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BCG Review, November 2019

Research
16 December 2019

BCG Review is a Russian-language publication of BCG Moscow. BCG Review is offering its readership a selection of the latest market research and analysis of current economic trends.

What Does Personalization in Banking Really Mean?


Big data analysis has laid the groundwork for scaling personalization in banking. While formerly banks could only offer tailored products to wealthy private clients and large corporations, today the situation is changed. The article entitled ’What Does Personalization in Banking Really Mean?’ tells the readers about personalization of banking services citing examples of individualized approach in sectors which are traditionally oriented at the mass consumer. The authors of the article study potential benefits of such services, explore the opportunities opened up by integrated product offers developed in partnership with non-banking organizations, and explain why such banking products will build up client loyalty and, as a result, maximize profits.

The Future of Banking Lies in Phygital


Personalization is currently a topical issue for Russian banks. Some banks have already started to introduce digital technologies and are actively personalizing their offerings. Vladimir Verkhoshinsky, Chief Managing Director of Alfa-Bank, has shared his experience in an interview to BCG Review. According to Verkhoshinsky, at the moment, Alfa-Bank can already be considered an advanced fintech company, both by Russian and global standards. At the same time, the status of the company itself remains relevant for the bank’s clients. This is why digitization for Alfa-Bank doesn’t involve positioning as a specialized platform because this idea isn’t attractive to the customer. Meanwhile, the bank itself is transforming to meet new customer demands, including those related to the latest technologies and services. Vladimir Verkhoshinsky points out that the bank he is heading doesn’t confine itself to the banking sector but is instead forging partnerships with dozens of companies from related industries, including digital technologies.

Smart Platform


The article entitled ’Smart Platform’ deals with newest digital approaches in the oil and gas industry, with a focus on oil production optimization in LUKOIL based on machine learning. The article includes a detailed case study of developing and deploying the DIGITAL Astera system on offshore oil rigs. This AI-based system was developed with BCG participation. The system makes it possible to reduce downtime, optimize the extraction process, and ultimately save millions of dollars.

What Does a Successful Digital Ecosystem Look Like?


In many cases, digitization involves not so much creating new products and services as integrating them into interconnected ecosystems. The article entitled ’What Does a Successful Digital Ecosystem Look Like?’ reveals five digital ecosystem success factors that are quickly reshaping a wide range of industries. These factors include crafting the right strategy and attracting the right partners, a strong user base, a vast pool of partners from a broad variety of sectors, global reach, and robust collaboration capability. The insights given in the article are derived from an analysis of a vast amount of data and interviews with industry experts.

The Next Level of Personalization in Retail


The article entitled ’The Next Level of Personalization in Retail’ details the results of a study performed by BCG and commissioned by Google. The researchers identified the most promising ways to personalize customer experience in retail. Online retailers were found to be leading the way in personalization. The article also recommends a number of steps that companies with a varying degree of personalization maturity could take in order to improve their operational performance. The authors of the article believe that the results of the study will be of particular interest to Russian retailers which are struggling for customers against a backdrop of sluggish consumer demand in Russia in recent years.

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