3 Trends in Retail Banking You Can't Afford to Miss

Download 3 Trends in Retail Banking You Can't Afford to Miss

Post on 14-Jul-2015




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Manos MargaritisDeputy CEO3 Trends in Retail Banking !You Cant Afford to MissCurrent State of CollectionsModern banks recognize the need for transformation. !To help these institutions navigate present pitfalls and generate more revenue amidst tough markets, retail banking industry experts offered their advice at the most recent Middle East Retail Banking Summit, sponsored by EXUS. !The following slides share their three main takeaways to survive and thrive in a post-crisis world. !1. Look for Opportunities to Generate More Revenue from Existing PortfoliosGoal: Make the right offer to the right customer at the right time. !What your bank needs to make it happen: Increased account analytics, portfolio segmentation and robust software tools including adoption of an early warning system.Aggressive collection is not working. We need to bring a service that the client can manage.- EXUS!2. Rethink Your Banks Distribution ModelGoal: Adopt a multichannel approach. !What your bank needs to make it happen: Implicate your network in the promotion of use of remote channels, modernize online channels with quality, adapt roles of branches in harmony and set up a multichannel model by customer segment.87% of banking interactions could be carried out through digital remote channels in 2020 in Spain [alone].- Santander!3. Customer Service Holds the Key to DifferentiationGoal: Drop reliance on specialized information or price as your means of differentiation in favor of more personalized efforts. !What your bank needs to make it happen: Settle for no less than exceptional customer service experiences across every stage of collections. The sweeping changes in retail banking are quickly making one thing clearthe only way to differentiate your bank is through customer service.- INGSummary Findings for Improved CollectionsTurn to existing portfolios first. Leverage insights from technology-driven analytics and generated reports to guide your bank toward profitable opportunities. !1Identify ways to further segment and fully engage your banks customer base. !2Make exceptional customer service your banks top priority. !3Want more expert advice? !The Collections and Recovery Best Practices Manual has tips and strategies to help your bank generate more revenue from each phase of C&R operations.