The Challenge
A regional bank identified Commercial T&E (Travel & Entertainment) as a strategic initiative to drive growth and enhance primacy. The bank’s performance in the T&E space lagged peers, raising concerns about competitive positioning, platforms, customer retention, and the quality-of-service interactions.Leadership needed to commit to investing in T&E and enhancing its understanding of the market and capabilities.
Project Description
We conducted a rapid 6-week analysis of the corporate Travel & Expense (T&E) landscape, focusing on offerings from competitor banks and fintechs. Our assessment identified key industry trends, and best practices, highlighting dynamics of market ecosystems and important players. We then compared these findings with their current T&E capabilities pinpointing areas of critical focus. Our considerations offered a pragmatic approach for maximizing the value of existing capabilities, guiding future strategy and capability development in a competitive and rapidly evolving T&E marketplace leveraged to inform strategy, capability planning and investment requests.
Outcomes Delivered
- Foundational Modern Capabilities: An insights-based perspective of leading banks and fintechs, profiling their strengths in corporate T&E offerings, key innovations, and competitive advantages. This included insights into market trends, service models, and technology that could differentiate them in the industry.
- Market Positioning & Capability Gaps: Critical themes informing the bank’s position in the corporate T&E space based on competitive performance in 9 key areas. The analysis offered high impact insights to inform build, buy, or partner options to close capability gaps.
- Actionable Considerations: Provided actionable steps to integrate findings and inform capability planning, the case for investment, and subsequent go-to-market strategy.
