long-term-post-crisis-success\/","title":{"rendered":"Financial Institution Positioning for Long-Term Post-Crisis Success"},"content":{"rendered":"<p>According to McKinsey\u2019s <em>Global Banking Annual Review<\/em>, financial institutions have just 18\u201324 months to position themselves for long-term success in the post-recovery period. In particular, the Review suggests that financial institutions take immediate action to: (1) emulate tech giants by making products that are embedded in the daily lives of customers, (2) reduce a reliance on balance-sheet-driven revenue by focusing on value-added services that generate greater customer involvement and sustainable fees and (3) be more innovative and agile in new product design and deployment. While taking such measures won\u2019t be cheap (e.g. JPMorgan Chase has a USD 12 billion annual tech budget), there are effective ways to accomplish these same goals, including partnering with other financial institutions and building strategic partnerships with fintechs and software vendors.<\/p>\n<p>Dive deeper into McKinsey\u2019s <em>Global Banking Annual Review<\/em> <a href=\"https:\/\/www.mckinsey.com\/industries\/financial-services\/our-insights\/global-banking-annual-review\">here<\/a>.<\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-16496 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='How Challengers Banks Changed Retail Banking'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/how-challengers-banks-changed-retail-banking\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2021\/06\/n5eBjp1-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" aria-describedby=\"rpbt-related-gallery-1-16088\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-16088'>\n\t\t\t\tHow Challengers Banks Changed Retail Banking\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='The impact of artificial intelligence on wealth management'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/the-impact-of-artificial-intelligence-on-wealth-management\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/09\/the-impact-of-artificial-intelligence-on-wealth-management-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" aria-describedby=\"rpbt-related-gallery-1-13718\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-13718'>\n\t\t\t\tThe impact of artificial intelligence on wealth management\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='How generations Y and Z are changing how banks operate'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/how-generations-y-and-z-are-changing-how-banks-operate\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/03\/multi-ethnic-young-people-using-smartphone-and-tablet-computers_1139-994-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" aria-describedby=\"rpbt-related-gallery-1-8859\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-8859'>\n\t\t\t\tHow generations Y and Z are changing how banks operate\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>According to McKinsey\u2019s Global Banking Annual Review, financial institutions have just 18\u201324 months to position themselves for long-term success in the post-recovery period. In particular, the Review suggests that financial institutions take immediate action to: (1) emulate tech giants by making products that are embedded in the daily lives of customers, (2) reduce a reliance &hellip;<\/p>\n","protected":false},"author":12,"featured_media":16484,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,16],"tags":[],"class_list":["post-16496","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-fintech","category-international-fintech","bulletin_edition-12_december-11_november-fintech-2021","bulletin_edition-fintech-2021","b_post_type-bfc-recommends"],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=16496"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16496\/revisions"}],"predecessor-version":[{"id":16497,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16496\/revisions\/16497"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/16484"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=16496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=16496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=16496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}