Since the dot com crash in 2001, the branch has regained supremacy in most banks strategy. But is that the right approach, and do we truly understand what the branch purpose is ? Acquisition Retention Share of wallet Continue reading What’s the purpose of the Bank branch?
Article discusses the generational changes occurring that Banks need to consider in their strategies. This particular point within the article, is interesting though, because it highlights the conundrum that Bank’s face in making choices. BanktechEilering, Mount Prospect National Bank: A myriad of retail and commercial customers use our online banking technology. But people in those groups also prefer to come into our branch and receive service in the traditional manner. While that is working successfully, there will be a time when we need to focus on either simply providing high-tech online services or focus on high-touch service in the branch. … Continue reading Difficult choices – branches or online?
ATM’s are getting a lot of attention right now for three reasons:
This is a critical statement that defines the nature of consumer mindsets. So the challenge is how banks can afford to offer services to this generation in a meaningful (ie internet) way, yet retain their market share of current customers. Internet Changes Everything: A Generation Serves Notice: It’s a Moving Target By 2010, they will outnumber both baby boomers and Gen-X’ers among those 18 to 49 – the crucial consumers for all kinds of businesses, from automakers and clothing companies to Hollywood, record labels and the news media. This generation knows nothing about a world without internet. Its like the … Continue reading The Millenial generation will outnumber baby boomers in 2010
Welcome to Bankwatch. The purpose of this blog is to monitor banks around the world for their online capabilities, and the strategies they are adopting with online. Consumers are web savvy now, and most banks aren’t, so I will point those out, and I will also recognise best practices too. Continue reading Introduction
Dubai Financial Services Authority Set out below are drafts of legislation and other information which has been superseded by fresh material, and if applicable, for which the consultation period has closed. This list is provided for historical information purposes only, and identifies those topics which have been open to consultation more than once. Continue reading DIFC papers
Live from BAI Retail Delivery : Branches Are for Errands, Not Sales
Banks may be eager to tout their comfy branches, with their free coffee, newspapers on hand and plasma TV screens. Yet all too often, they lose sight of what the customer really wants: service that�s simple, easy and fast, said James McCormick, president of New York City-based First Manhattan Consulting Group LINK TO (www.fmcg.com/).
In a Thursday afternoon session entitled "Keys to Gaining Share: Which Strategies Are Working; Which �Best Practices� Are Problematic," McCormick said mystery shops conducted by FMCG found customers generally unimpressed by attempts to turn the bank branch into Starbucks. He said customer comments included remarks like: "I don�t come to my branch for the coffee and treats," and, "Why would I come to the branch to sit down and read the paper?"
Continue reading “Branches Are for Errands, Not Sales”
Live from BAI Retail Delivery : Online Search Engines Deliver Customers Merickel also discussed “sponsored links” as a form of online marketing. A sponsored link is a description of a company with its url that appears on a search engine page when the consumer types in a certain word or phrase, say, “bank account.” These sponsored links are listed separately from results generated randomly during the search but are displayed prominently to catch the consumer’s eye. “Sponsored search allows banks to insert their offering into the consumer’s consideration set and creates an opportunity to acquire new customers efficiently,” Merickel said. … Continue reading Sponsored links – Yahoo
Live from BAI Retail Delivery : Online Search Engines Deliver Customers The online search engine may not resonate with bankers as a potential customer acquisition tool, but failing to make that connection is a mistake, said Justin Merickel, director of the finance category at Sunnyvale, Calif.-based Yahoo! Inc. during a Thursday afternoon presentation entitled "Leveraging Search Engine Marketing to Build Customer Connections." Merickel said banks need to take advantage of the fact that consumers are increasingly using Internet search engines to manage their finances. According to a survey commissioned by Yahoo, 61% of consumers said they shop for or research … Continue reading Online Search Engines Deliver Customers
Live from BAI Retail Delivery : From Me-Too Competition to Strategic Differentiation Porter said an effective strategy must contain the following five elements: 1. A unique value proposition; 2. A different, tailored value chain; 3. Clear tradeoffs, or deciding what not to do; 4. Mutually reinforcing activities that support the value proposition; 5. Continuity, or sticking with the strategy. Continue reading Strategic differentiation
Bankwatch 