The Bankwatch

Tracking the consumer evolution of financial services

World Retail Banking Report 2006

Go to Capgemini.com to register, and download this report.  Dramatic increase in online sales, and the role of branches changing as dramatically.  The report conclusion says it all.

Thought Leadership: World Retail Banking Report 2006 | Capgemini

Featuring the most current Retail Banking pricing trends spanning Europe, North America and Asia Pacific with data collected from 20 countries and 41 executive  interviews, the 3rd annual World Retail Banking Report provides in-depth pricing analyses and takes a fresh look at Retail Banking channels and the impact those channels are having on today’s distribution models.   Produced by Capgemini, EFMA and ING.

Report Conclusion
Before the advent of multi-channel distribution, the relationship between a client and his or her bank was based in the branch, which provided both sales and service. Today, however, the client is served by Internet, phone and ATM. In the near future, mobile banking will only amplify the trend to remote channels. Banks will more than ever need a single customer file and an SOA to deliver multi-channel service.

Banks will adapt their selling model to a new service model. Though it is more difficult to sell with only limited person-to-person interaction, banks can take steps to leverage their multi-channel structure:

  • Continue developing competitive remote sales (especially internet sales) and service offerings
  • Craft outbound campaigns with greater precision and attention to feedback and leverage more inbound customer contacts
  • Adapt branches to deliver key “account moments” and enhance relationships

Banks that effectively execute initiatives like these will jump start their success in multi-channel banking. Such initiatives could also help banks comply with increasingly restrictive rules when advising customers and selling financial products.

Written by Colin Henderson

May 25, 2006 at 14:09

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