|
|
Retail banking technology: developing a distribution dynamic (Review Report)Published by: Datamonitor Published: Jul. 7, 2006 - 77 Pages Table of ContentsDATAMONITOR VIEW 1 CATALYST 1 SUMMARY 1 METHODOLOGY 1 EXECUTIVE SUMMARY 2 Introduction 2 Retail banking: developing a distribution dynamic (Market Focus) 2 Retail banking: developing a distribution dynamic (Strategy Focus) 3 Retail banking: developing a distribution dynamic (Technology Focus) 3 Retail banking: developing a distribution dynamic (Databook) 3 RETAIL BANKING: DEVELOPING A DISTRIBUTION DYNAMIC (MARKET FOCUS) 8 Summary 8 Pressure on retail banking margins and growth prospects is growing 8 The online channel has opened up competition... 8 Income is under pressure both from increased competition and declining interest rates 9 Saturating markets are reducing growth options 9 Channels face individual challenges 10 Online banking has improved customer service, but rarely provides differentiation 10 Banks continue to work on their branch strategies 10 Contact center fatigue 11 Other channels 11 Need for a multi-channel strategy 12 Security is increasingly an issue, both externally and internally 13 Internal 13 External 14 Regulating for security 15 Regulatory compliance in retail banking 15 Channel and product regulations 16 Wider banking regulations impacting the channel 17 RETAIL BANKING: DEVELOPING A DISTRIBUTION DYNAMIC (STRATEGY FOCUS) 18 Summary 18 Developing a channel strategy will be key to the future of retail banks 18 Banks must align their business and channel strategies 19 Existing channel issues must be addressed to improve the customer experience 20 Next generation channels will enable banks to reach wider markets 20 Laptop/mobile branch banking enables banks to reach underbanked demographics 21 3rd party channels enable banks to offer products to partners' customers 22 Key channels vs. supporting channels - which channels will banks focus on? 22 How will banks deal with non-core channels? 24 Channel orchestration for a seamless customer experience and enhanced productivity 24 Physical orchestration will reduce costs and improve service 25 Decomposition of channel silos 25 Enterprise application integration 26 Business process management 26 Rules 26 Inter-channel communications will improve the customer experience and staff productivity 26 Voice and data integration 26 Online/automated channel support 27 Sales and service effectiveness in retail banking 27 Identifying customers to assess their profile and profitability 27 Improving service through channel improvements 28 Sales, cross-sales and customer retention need to be managed effectively 28 Developing a security strategy across all channels 29 Online banking security remains a key priority 29 Multi-channel security can reduce the password burden on customers 30 Internal security must be addressed to ensure accountability 30 RETAIL BANKING: DEVELOPING A DISTRIBUTION DYNAMIC (TECHNOLOGY FOCUS) 32 Summary 32 Front office - channel technologies 33 Online banking - enabling a personalized experience 34 Personalization of site content 35 Facilitate management of all products, including 3rd parties' 35 Manage online purchases to ensure compliance and allow customers to track purchases online 36 Branch banking - one size does not fit all 36 Technology investments enable banks to fit branches to their audiences 37 Investing in branch technology to improve sales, service and productivity 37 Call/contact center - improving revenue generation and service 38 Interface sales/servicing staff platforms to analytics and other channels to improve revenue generation 39 The ultimate call-center goal for banks is first call problem resolution 39 ATMs and Kiosks - self service comes of age 40 Mobile/wireless device banking - it's decision time 41 Channel intelligence 43 Banks will differ in their approaches to business intelligence 43 Channel architecture 45 Security 47 Point of access 47 Reverse authentication 49 Analytics are key to a robust security solution 49 Behavioral patterns 50 Risk rules 50 Sharing fraud data 50 Internal security 50 RETAIL BANKING: DEVELOPING A DISTRIBUTION DYNAMIC (DATABOOK) 52 Introduction 52 Definitions 52 Distribution channel IT spend in the USA 53 Distribution channel IT spend in Canada 54 Distribution channel IT spend in Europe 55 North American channel IT operations and development spend 57 European channel IT operations and development spend 58 North American analytical CRM IT spend by country 59 European analytical CRM IT spend by country 60 Branch IT spend by country 61 North American branch IT spend by source 63 European branch IT spend by source 64 North American branch IT operations and development spend 65 European branch IT operations and development spend 66 Online banking IT spend by country 67 North American online banking IT spend by source 69 European online banking IT spend by source 70 North American online banking IT operations and development spend 71 European online banking IT operations and development spend 72 North American ATM IT spend by source 73 European ATM IT spend by source 74 North American contact center IT spend by source 75 European contact center IT spend by source 76 APPENDIX 77 Further reading 77 Ask the analyst 77 List of Tables Table 1: