Digital in Corporate Banking Reaches the Tipping Point
Pieter van den Berg
Partner in the Financial Institutions Group, The Boston Consulting Group (BCG)
Corporate banking might seem far removed from the digital disruption that has rattled so many sectors. But a recent BCG survey of corporate-banking customers worldwide reveals that the industry is on the cusp of a far-reaching digital shakeout. The majority of commercial clients are willing to switch—and even pay a premium—to work with banks capable of delivering the type of integrated, omnichannel service they’ve grown accustomed to in other spheres.
This situation should serve as a wakeup call. Corporate banks that go digital only gradually could be fighting for their place in the market before the decade is out.