3 Trends in Retail Banking You Can't Afford to Miss
Post on 14-Jul-2015
Manos MargaritisDeputy CEO
3 Trends in Retail Banking !You Cant Afford to Miss
Current State of Collections
Modern 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 Portfolios
Goal: 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.
!2. Rethink Your Banks Distribution Model
Goal: 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].
!3. Customer Service Holds the Key to Differentiation
Goal: 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.
Summary Findings for Improved Collections
Turn to existing portfolios first. Leverage insights from technology-driven analytics and generated reports to guide your bank toward profitable opportunities. !
Identify ways to further segment and fully engage your banks customer base. !
Make exceptional customer service your banks top priority. !
Want 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.