9781137392541

Retail Banking Business Transformation and Competitive Strategies for the Future

by
  • ISBN13:

    9781137392541

  • ISBN10:

    1137392541

  • Format: Hardcover
  • Copyright: 2015-03-18
  • Publisher: Palgrave Macmillan
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Summary

The world of retail banking is changing. While previously a purely money-making entity, the industry has brought social responsibility onto its agenda, and the ground rules for success have altered. Traditional convictions, rules and values that have influenced all banking business in the past are brought into question by this shift, and banks are adopting bold strategies in order to win out over competitors.


Taking both multidisciplinary and holistic approaches, Retail Banking is a comprehensive analysis of how traditional retail banks can meet the challenges of the emerging competitive landscape. It outlines the importance of considering the traditional fundamentals of banking and fitting them into the modern times, where technology is pervasive and developments in the macro and micro scenarios have changed the landscape of the industry. It highlights that modern retail banking is a conscious step away from the past, and suggests that for banks to succeed in this field, they must step away from ad-hoc initiatives and instead encourage loyalty and a life-long confidence in each of their customers.
This book will be of interest to those with in interest in retail banking, bank management, business models and strategies and financial services.

Author Biography

Anna Omarini is a Tenured Researcher in the Department of Finance at Bocconi University, Italy. She is also Senior SDA Professor in the Department of Banking and Insurance at SDA Bocconi School of Management, Italy. Her main areas of research are strategy and distribution in retail banking, bank marketing, private banking and wealth management and electronic payments.

Martin Butler has enjoyed a distinguished career in advertising and marketing and has worked in top international agencies including the Grey and Saatchi & Saatchi networks. In the 1980s he became one of London's youngest advertising agency owners by launching his own company, which he then built into one of the largest privately owned advertising and marketing groups in the UK.

Table of Contents

PART I: SETTING THE SCENE: USING PAST EXPERIENCE TO INFORM THE FUTURE OF RETAIL BANKING
What You Will Find In Part 1
1. Introduction: From Bank To Retail Bank
1.1. What You Will Find In This Chapter
1.2. Where We Are Now Depends On How We Got There
1.3. A Preliminary Issue: What Is A Bank?
1.4. We Aim To Start From The Origins Of Banking
1.4.1. When Regulators Started Reshaping The Market
1.5. Toward A Definition Of Retail Banking
1.5.1. Phases In The Evolution Of Retail Banking
1.5.2. Defining Retail Banking In Terms Of The Selling Proposition
1.5.3. Other Features Of Retail Banks
2. The History Lesson And The Need To Turnaround
2.1. What You Will Find In This Chapter
2.2. From Past To Present: Retail Banks Need A Change
2.3. Retail Banks And The Financial Crisis At The Turning Point
2.3.1. Where Do We Stand, Some Years On From The Start Of The Crisis?
2.3.2. A Brief Overview On The Ongoing Reforms Agenda
2.4. Is There A Way For Retail Banks To Increase Control On Their Profits?
2.4.1. Looking Into A Retail Bank Income Statement And Its Traditional Metrics
2.4.2. The Key Root Value Driver For Retail Banks
2.5. When And How Retail Banks Diversified: A Brief Review
2.5.1. Diversification And Marketing Challenges
2.5.2. When Diversification Benefits May Be Limited
2.6. Can Retail Banking Be Considered A Business In Transition?
2.6.1. Poor Differentiation Should Pave The Way To A More Customer Driven Approach
2.6.2. When Non-Bank Competition Enters The Retail Banking Market
2.6.3. A Renewed Interest In Retail Banking Activities
3. The Customer-Centric Perspective: How To Get It
3.1. What Will You Find In This Chapter
3.2. Some Definitions About Services, Main Features And Managerial Implications
3.2.1. Beyond The Service Promise: The Service Blueprint
3.2.2. Reconsidering The Unique Features Of Financial Services
3.3. Why Do Banks Need To Shift Their Mindset From Offering Products To Servicing Customers?
3.4. It Is Time For Banks To Start Considering Themselves As Special Intermediaries
3.5. A Roadmap To Future Customer-Centric Retail Banking
3.5.1. The Starting Point
PART II: CONTROLLING CONSUMPTION AND ENGAGING CUSTOMERS SEEMS TO BE THE ISSUE TO EVERY RETAIL BUSINESS
Abstract: What You Will Find In Part II
4. Winning The War For The Modern Customer A Guest Chapter Written By Martin Butler
5. The Modern Bank Customer
5.1. What You Will Find In This Chapter
5.2. Who Is 'Controlling' The Bank-Customer Relationship?
5.2.1. Consumer Protection And The Process Of Switching
5.2.2. Customer Mobility: Strengths And Weaknesses
5.2.3. Do Bank Costumers Change?
5.2.4. Pricing Is An Issue For Retail Banks
5.2.4.1. Try To Look At Prices Differently
5.3. From Retailers To Retail Banks How To Win The War For The Modern Bank Customer
5.4. Being Market-Oriented
5.4.1. The Customer Relationship Management Approach Comes Before Customer-Intimacy
5.5. A Renewed Focus On Customer Retention
5.6. From Customer Retention To Cross-Buying
5.7. Next Step: Customer-Intimacy
5.7.1. Customers' Interpretation Of Intimacy
5.7.2. Banks' Interpretation Of Intimacy
5.7.3. Benefits And Drawbacks Of A Strategy Of Customer-Intimacy
5.7.4. Customer-Intimacy: Some Precautions
PART III: THE RETAIL BANKING OF TOMORROW
Abstract: What You Will Find In Part 3
6. Business Transformation, Strategy, And Organization: The Issue Is In The Execution
6.1. What You Will Find In This Chapter
6.2. Markets Trends And Changes Boost Bank Transformation
6.2.1. Look For 'Your' Business Opportunities
6.3. Before Starting The Journey, The Industrial Model Needs To Be Overcome
6.4. Customer-Centered Means Organizational Change
6.4.1. Technology And Organizations: A Cultural Issue
6.5. Toward A Transdisciplinary Perspective For Retail Banks
6.6. From Business Transformation To Organizational Changes
6.7. Operational Leadership For Retail Banks
7. Conclusions And Recommendations
7.1. No Clear Path Back
7.2. Lessons Learnt And Hot Questions Still To Answer
7.3. Here Do We Start?
7.4. Staying Competitive: A To-Do List
PART IV: APPENDICES
Appendix I - Some Highlights On Bank Practices: Packaged Products, Bundling, And Tying
Appendix II - How Some Retail Banks Describe Their Retail Banking Activities
Appendix III - EU Retail Banking: An Overview
Appendix IV - US Retail Banking: An Overview
Appendix V – Retail Banking In The Rest Of The World: An Overview
Appendix VI - The Net Interest Margin As The Key Root Value Driver For Retail Banks
Appendix VII – Information Asymmetry In Retail Banking
References - Bibliography

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