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Finding a new business modelCorporate and investment banking in times of fundamental changeAugust 2018Management summaryCorporate and investment banking cannot go on with business as usual. Digitalization and the onslaught of FinTechs and other new players put a question mark over the very business model and structure of tradition-al banks. So farnullmost firms have been confronting the challenge by incrementally introducing digital initia-tives of three main typesnullsales enablingnullefficiency in -creasingnulland those that provide enhanced risk manage -ment. These adnullustments are taking place within the current setup. nullwevernullthe entry of new players in the marketnullthe impact of digitalization on the clientsnullbusinesses as well as the emergence of platform-based business mod-els present challenges that require more than nullust incre-mental change. They alter the setup under which banks operate. nullew players usually attack via three anchor pointsnullthe client interfacenullthe product offeringnulland the technology. To face this challenge head-on and deal with the all-round digital impactnullbanks need to refocus their offering along the lines of the attack and assume one of three positionings. nullth this new alignmentnullthey will be able to withstand the increased competition and take full advantage of their position as traditional banks with enullerience and in-depth knowledge of their clients. This transforma-tion will require a thorough digital strategynulluncompro -mising implementation focusnulland a raft of technical and cultural changes.2 Roland Berger Focus Finding a new business modelContents1. A good start, but not enough .4Banks are adapting incrementally to digitalization.2. Danger ahead .6Digitalization is disrupting the current corporate and investment banking model.3. Reaction to the new market setup .12Choose the right business model. Coverphoto: aluxum/iStockphotoFinding a new business model Roland Berger Focus 3Chapter 1:A good start, but not enough Banks are adapting incrementally to digitalization.4 Roland Berger Focus Finding a new business modelnull a recent nulloland nullrger surveynulland in a series of in-terviews with representatives of null corporate nullinvest -ment banksnullmost managers reckoned that digitaliza -tion is about incremental change and the optimization of enullsting business models. null this sensenullbanks are mostly developing and using digital solutions in three main fieldsnull1. Sales enablingnullrenullbanks focus on moving closer to their clients. They use new technology such as nullnullinterfaces that en -able individual configuration of data sets or big data an-alytics to understand the underlying dynamics and ad-nullust products and services accordingly. null doing sonull banks can integrate ever more seamlessly in the client nullurney and offer products beyond core banking.2. Efficiency increasingThe availability of data and corresponding analytics fa-cilitates greater efficiencynullqualitynulland process speed. nullutomation initiatives that employ new technologies such as robotics and machine learning nullnd prospective -ly null and the blockchainnullare now a frequently used means of process optimization. nullsides thisnulldigitaliza -tion enables the use of industry utilities such as nullow nullour Customer nullnullCnullplatforms that can improve client relations by offering seamless processes. 3. Providing enhanced risk management nullrange of initiatives can help banks reduce cost of risk. Data analytical capabilities are leading to new ways of risk assessment. nullew technologies such as the nullternet of Things nullnulloTnull enable real-time maintenance tracking. nullhanced analysis facilitates better risk decisions and advanced portfolio management. nullhanced risk man -agement has an impact on all risk typesnullcredit risknull market risknulland non-financial risk.nullst banks have begun to activate the three optimiza -tion levers mentioned above. nullt will the incremental adaptation of their business model sufficenull1 Cf. nulloland nullrger FocusnullCorporate nullnking nullnullnullnullnull nulln nullermannull httpsnullnullww.rolandbergernullenullublicationsnullubnullorporatenullankingnullnullnullhtml.Most banks are developing and using digital solutions in the fields of sales, efficiency and risk management. But will the incremen- tal adaptation of their business model suffice?Finding a new business model Roland Berger Focus 5Chapter 2:Danger ahead Digitalization is disrupting the current corporate and investment banking model.6 Roland Berger Focus Finding a new business modelnull corporate and investment bankingnulldigitalization is much more than nullust a facilitator of the current busi-ness. nulls it progressesnulldigitalization will change the structure of the market and