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is everything again—for now</div></h1></div><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-10 mck-u-animation-blur-in-800 ArticleDefault_mck-c-article-default__description__sjoe9"><div><time datetime="2021-09-02T00:00:00Z">September 2, 2021</time> | Article</div></div></div></div></div></div></div><div class="mck-o-container"><div class="mck-o-container--wrapped mck-o-container--mobile-spacing mdc-u-grid mdc-u-grid-gutter-xxl"><section data-layer-region="article-body-header" class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-animation-blur-in-400 byline-share-container"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-8 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-8 mdc-u-ts-9"><span> </span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j">Miklós Dietz </span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j">Carlos Gonzalez Valverde </span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j">Shikha Gupta<span> </span></span></span><span class="AuthorsByLine_mck-c-authors-byline__author__XdrlD"><span class="AuthorsByLine_mck-c-authors-byline__no-wrap__Ced0j"><a data-component="mdc-c-link" href="/our-people/joydeep-sengupta" class="mdc-c-link-inline___7DRrt_2734c4f mdc-c-link-inline--secondary___YKoOK_2734c4f"><span class="mdc-c-link__label___Pfqtd_2734c4f">Joydeep Sengupta</span></a></span></span></div><div class="mdc-u-grid-col-md-start-8 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-8 mdc-u-grid-col-lg-end-11 ArticleContent_mck-c-article-content__share-tools__kWRRw"></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-animation-blur-in-400"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 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<p><strong>What is the key</strong> to outstanding performance in banking? Well, it depends on when you ask the question. In 2010, a bank’s core geographic market accounted for 73 percent of the standard deviation in price to book, or P/B (exhibit). At that time, emerging economies had been the global growth engine for the first half of the decade; logically, banks that focused on serving these regions could count on their markets’ growth to boost investors’ confidence in their strategy.</p> <div data-component="mdc-c-module-wrapper" data-module-theme="default" data-module-background="transparent" data-module-category="" class="mck-c-inline-module-container mck-o-md-center"><div class="mdc-u-grid mdc-u-grid-gutter-lg mdc-u-grid-col-sm-1 mdc-u-grid--align-start mdc-u-mb-3 GenericItem_mck-c-generic-item__sGwKL"><div data-component="mdc-c-content-block" class="mdc-c-content-block___7p6Lu_2734c4f mdc-u-grid-gutter-xs GenericItem_mck-c-generic-item__content__gq1m0"><div class="mck-c-eyebrow mdc-u-ts-10"><span> </span></div></div></div><div class="mck-u-inline-module-border-top mck-u-inline-module-border-bottom"><picture data-component="mdc-c-picture" class="Exhibit_mck-c-exhibit__image__pyIDm"><source media="(min-width: 768px)" srcSet="/~/media/mckinsey/industries/financial%20services/our%20insights/in%20banking%20location%20is%20everything%20again%20for%20now/inbankingex1-optimize.gif"/><img alt="In banking, location is everything again—for now" src="/~/media/mckinsey/industries/financial%20services/our%20insights/in%20banking%20location%20is%20everything%20again%20for%20now/inbankingex1-optimize.gif" loading="lazy"/></picture></div><div class="mck-u-sr-only"></div></div> <p>Then, five years ago, there was an inflection point: growth returned to the developed world after the financial and European sovereign-debt crises, and the contributors to value were reversed. In 2017, the region a bank operated in accounted for only 41 percent of its P/B standard deviation.</p> <p>Now, location is again the biggest factor, accounting for about 65 percent of P/B standard deviation, according to McKinsey analysis. The primary cause is the economic slowdown in developed markets (primarily related to concerns over the US trade conflict with China and an increase in Federal Reserve rates).</p> <p><strong><em>What are the implications for banks?</em></strong> While global growth trends are complex and often defy prediction, banks can benefit from anticipating a dynamic, shifting relationship between growth and location. Now, for example, banks in expanding markets should consider prioritizing high-demand products and services and profitable customer segments. Elsewhere, management might consider the potential for investments and acquisitions in flourishing markets. Other options include partnering with fintechs to build digital attackers, improving costs, and streamlining business processes.