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Editorial Rating

7

Qualities

  • Innovative

Recommendation

Investment banking gets all the headlines, but retail banking is where considerable profit opportunities still exist, if you know how to reach them. After the Great Recession, consumer bankers now need to focus on new products and strategies. The Boston Consulting Group outlines how banks can reinvent themselves to prosper in an era of slower growth. While this brief web article is rich in rhetoric and a little thin on practical advice, getAbstract finds it does offer retail bank executives and managers some thought-provoking ideas on competing in challenging times.

Take-Aways

  • Tight margins and slow growth characterize retail banking in developed economies, so banks must change their approach to consumers.
  • “Nine keys to success” can significantly boost the retail bank sector’s return on assets.
  • Banks must focus on client needs; exploit all sales channels, like branches, call centers and online banking; and make their products and pricing more transparent.

About the Authors

Andy Maguire et al are partners, managing directors and principals at the Boston Consulting Group.