The world around us has witnessed a tectonic shift in terms of technology and consumer needs. Industries have come up with new ways to make their products and services to be more relevant and easily accessible for their customers.

One such industry that has been the most affected by these advancements is the banking industry. Banks currently operate in a high-velocity, always-on environment as a result of relentless technological progress and constantly changing regulatory constraints. A winning approach increasingly necessitates the seamless integration of digital and physical channels as fintechs develop and customer tastes change.

What is banking consulting?

Banking consulting services work with banks and other financial institutions to help them create new products, enhance their current offers, and manage risk. Financial experts known as bank consultants might also be in charge of assisting customers in making knowledgeable choices regarding their banking ties.

Apart from this, banking consultants also work towards providing support to Market Sales Teams in delivering customized lending, consumer credit and mortgage solutions. Furthermore, recommending solutions that meet the needs of high-net-worth clients is also one of the major focus areas of a banking consulting firm.

What is the role of banking consulting?

The spectrum of a banking consultant’s roles and responsibilities is quite widespread. These responsibilities can include:

Putting forth new suggestions for enhancing customer service or boosting sales of current products or services.

Reviewing financial records to determine the state of a business's finances.

Interviewing clients to learn about their requirements and financial goals.

To ensure that new workers are conversant with their new jobs, train them in banking procedures and policies.

Coming up with ideas for corporate treasury management solutions and helping with implementation.

Assessing bank performance to assist management in spotting issues that could need attention.

Reviewing loan applications and advising acceptance or refusal depending on the bank's standards, such as income levels, credit histories, and collateral requirements.

Keeping track of interest rates and other market factors to spot investment possibilities for gain or loss.

Delivering advice to banks on operational or technological difficulties.

What are the top banking consulting firms?

There are numerous banking consulting firms in the market. However, considering the nature of the job, it is essential that you choose a firm that not only has a team of experts to handle the matter but also has proven work experience. Some of these top banking consulting firms include:

Bain & Company

Accenture

Ernst & Young (EY)

KPMG

Mckinsey & Company