How to approach bank transformation cases?

Question

Dear community,

What would be a good structure to approach cases which deal with (digital) transformation in banking?

Thanks!

Answer 1

Hi,

Some pointers for you below. Also check out this thread:https://www.preplounge.com/en/consulting-forum?query=transformation&status[]=own-answers-only&tab=your&company-session-id=0&sort=most-relevant-desc&page=1&perPage=20

Transformation

Its important to understand the concept of "Transformation" as many candidates get this wrong. Trends such as Technology (AI, ML & many others), Globalisation, Changes in Customer expectations, COVID and many other factors are pressing organisations in pretty much every industry to evolve in order to survive and thrive. This evolution is "Transformation".

Transformation can cover one or more or all of the following areas (not an exhaustive list):

Business Model
Customer Experience
Leadership & Culture
IT
Operations/Supply Chain
Organisation Design & Workforce
Finance & HR

Hopefully this gives you an idea.

Digital Transformation

"Digital" simply is using the right technology & tools & harnessing them to drive value quickly in this data rich world. So Digital Transformation can be for all the areas I have mentioned above.

To deliver any digital transformation, you will need to think about what new processes, people skills/training & technology are needed. Change Management then is a must to ensure its implemented & adopted properly.

Approach

There isnt a one size fits all approach. A suggestion can be:

Digital Maturity Assessment- understand the current situation & create case for transformation
Shape- design the new processes, technology & people
Implement- follow agile sprint to deploy the new processes etc
Review & Improve

Hope this gives you a structure. Feel free to send me a direct message if you wish to deep dive into this area.

Answer 2

Hi there,

There isn't one right framework for digital transormation! Think about it, the question could be "our digital transformation has fallen behind. How do we fix it?" or, it could be "x company in y industry is looking to embark on a digital transformation. How do we set it up" or "As part of their digital transformation, x company in y industry is looking to employ data analytics/AI. What do we prioritize and how?" etc .etc .

All of these have different frameworks/approaches!

Now, my strong suggestion is to 1) Learn how to framework 2) Learn/read the main digital/IT topics on Deloitte Digital, BCG Platinion, McK Digital etc. websites 3) Tie both #1 and #2 together in digital transformation cases...ideally with the help of a coach.

Now, I know it's hard to get resources on this - there isn't much! That's why I created a number of cases (some public, some private) and a lot of preparation material around this. Feel free to reach out for support (I'm helped countless candidate in this area), and, regardless, have a look at my public content here:

https://www.preplounge.com/en/management-consulting-cases/interviewer-led-mckinsey-style/advanced/mckinsey-digital-bcg-platinion-oil-gas-upstream-technology-196

https://www.preplounge.com/en/management-consulting-cases/candidate-led-usual-style/intermediate/yodaphone-195

Answer 3

Dear A,

in addition to what has been said before - all good and fine - but remember: The key when discussing a transformation is understanding and clearly structuring the status quo of the operating model. That is already your "framework" from which you can now pick areas of focus (together with the interviewer).

Let me know if you want to understand more, discuss deeper.

Best regards,

Torben