Definitions 52 Table 2: Distribution channel IT spend in the USA, 2005 - 2009 53 Table 3: Distribution channel IT spend in Canada, 2005 - 2009 54 Table 4: Distribution channel IT spend in Europe, 2005 - 2009 56 Table 5: Distribution channel IT operations and development spend in North America, 2005 - 2009 57 Table 6: Distribution channel IT operations and development spend in Europe, 2005 - 2009 58 Table 7: Analytical CRM IT spend in North America, 2005 - 2009 59 Table 8: Analytical CRM IT spend in Europe, 2005 - 2009 60 Table 9: Branch IT spend by country, 2005 - 2009 62 Table 10: Branch IT spend in North America, 2005 - 2009 63 Table 11: Branch IT spend in Europe, 2005 - 2009 64 Table 12: Branch IT operations and development spend in North America, 2005 - 2009 65 Table 13: Branch IT operations and development spend in Europe, 2005 - 2009 66 Table 14: Online banking IT spend by country, 2005 - 2009 68 Table 15: Online banking IT spend in North America, 2005 - 2009 69 Table 16: Online banking IT spend in Europe, 2005 - 2009 70 Table 17: Online banking IT operations and development spend in North America, 2005 - 2009 71 Table 18: Online banking IT operations and development spend in Europe, 2005 - 2009 72 Table 19: ATM IT spend in North America, 2005 - 2009 73 Table 20: ATM IT spend in Europe, 2005 - 2009 74 Table 21: Contact center IT spend in North America, 2005 - 2009 75 Table 22: Contact center IT spend in Europe, 2005 - 2009 76 List of Figures Figure 1: European retail banks' distribution channel project priorities 11 Figure 2: Banks progression towards a predictive approach to customer service 13 Figure 3: Retail banks' top 3 IT projects for 2006 16 Figure 4: Retail banking channel options 19 Figure 5: Retail banking channel issues and strategies 20 Figure 6: Retail banking channel options 23 Figure 7: Retail banking channel options 25 Figure 8: Multi-channel architecture 33 Figure 9: European retail banks' distribution channel project priorities 34 Figure 10: Application critical success factors 43 Figure 11: The business intelligence continuum 44 Figure 12: European retail banks' architecture strategies 46 Figure 13: Factors of authentication 49 Figure 14: Distribution channel IT spend in the USA, 2005 - 2009 53 Figure 15: Distribution channel IT spend in Canada, 2005 - 2009 54 Figure 16: Distribution channel IT spend in Europe, 2005 - 2009 55 Figure 17: Distribution channel IT operations and development spend in North America, 2005 - 2009 57 Figure 18: Distribution channel IT operations and development spend in Europe, 2005 - 2009 58 Figure 19: Analytical CRM IT spend in North America, 2005 - 2009 59 Figure 20: Analytical CRM IT spend in Europe, 2005 - 2009 60 Figure 21: Branch IT spend by country, 2005 - 2009 61 Figure 22: Branch IT spend in North America, 2005 - 2009 63 Figure 23: Branch IT spend in Europe, 2005 - 2009 64 Figure 24: Branch IT operations and development spend in North America, 2005 - 2009 65 Figure 25: Branch IT operations and development spend in Europe, 2005 - 2009 66 Figure 26: Online banking IT spend by country, 2005 - 2009 67 Figure 27: Online banking IT spend in North America, 2005 - 2009 69 Figure 28: Online banking IT spend in Europe, 2005 - 2009 70 Figure 29: Online banking IT operations and development spend in North America, 2005 - 2009 71 Figure 30: Online banking IT operations and development spend in Europe, 2005 - 2009 72 Figure 31: ATM IT spend in North America, 2005 - 2009 73 Figure 32: ATM IT spend in Europe, 2005 - 2009 74 Figure 33: Contact center IT spend in North America, 2005 - 2009 75 Figure 34: Contact center IT spend in Europe, 2005 - 2009 76 AbstractIntroductionIncreased competition and margin pressure is forcing banks to focus on customer relationships; developing a distribution strategy which encompasses new channel, business intelligence and security technologies, among others, will be key to future success. Scope Discusses current market trends in the US and Europe Discusses implications and industry dynamics for retail banking institutions Highlights Many retail banking markets in Western Europe and North America are reaching maturity. As competition intensifies, banks are finding it increasingly difficult to differentiate themselves from competitors, to maintain margins and to find growth opportunities. The requirement for multiple channels results in the need for them to be fully integrated in order for customers to experience seamless service across the bank. By standardizing data, processes, communications and best practice across channels, banks can reduce inconsistencies and errors caused by replication and process duplication. The role of the ATM has been changing; where it has typically played the role of cash dispenser, the increase in the use of electronic payments means that its future in that form is not sustainable. However, by experimenting with additional functionality, banks are updating the self-service concept and developing it into a more complete channel. Reasons to Purchase Gain visibility on the distribution dynamics in the European and North American retail banking markets Gain market insight to assist in your strategic planning and go-to-market strategy Get Full Details About This Report >> |
|
|||
|
About MarketResearch.com
|
||||