the business model. nullnks are facing three serious challenges. A1st challenge: ATTACK FROM NEW PLAYERSnullew players are not limited by inflenullble legacy systems and are able to react to client needs effectively and effi-ciently. The deployment of newnulleasy-to-usenullvalue-add -ing functionalities is becoming a race against time for established players. nulln a recent nulloland nullerger surveynullamong corporate clientsnullnullnullof respondents said they were planning to engage the services of FinTechs and non-banks in the future. These new players can be clus-tered according to their strategy for attacking tradition-al banksnull aggregators and multi-dealer platformsnull prod-uct specific intermediariesnulland technology providers. nulldditional pressure arises from institutional investors who nullon the lookout for profitable investments nullare breaking into the credit business. nullanks and their cli-ents are increasingly cooperating with new players in their day-to-day business. This is diminishing the banksnull revenue pool. nullon-banks and FinTechs are altering the character of the Cnullnull industry and increasing the pres-sure on banks to modify their business model more than nullust incrementally.2 Cf. nulloland nullrger FocusnullCorporate nullnking nullnullnullnullnull nulln nullermannullhttpsnullnullww.rolandbergernullenullublicationsnullubnullorporatenullankingnullnullnullhtml Source: Roland BergerA: Disruption on many frontsThree challenges of digitalizationSPECIFIC CHALLENGES OF DIGITALIZATIONNew players threaten the revenues of tradi-tional banks along the value chain1.Corporate clients are also facing digital challenges rising risk for the bank2.Platform economy leads to a split of business models: focus on client interface or product creation3.Finding a new business model Roland Berger Focus 73rd challenge: SEPARATION OF BUSINESS MODELS IN THE PLATFORM ECONOMYnulls in other industriesnullthe separation of the business be -tween occupying the client interface null.g. nullernull irnullnull and offering the underlying product nullanullsnullprivate car ownersnullhotelsnulllandlordsnulletcnullis also taking place in the financial services industry. FinTechs and other compet-itors are establishing platform models and posing a se-rious threat to traditional banks by conquering the cli-ent interface and putting customers in contact with many different competitors and their products. Tradi-tional banks selling almost indistinguishable corporate banking products will find it more and more difficult to compete in this platform-driven market with its en-hanced client nullurneysnullcomparison and solution-selec -tion featuresnulland quick access to many vendors. nulling nullust another provider of standardized products will not be enough. nulln the futurenull banks will need to specialize to charge a price premium or focus on the platform business themselves by providing broad access to prod-ucts and advisory services from different sources. nulls suchnullthey become more like coaches to their customersnullconcentrating on their needs and offering bespoke solu-tions from different solution providers. null both casesnullit is important for banks to focus on high value-adding services along the value chain. For enullmplenulltreasury subscription models for the operation of treasury de-partments by the bank can be a strategic option for cer-tain steps in the value chainnullwith tangible advantages for both the bank and the corporate client.2nd challenge: IMPACT ON CLIENTS BUSINESS MODELSThe business model of the banks is not the only area impacted by digitalization nullthe impact on the banksnull clients is also significant. null yields benefits for themnullyet it poses significant risks to companies across all indus-tries and sizes. null clients cannot cope with the digital transformation and do not sufficiently adapt to itnullother competitors that offer a better digital enullerience will step in andnullin the medium to long termnullpush them out of the market. This also holds true for entire industries. The banksnullconcern in this case needs to be threefoldnull nullanks need to understand client industry dynamics thoroughly in order to anullavoid being trapped with non-performing loans from clients who get left behindnull bnullbe in a position to offer access to and solutions for new clients emerging as winners of industry trans- formationnulland cnullfully understand the changes to their clientsnullbusiness models in order to be able to support and advise clients along their transformation nullurney. Different industries will be impacted by digitalization to different degrees. nulll and gasnullfor enullmplenullwill most likely be negatively affected in the long run by the reduced consumption brought about by electric vehicles and stronger compe-tition from renewable energies. Commercenullon the oth -er handnullcan benefit from digitalization allowing banks to offer more tailored products to the customers in that area. nullth the enullerience that banks havenullthey could become even more relevant advisors and facilitators for their clients. nullnchmarking based on the data collected from clients could be another inroad toward offering enhanced advisory solutions. 