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Nov/27/2017 - 06:38:42 pm

Alastair Majury Stirling

Retail Banking - A New Way For Customer Service











As the rumbles start to fade it is clear that the retail banking industry has been through exceptionally tumultuous times. The longstanding contract between banks and their retail customers was crushed.


Those people who are long in the tooth remember the long gone branch Bank Manager whose steadiness represented the reliability of his bank, and also the long-term trust that his clients placed with them. It truly was 'relationship banking' - construction and keeping engaged customers utilizing face to face contact.


We have seen enormous job losses and big adjustments to the branch constructions already but have yet to observe the regulatory structural outcomes from the recent chaos. What is as clear as day is that we'll continue to see flatter organisational structures.


Retail banking has seen the technology-enabled rush to provide customers with solutions at less price - and this tendency will continue. Can your bank see that the tech can - if harnessed correctly and coupled to good tactical moves - also help in rebuilding this crucial engagement with your clients?


In contrast to this price cutting strategy your customers need your bank to be quicker and much more flexible in your interactions. They want to have the ability to tell you how they want to access solutions, and what types of services people should be, rather than being handled down a systematised straightjacket of rigid processes.



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Their needs will change - and change is occurring faster than ever - because the speed of development of the enabling technology shows no sign of slacking. Significantly, the cost of hardware, communications and software is also falling extending the range of technology to groups who were outside its reach so opening up further opportunities.


The 'bleeding edge' of this is the rapid rise in mobile apps and the influence of online Social Media. Clients discuss your lender on their terms and on their choice of websites. Yes, social media is growing in influence as an advertising medium, but it is the interaction which will become the key to building those long term relationships. Research has indicated that your clients would prefer this online discussion space to be provided by your bank so that their views could be more surely heard - and answers provided.


Another setback to banks' fortunes is that the loss of trust in individual banks means that customers now tend to spread their financial activity over a wider set of suppliers. This puts immediate pressure on your operating margins and has already signalled the demise of 'free banking'.


If the retail banks are not careful about the way they move forward you could easily become merely 'white label' money transactors.


So how can this embattled industry begin to make sense of the new world order - and make a profit too? All marketers know the truism that it is far more effective for both parties to sell more products to an existing customer, so a clear strategy is needed to underpin the rebuilding of your customers' trust and a path to gain is required to sustain your company over the very long run.


The answer lies well within your grasp and is with your participated clients, not with internal management introspection. It's these precious individuals who hold the key and know what is wanted. By finding out what pushes their involvement together and then mobilising your banking skills to provide it in an attractive and cost effective way you'll be able to rebuild that bond of trust. You can use it to find more clients to whom you can provide services efficiently and at lower cost.


This will lead to flexible client segmentation. A segmentation that could adapt to a customer's current wants and enable various services as those needs change with time. You can only handle this by a regular, attentive and pro-active inspection of changing customers' requirements with time.






Read More Information Here Alastair Majury





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