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Moving Away from One-Size-Fits-All in Daily Banking

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Moving Away from One-Size-Fits-All in Daily Banking

Boston Consulting Group,

5 min read
3 take-aways
Audio & text

What's inside?

An anchor of banking profitability is the customer relationship, but that’s now at risk.


Editorial Rating

7

Qualities

  • Applicable
  • Overview
  • For Experts

Recommendation

Traditionally, people’s relationships with their banks have been personal. But several factors, like regulation, technology, competition and rising expectations, are eroding the bond between banks and their customers, putting profits at risk. Boston Consulting Group professionals advise retail banks on the decisive steps that can avert revenue losses. This useful report will benefit financial professionals concerned with adapting retail banking to the realities of the 21st-century market.

Summary

Customers provide banks with data as well as deposits.

The retail banking sector faces a variety of challenges, including low interest rates, weak economic growth and heightened competition from providers like direct banks and fintech firms. As much as 25% of retail banks’ earnings may be at risk if these institutions don’t add new services and improve their consumers’ experiences. Customers supply their banks with a wealth of information that can generate value and revenue. Such information can, for instance, help banks better understand their clients and make financial offerings more attractive...

About the Authors

The Boston Consulting Group is a leading global consulting firm. 


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