8 Roland Berger Focus Finding a new business modelnullC banking has already seen manullr disruption through the emergence of FinTechs. nullow it is the nullnullsegmentnull turn to be challenged. nulle have identified three main an-chor points where FinTechs and other new players are attacking the incumbents in corporate banking.Anchor point 1: CLIENT INTERFACE FinTechs attacking banks at the client interface aim to have a direct business relationship with the corporate client. nullbank relies on keeping control of the client in -terface in order to continually identify and satisfy the clientsnullneeds and serve as a quality gatekeeper for a whole set of financial services. nullt now there are a range of non-banks and FinTechs beating a path to the client interface nullthrough multi-bank platforms and solutions sitting directly at the bank-client interface. Bnullatforms are increasingly integrating the client coverage layernullespecially for transaction banking and financingnullcredit solutions. nulloviding cross-banking and price com -parison offeringsnullmulti-bank aggregators could potential -ly replace banks completely at the client interface. nullmarket leader for integrated accounting as well as commercial and sales management solutionsnullfor enullmplenulldeveloped a platform allowing the comparison of different banks nullnd their individual conditionsnull The client is therefore able to choose the bank with the best offer. The firm partners up with a FinTech for factoring and a FinTech for foreign enull-change nullnull transactions. nullthout any banks involvednullthe client interface is completely covered by the FinTech.nulldditionallynullFinTechs are developing banking and com -pliance platform business models that are based on con-necting a global network of partner banks with compa-Source: Roland Berger, company website, CrunchbaseMULTI-BANK PLATFORMS/ INTERFACE AGGREGATORS Examples Sage; Compeon; Kyriba; 360T Trading Networks Railsbank; treezorValue add & USP Cross-banking offering Price comparison/ease of exchange for commoditized productsImproved integration services for corporates/links to banks More fluid information exchange and stronger agility than banks to adapt APIsImplications for CIBDanger of losing the client interfacePotential to force banks into a “price war“ (similar to comparison portals in retail) Need for enhanced agility at the client inter- face: build specific support teams to help clients link their systems or leverage external teams BANK-CLIENT DIGITAL INTERFACE OPTIMIZERS: CREATION OF APIsB: Conquering the client interfaceNew players offering multi-bank platforms and API solutionsAttack from new players Changes in the setup of the CIB industry.Finding a new business model Roland Berger Focus 9nies that want access to global banking via an nullnull nullnking services such as receiving moneynullissuing cards or managing credit can be granted.Anchor point 2: FOCUSED PRODUCT OFFERINGnullile traditional banks often offer nullverythingnulland try to keep up with a diversified product portfolionullnew play -ers provide single-purpose products focusing on specif-ic customer groups. nulle manullr trend facilitated by the emergence of digital solutions is the development of the private debt indus-try. Total assets under the management of private debt funds in nullrope and nullorth nullerica reached about nullD nullnullnull bn in nullune nullnullnullnullnull which equates to an average growth rate of about nullnullp.a. since nullnull. nullivate debt funds are able to raise funds and offer direct lending without the involvement of fronting banks. nullreovernullthey do not have complenullcredit approval processes. Cnullrrowers today can get finance via lending platforms or other alternative non-bank sourcesnullall without the in -volvement of banks. nullew players are also offering a wide variety of services historically occupied by traditional banksnulllaunching bondsnulltrading of notes and loansnull fundraising for municipal investment pronullctsnullcom -mercial real estate financingnulletc.Anchor point 3: TECHNOLOGY PROVIDERnullew players increasingly offer specific Cnull services to established banks through the use of new technologies. These services can be clustered into three main catego-riesnulldata processingnullggregationnullactivity or functional optimizationnulland process optimization. DSource: 2017 Preqin global private debt report1 As of June 2016+14.9
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