In the aftermath of the financial crisis, the banking industry is facing fundamental challenges. Tighter regulations and changing customer behaviors impact revenues and retention. Although some leading banks are embracing aspects of behavioral economics, cognitive science, "lean" manufacturing processes, and advanced analytic modeling, they need to do more.
In our experience, bank executives who focus on six key areas can effectively apply these approaches and break through the organizational complexity while unlocking revenue and profit opportunities:
Deploy customer and business analytics to redefine customer relationships and identify new market opportunities across customer segments, geographies and channels
Streamline product design and management.
Differentiate and improve pricing.
Eliminate processes and activities that do not create value for customers.
Increase multi-channel distribution effectiveness.