Acceleration of Transformation of the Banking Industry
Abstract
Already an industry in transition, Covid19 has accelerated client behavior shifts, which are requiring industries to adapt their business models at a rapid pace and with greater uncertainty. This is certainly the case in the banking industry, which is already in the midst of a multi-year transformation around sales and distribution, operations and service, client engagement, advice and controls – all impacted (for better or worse) by new capabilities in digital technologies, advanced analytics and a quickly shifting global regulatory and consumer protection regime, which is impacting requirements for talent management, board and management governance, compensation and accountability, and much more. How do industries take lessons not only from the pandemic-related acceleration but the recent years of changes to manage their businesses for the future?
Bio
David Chubak is Citi’s Head of U.S. Retail Banking, with responsibility for leading all Retail channels including the branch network, wealth management, mortgage and small business. Prior to his current role, David was Global Head of Retail Banking and Consumer Lending, where he worked closely with regional, business and function heads worldwide to drive a consistent strategy across products and segments. David joined Citi in April 2013 as the Global Head of Productivity, working directly for CEO Mike Corbat to set challenging strategic goals for all of Citi’s products, regions and functions, while working closely with Citi’s operating committee to deliver against its top priorities. David began his career at McKinsey & Company, where he was a Partner in the New York Office and leader in the Global Banking and Real Estate practices. At McKinsey, David helped some of the world's leading global institutions on matters of strategy, operations, organization, digitization and sustainability. His first taste of banking came at a young age, when he would accompany his grandmother to her job as a bank greeter Brooklyn, where she welcomed customers in German, Hebrew, Hungarian, Polish, Russian and Yiddish. David holds a Juris Doctorate from New York University and a Bachelor of Arts in political science from Columbia University. He resides in New York City with his wife and four children.
