Outside-in relationship based pricing: from concept to reality
Traditional product-centric banking is a thing of the past. Transformation to customer-centric, relationship-based banking is in front and at the fore, albeit having started at a relatively slow pace.
Banks need to compensate for declining interest spreads by increasing revenues from fees. They have to improve customer profitability: the obvious solution is to focus on increasing customer stickiness by servicing a higher number of products and transactions. Most banks across the globe face similar challenges and want to reach similar outcomes. The universal question is: How can this be achieved?
For years, banking organisations and supporting processes have been built around products and channels. Revenue profitability, performance and investments have been tracked from a product perspective. The move from product- and channel-centric strategy to customer-centricity demands a new way of thinking.
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