Retail banking and wealth management have been largely disrupted due to the increasing automation, digitization and business analytics in use. Significant tasks though are still carried out manually by portfolio managers, underwriters or Relationship Managers (RMs) in spite of the presence of digital platforms. Partly this is due to the personalized nature of tasks such as those of RMs. But due to lowered profit margins, several retail banks will now be pressurized to automate even more in order to cut down on costs. Commercial banks could perform this with the help of certain insights that have emerged beginning with clients being provided access on deal status. Key processes such as ingesting, parsing, product setup and entitlement management need to be streamlined. Products need be tailored to meet specific needs. The enormous amount of data warehousing now taking place needs to be en-cashed to monitor details more granularly. The same data needs to be leveraged for performance management and reporting standards as well. The mid-office is a critical area for deals to be finalized, so this needs to be analytically and digitally empowered. The RMs need to be digitally enabled too with improved visualization tools and product info from experts.

Source:https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/digital-blog/how-digital-will-change-commercial-banking

Uploaded Date:25 August 2018