When the Growing Gets Tough: How Retail Banks Can Thrive in a Disruptive, Mobile Regulated World

March 2011
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When the Growing Gets Tough: How Retail Banks Can Thrive in a Disruptive, Mobile Regulated World

At a glance

As the United States emerges from the financial crisis, retail banks are striving to outperform competitors while grappling with regulatory challenges and shifts in consumer behavior. Banks are also assessing the implications and opportunities created by mobile phones and social media.

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As the United States emerges from the financial crisis, retail banks are striving to outperform their competitors while grappling with unprecedented regulatory challenges and shifts in consumer behavior. Banks are also assessing the implications and opportunities created by mobile phones and social media.

To capture a greater share of wallet, banks should evolve beyond "pushing" products to understanding and delivering on customers’ financial needs. Additionally, executing well in the following five key areas will help position banks for profitable growth:

  • Deepen customer relationships—Understand customer product life cycles, preferences, behaviors, and purchasing patterns in order to better anticipate customer needs and proactively offer the most relevant products and services.
  • Customize product design—Roll out customized products to meet the demands of target customer segments.
  • Differentiate pricing—Apply strategic pricing to balance revenue maximization with the risk of losing customers to competitors.
  • Improve cross-channel distribution—Ensure a consistent experience across all channels while directing customers to their channels of choice.
  • Manage expenses—Target front-office and back-office processes when managing costs, being careful not to jeopardize customer relationships or undermine growth.