Dominique Y. Hansen Practice Group Leader, Toronto
Retail Financial Services
Like any segment of the financial services Industry, Retail Financial Services have suffered through the current crisis. However, retail financial services have also proven to be a more stable and, therefore, critical revenue generator for many banking organizations. Overall, retail banking still represents the most significant source of income for the global financial services industry.
The retail banking landscape is undergoing rapid change, driven by national consolidation in many markets and cross-border M&A, in a context of shrinking margins. Although cost containment remains important, the generation of strong, sustainable growth represents the most critical success factor for many retail financial services institutions. As a consequence, the retail banks’ operating model is more than ever focused on the transformation towards increased revenue growth, improved customer service, and lower costs.
Other influencing trends, such as shifting demographics, the rise of emerging markets, higher customer expectations, the need for global operating platforms/models, the rise of new technologies like mobile payments and the need for continuous product innovation, are subjecting executive management teams to ever-rising expectations.
What skills are needed?
To stay ahead in the game, retail financial services institutions need to ensure that they have access to the most highly skilled staff available, both at executive board level and in areas such as multi-channel distribution strategy, marketing, innovative product development, and IT organization. At the same time, the leadership skills required for managing large multi-regional entities across geographies and cultures will be increasingly important.
How can Egon Zehnder support the retail financial services industry?
Egon Zehnder’s global Retail Financial Services Practice serves organizations from all segments of the Retail Financial Services industry to address senior executive search needs, and provide proprietary assessment of leaders’ and teams’ management competencies, including supporting the boards of these organizations address board composition, director succession and CEO succession and search. Over 40 consultants worldwide are dedicated to serving clients in the retail financial services industry.
The management of high-performance teams with the varied technical and regulatory backgrounds needed to steer companies safely through increasingly complex global markets requires a strategic approach to senior executive talent management. Our experienced Executive Assessment and Development specialists work closely with boards and CEOs at retail financial services organizations to assess and develop leaders, maximize the effectiveness of leadership teams, and plan and support succession for key roles on the board and top-management in these challenging times.
How we operate
Our unique one-firm approach, which facilitates collaboration across geographical and practice boundaries, enables us to bring highly skilled and experienced teams to the table, with proven expertise tailored to meet the needs of clients, and achieve credibility with candidates and opinion leaders around the world.
By focusing on people and skills management in the context of a specific strategy, we help retail financial institutions to rethink their organizations and their winning value propositions.