Reinventing retail banking with BNP Paribas Fortis

BNP Paribas Fortis, a leading international bank based in Belgium, partnered with us to navigate the evolving landscape of the banking industry. Faced with digital disruption and societal shifts, the bank sought to redefine its strategy for the future of retail banking and insurance.

Our collaboration involved conducting a comprehensive market scan, analyzing the impact of digital disruptors, and crafting a forward-looking strategy to address these challenges.

Evolving in the wake of Covid-19

The banking industry is at a critical juncture, faced with an unprecedented pace of digital innovation and a seismic shift in consumer expectations and societal norms. BNP Paribas Fortis, positioned at the forefront of this evolving landscape, recognized the urgency to adapt and transform. The bank was confronted with a multitude of challenges:

Digital Disruption: The rise of fintech startups and digital-first banks introduced new competition, offering agile, customer-centric solutions that contrasted with traditional banking models.
Societal Shifts: Changes in societal attitudes towards ownership, privacy, and financial management demanded a reevaluation of existing banking products and services.
Technological Advances: Emerging technologies such as blockchain, artificial intelligence, and the Internet of Things (IoT) were reshaping the infrastructure and possibilities within the financial sector.
Regulatory Changes: Evolving regulatory landscapes and increased scrutiny on data protection and financial security added layers of complexity to operational and strategic planning.

In response to these multifaceted challenges, BNP Paribas Fortis set forth clear objectives to not only navigate these disruptions but to emerge as a leader in the new banking era.

About BNP Paribas Fortis

BNP Paribas Fortis, a key player in the international banking sector, serves as one of the largest banks in Belgium. With a comprehensive portfolio, the bank caters to a diverse clientele, including private individuals, corporate clients, wealthy investors, and public as well as financial institutions.

BNP Paribas Fortis is distinguished by its wide array of financial services spanning Retail & Private Banking, Corporate & Public Banking, Corporate & Investment Banking, and Investment Solutions, thereby cementing its role as a pivotal financial partner in Belgium and beyond.

Goals of the project

The collaboration with BNP Paribas Fortis was driven by the following strategic goals:

Market Insight: Conduct a comprehensive scan of the retail banking and insurance sectors to identify emerging trends, opportunities, and threats.
Impact Analysis: Assess the influence of digital disruptors, technological advancements, and societal shifts on the traditional banking landscape.
Strategic Response: Develop a robust strategy to navigate and thrive amidst the evolving industry dynamics, ensuring BNP Paribas Fortis not only adapts to these changes but also leverages them to reinforce its market leadership.

Approach: executive strategy journey

Our approach with BNP Paribas Fortis was anchored in a collaborative and forward-thinking strategy, beginning with co-creative workshops that brought together the bank's directors and executives to foster a shared understanding and collective ideation on the banking innovation landscape.

Through these workshops, we mapped out the impact of current and emerging trends on various sectors such as living, working, healthcare, and mobility, thereby identifying key areas for innovation and transformation.

This comprehensive analysis laid the groundwork for the formulation of a digital transformation strategy, guided by a 'North Star Vision' that provided a clear direction for all subsequent efforts.

The strategy was then brought to life through ideation and venture design sessions, where innovative solutions and business models were explored to propel BNP Paribas Fortis towards its strategic objectives, equipping the bank to confidently navigate the complexities of the evolving digital landscape.

Results

The collaboration with BNP Paribas Fortis delivered impressive results, marking a significant milestone in the bank's journey. Together, we crafted a clear vision that set the direction for the bank's future endeavors in retail banking.

A solid, actionable strategy was developed, providing a roadmap to guide the bank through the evolving landscape of the banking industry. This roadmap outlined practical steps for the bank to adapt to changes, innovate, and continue to lead in the market.

The project not only prepared BNP Paribas Fortis for future challenges but also solidified its position as a forward-thinking leader in the financial sector, ready to embrace new opportunities and drive success.

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