Retail Banking

Business Transformation and Competitive Strategies for the Future

verfasst von: Anna Omarini

Verlag: Palgrave Macmillan UK

Buchreihe : Palgrave Macmillan Studies in Banking and Financial Institutions

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

Retail Banking is a comprehensive analysis of how traditional retail banks can meet the challenges of the emerging competitive landscape.

Inhaltsverzeichnis

Frontmatter

Setting the Scene: Using Past Experience to Inform the Future of Retail Banking

Frontmatter

1. Introduction: From Banking to Retail Banking

Abstract

The term ‘bank’ can be applied to a wide range of financial institutions. The objective of this chapter is to provide a brief overview of banking and the role played by banks in an increasingly complex financial world. It begins with a review of the meanings of banking and bank so as to come to a definition of the term ‘retail bank.’

Anna Omarini

2. The History Lesson and the Need to Turnaround

Abstract

Retail banking and retail banks have both faced enormous changes in the last two decades. Retail banking has changed noticeably from an apparently mature market with benign competition into a growing market with aggressive competition, which is as yet not entirely understood.

Anna Omarini

3. The Customer-Centric Perspective and How to Get It

Abstract

At present, one of the biggest problems facing retail banks is their inability to stand out in an increasingly commoditized and competitive marketplace. As their value proposition is at the nexus of technologically based products and service innovations, they are at a crossroads, and some are hesitating, uncertain whether they wish to be forced into becoming a utility-like provider. Others are trying to develop their presence in the market by leveraging on existing strengths and so become part of their customers’ (both individuals’ and businesses’) everyday life.

Anna Omarini

Controlling Consumption and Engaging Customers Seems to be the Issue for Every Retail Business

Frontmatter

4. Winning the War for the Modern Customer

Abstract

Fundamentally, people don’t buy what you sell; they buy what you stand for.

Martin Butler

5. The Modern Bank Customer

Abstract

From the previous chapters we have learned that retail banks around the world are facing intense margin pressure, slow balance-sheet growth, an uncertain economic outlook, and a growing threat from new entrants, especially in the payments arena. Banks are also facing growing regulatory costs and demands for greater fairness and clarity in their interactions with customers. All these factors drive them to increase their focus on the most important stakeholders — their customers. Understanding customer behavior, attitudes, and requirements is more vital than ever for banks’ strategic thinking, operational planning, and day-to-day customer interaction. This is particularly relevant when retail banks are looking to win the war for the modern bank customer, as other retailers are already facing the same issue.

Anna Omarini

The Retail Banking of Tomorrow

Frontmatter

6. Business Transformation, Strategy, and Organization: The Issue is in the Execution

Abstract

Market trends are affecting business transformation in many industries and in many countries. Here, I would like to focus not on the trends themselves but on how retail banks should structure their organizations, in order to confront new rules, regulations, and customer demands.

Anna Omarini

7. Conclusions and Recommendations

Abstract

History tells us that, at the beginning, retail banking was predominantly supply led and was able to set its own course, but that at a certain point it became customer driven with varying degrees of customer-orientation. In the past 15 years or so, retail banking essentially lost its way, developing a range of miscellaneous strategies with various objectives, tools, and channels to pursue in an attempt to cope with it all. As a consequence, the industry as a whole lost its grip on any strategy that might meet the real needs of retail bank customers. At the same time, among the many issues it faces, the industry also pursued its conviction that it needed to become multinational and, for some, even global.

Anna Omarini

Backmatter

Titel: Retail Banking
verfasst von: Anna Omarini
Verlag: Palgrave Macmillan UK
Electronic ISBN: 978-1-137-39255-8
Print ISBN: 978-1-349-67880-8
DOI: https://doi.org/10.1057/9781137392558