</p></div><div class="container-placeholder"></div></div></div><div class="mdc-u-grid mdc-u-grid-gutter-xl"><section role="contentinfo" data-layer-region="article-about-authors" class="mdc-u-grid mdc-u-grid-col-md-12 AboutAuthor_mck-c-about-author__nRJzu"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-3 mdc-u-grid-col-lg-end-11"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-align-center"></h5><div data-component="mdc-c-description" class="mdc-c-description___SrnQP_2734c4f mdc-u-ts-8 mck-u-links-inline mck-u-links-inline--secondary mdc-u-mt-5"><div><p><strong><a href="/our-people/miklos-dietz">Miklós Dietz</a></strong> is a senior partner in McKinsey’s Vancouver office, <strong>Carlos Gonzalez Valverde</strong> is an associate in the Budapest office, <strong>Shikha Gupta</strong> is a research-science expert in the Gurugram office, and <strong><a href="/our-people/joydeep-sengupta">Joydeep Sengupta</a></strong> is a senior partner in the Singapore office.</p></div></div></div></section><section class="mdc-u-grid mdc-u-grid-col-md-12 mck-u-screen-only"><div class="mdc-u-grid-col-md-start-2 mdc-u-grid-col-md-end-12 mdc-u-grid-col-lg-start-5 mdc-u-grid-col-lg-end-9"><h5 data-component="mdc-c-heading" class="mdc-c-heading___0fM1W_2734c4f mdc-c-heading--title___5qyOB_2734c4f mdc-c-heading--border___K8dj3_2734c4f mdc-u-align-center">Explore a career with us</h5><div data-component="mdc-c-link-container" class="mdc-c-link-container___xefGu_2734c4f mdc-c-link-container--align-center___ar3mu_2734c4f"><a data-component="mdc-c-link" href="/careers/search-jobs" class="mdc-c-button___U4iY2_2734c4f mdc-c-button--secondary___Boipq_2734c4f mdc-c-button--size-large___jwpUy_2734c4f" aria-label="Search Openings" data-layer-event-prefix="CTA Link" data-layer-action="click" data-layer-category="careers" data-layer-subcategory="search" data-layer-text="Search Openings"><span class="mdc-c-link__label___Pfqtd_2734c4f">Search Openings</span></a></div></div></section></div></main></div></div></main></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"locale":"en","dictionary":{},"sitecoreContext":{"route":{"name":"Chart of the month September 2021","displayName":"Chart of the month September 2021","fields":null,"databaseName":"web","deviceId":"fe5d7fdf-89c0-4d99-9aa3-b5fbd009c9f3","itemId":"0daabefc-06d5-493a-a266-0ac9db219e14","itemLanguage":"en","itemVersion":2,"layoutId":"ae753eb4-a035-40b4-83bf-4b4438df6742","templateId":"683910db-02ba-40ba-92e7-726c880160a9","templateName":"ArticleJSS","placeholders":{"jss-main":[{"uid":"232bb7e9-289f-492d-a916-2b6185e44a84","componentName":"ArticleTemplate","dataSource":"","fields":{"data":{"articleTemplate":{"title":{"jsonValue":{"value":"In banking, location is everything again\u0026mdash;for now"}},"sEOTitle":{"value":""},"description":{"jsonValue":{"value":"With growth diverging again in emerging versus developed economies, banks need to remap their market strategy."}},"sEODescription":{"value":""},"displayDate":{"jsonValue":{"value":"2021-09-02T00:00:00Z"}},"body":{"value":"[[Audio 1]]\n[[DownloadsSidebar]]\n\u003cp\u003e\u003cstrong\u003eWhat is the key\u003c/strong\u003e to outstanding performance in banking? Well, it depends on when you ask the question. In 2010, a bank\u0026rsquo;s core geographic market accounted for 73 percent of the standard deviation in price to book, or P/B (exhibit). At that time, emerging economies had been the global growth engine for the first half of the decade; logically, banks that focused on serving these regions could count on their markets\u0026rsquo; growth to boost investors\u0026rsquo; confidence in their strategy.\u003c/p\u003e\n[[Exhibit 1]]\n\u003cp\u003eThen, five years ago, there was an inflection point: growth returned to the developed world after the financial and European sovereign-debt crises, and the contributors to value were reversed. In 2017, the region a bank operated in accounted for only 41 percent of its P/B standard deviation.\u003c/p\u003e\n\u003cp\u003eNow, location is again the biggest factor, accounting for about 65 percent of P/B standard deviation, according to McKinsey analysis. The primary cause is the economic slowdown in developed markets (primarily related to concerns over the US trade conflict with China and an increase in Federal Reserve rates).\u003c/p\u003e\n\u003cp\u003e\u003cstrong\u003e\u003cem\u003eWhat are the implications for banks?\u003c/em\u003e\u003c/strong\u003e While global growth trends are complex and often defy prediction, banks can benefit from anticipating a dynamic, shifting relationship between growth and location. Now, for example, banks in expanding markets should consider prioritizing high-demand products and services and profitable customer segments. Elsewhere, management might consider the potential for investments and acquisitions in flourishing markets. 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