Corporate banks are building sector-specific content libraries with anonymised case studies of client work for use by industry-specific relationship management teams.
A McKinsey report entitled How to bring the best of the bank to corporates states banks are building these client squads in response to growing demands from customers for bankers with sector-specific knowledge to help them navigate macro-economic and geopolitical headwinds.
“Leading banks are reorganising relationship managers into industry-specific clusters,” the report noted. “Beyond that, leading banks are creating global insights competence centres that research macro trends and translate the findings into content, tailored by sector and company.
“These banks have made it easier and convenient for relationship managers to access this research quickly by creating easily searchable digital knowledge platforms, often including case studies of sanitised client work.”
The McKinsey report was based on more than 100 structured interviews with chief financial officers at large companies in Asia, Europe, and the United States. The researchers aimed to identify how banks are changing their client-facing services to better serve their customers at a lower cost base.
“The solution to these challenges entails a reimagining of how banks serve their customers,” the report authors concluded. “The traditional coverage model – in which relationship managers each serve a small number of clients through high-touch, in-person interactions – doesn’t always offer the speed of execution or level of industry expertise that banks need to stay competitive.”