Banque Saudi Fransi, one of the largest banks in Saudi Arabia, worked with BCG to introduce a core banking system—and implement it seamlessly.
Our Financial Sector Services
BCG’s consulting experts work with leaders in the asset management industry to promote growth, develop innovative strategies, and build competitive advantage.
BCG consults and works with wealth management firms so that they can fully understand the implications of a changing industry.
BCG’s payments and transaction banking consulting team helps clients navigate a changing industry landscape and clarify the market outlook.
BCG’s retail banking consulting teams help clients master the skills vital for competing, growing, and thriving in this charged environment.
BCG’s wholesale banking consulting teams utilize innovation and reinvention to support banking and nonbanking institutions on a global scale.
Related Services
AI Transformation for Future-Ready Functions
We meet often with CEOs to discuss AI—a topic that is both captivating and rapidly changing. Drawing on our experience with thousands of AI programs, we are sharing a series of playbooks designed to help senior executives navigate their AI transformation journeys and turn AI’s potential into real profit.
Our Approach to Reimagining Finance
Our financial services consulting teams think differently—throwing out the standard playbook and rewriting rules for how consulting firms should partner with clients. Our experts bring a ground-breaking financial sector acumen and a spirit of true collaboration to all levels of our clients’ organizations to drive real impact. We place equal focus on growth and innovation to create personalized solutions that not only work but also stand the test of time.
Our work in the financial services industry includes deep knowledge and capabilities in three core, cross-functional areas:
Our work in the financial services industry includes deep knowledge and capabilities in three core, cross-functional areas:
A Holistic Approach to Financial Services Digitization
A financial institution typically performs roughly 4,000 processes to handle all customer interactions. With this level of complexity, it’s no wonder that banking has fallen behind other industries with respect to digitization, personalization, and advancing technology in operations. BCG offers both highly targeted and large-scale, end-to-end business transformations that fully leverage financial services digitization, AI, and advanced analytics to meet challenges across all banking segments.
Solutions for Sustainability, Climate Impact, and Financial Services
We work at the enterprise level to enable our financial sector clients to realize their climate change and sustainability agendas, bringing savoir faire on social and environmental trends—financial inclusion, human rights, biodiversity, and more. In addition to mitigation efforts and net-zero target-setting, BCG’s dedicated teams help clients make true financial services societal impact.
Building Competitive Advantage Through Risk and Compliance
Environmental regulations, potential sanctions, third-party risks. We all know the damage regulatory compliance failures can bring. BCG helps banks mitigate risk and address such areas as new consumer behaviors, evolving business models, and shifting rules—often by redesigning core processes to enable digital regulatory and compliance-monitoring solutions.
Our Clients' Success in Financial Services Strategy
A global bank with more than 300,000 employees needed to transform its operating model. BCG defined a new target business model on the basis of customer economics, then redesigned the bank’s operating model to deliver better value to customers. The transformation put the bank’s cost-to-income ratio on track to fall from 54% to 48% and its cost baseline to decline by 10%, delivering $1 billion in savings after one year.
An incumbent bank was struggling to compete for new customers. According to our own market research, improving its
digital capabilities would be key to a turnaround. BCG accelerated the institution’s digital transformation and helped build a state-of-the-art digital bank, leveraging InQbate by BCG to design a compelling user experience, orchestrate operational processes, and engineer a full technology stack in only 10 weeks.
BCG partnered with a global payment-card issuer to overcome technology-platform constraints, creating a new architecture and fully leveraging big data and advanced analytics to offer a cutting-edge customer experience. The transformation delivered recurring top-line impact, with up to $500 million in additional risk-adjusted revenue in the first year.
When a global investment bank needed to respond to allegations of securities fraud, BCG supported an eight-month review of business standards across all business practices and geographies. The work produced 39 public recommendations, including new disclosure and origination standards, product documentation, and reporting lines; an updated code of conduct; improved governance; and stronger performance evaluation and training.
Video
May 1, 2024
Video
August 3, 2022
How Citizens Is Competing—and Winning—Against Fintechs
Michael Ruttledge, CIO of Citizens, explains how a digital transformation has allowed the company to compete against fast-moving startups.
Our Suite of Solutions, Tools, and Products for the Financial Services Industry
BCG’s solutions are tailor-made for the financial sector. Whether creating cutting-edge strategies for banks, driving fintech innovation in payments, enabling more sustainable investment strategies for asset and wealth managers, or devising more secure and inclusive banking experiences, BCG works with clients to make bold moves that put our clients at the forefront of change.
Solution
Solution
CO2 FI by BCG X
CO2 FI helps financial institutions navigate their complex climate roadmap and attain net zero.
CO2 FI by BCG X
Product
Product
InQbate
InQbate by BCG is a digital banking platform and accelerator containing the building blocks companies need to create a digital bank.
InQbate
Product
Product
F2B Journeys
Front to Back Journeys enables the simultaneous deployment of all financial institution digitization levers to unlock value.
F2B Journeys
Smart Banking AI
Smart Banking AI enables banks to build deeper customer relationships with bespoke solutions.
Smart Banking AI
Solution
Solution
FinTech Control Tower
BCG's global fintech platform uses proprietary data tools, market intelligence, and expertise to find and execute on fintech opportunities.
FinTech Control Tower
Our Center of Excellence
Center
Experts provide clients with a holistic view of current and future policies and regulations, leveraging deep industry and tech expertise.
Expand
Expand, a BCG research company, works with 26 of the world’s top 30 financial services industry players to deliver unique decision-support services such as benchmark comparisons and industry diagnostics. Expand delivers independent, impartial, and anonymous benchmarks of firms’ business, operations, and technology performance.
Book
Personalized: Customer Strategy in the Age of AI
Personalization is a $2 trillion opportunity. BCG's new book offers a playbook for capturing your share of this personalization prize in the financial and banking sectors.
Our Insights on the Financial Services Industry
Report
October 14, 2024
To attain the profitable growth investors want, payments companies must pivot to value.
Report
June 26, 2024
Despite a continuing funding chill, fintech is on track for $1.5 trillion in revenues by 2030. But the rules of the game have changed.