How to approach bank transformation cases?

Banking Digital transformation
New answer on May 04, 2021
3 Answers
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Anonymous A asked on May 02, 2021

Dear community,

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

Thanks!

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Adi
CoachingPlus Expert
Content Creator
replied on May 02, 2021
Accenture, Deloitte | Precision Case Prep | Experienced Interviewer & Career Coach | 15 years professional experience

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:

  1. Digital Maturity Assessment- understand the current situation & create case for transformation
  2. Shape- design the new processes, technology & people
  3. Implement- follow agile sprint to deploy the new processes etc
  4. 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.

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Ian
Expert
Content Creator
replied on May 02, 2021
BCG | 100% personal interview success rate (8/8) and 95% candidate success rate | Personalized interview prep

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

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Torben
CoachingPlus Expert
replied on May 04, 2021
Volkswagen Consulting| Your Automotive and Mobility Expert | Inhouse Consulting

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

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Adi gave the best answer

Adi

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Accenture, Deloitte | Precision Case Prep | Experienced Interviewer & Career Coach | 15 years professional experience
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