F2B Digitization

A financial institution performs roughly 4,000 processes to handle all customer interactions. With this level of complexity, it’s no wonder that banking has fallen behind other industries in making front-to-back digitization a reality. For those banks that do pursue digitization, many fall victim to common pitfalls:

• Failing to link customer experience improvements to back-end operations
• Automating all back-office processes, rather than eliminating the unnecessary ones
• Neglecting to relate their technology upgrades to overall business goals
• Spreading spending across too many upgrades, undercutting returns

Why Is F2B Banking Better?

Front-to-back digitization is a way for financial institutions to address the many digitization challenges they face. It provides a path to successful digitization—to making banking simpler, better, and faster for customers, while accelerating ROI.

F2B banking begins with identifying value streams and mapping them across the organization. A bank then digitizes front-end customer interactions and integrates them with digitized back-end processes. By harnessing the power of an array of digital technologies—including automation, AI, and data platforms—and using agile ways of working, a bank can build digital customer journeys that seamlessly deliver products and services, while running lean operations and mitigating risk.

F2B digitization is a fundamentally new way for financial institutions to organize, staff, fund, and govern their work that serves the customer and the business.

BCG’s Approach to Front-to-Back Digitization

BCG’s F2B consulting experts use proprietary diagnostics, a proven playbook, benchmarks, and a bank’s input to improve the customer experience, increase efficiency, and drive top-line growth. Front to back consultants combine deep industry knowledge with relevant capabilities in various areas, including customer journeys, digital and data platforms, operations, people, and risk management.