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2008 Top 10 Business Drivers, Strategic Responses, and IT Initiatives in European Retail Banking

Published by: TowerGroup

Published: Dec. 31, 2007 - 15 Pages


Table of Contents


Report Coverage

Analysis of Key Issues

Exhibit 1 Top 10 Business Drivers, Strategic Responses, and IT Initiatives in European Retail Banking (2008)

The Top 10
Exhibit 2 Sample Mapping of Top 10 Business Drivers for European Retail Banking (2008)

Business Driver 1: Changing Economic Conditions

Business Driver 2: Unceasing Regulation and Compliance

Business Driver 3: Managing Profitable Growth

Business Driver 4: Operational Efficiency

Business Driver 5: Fraud Risk and Financial Crime

Business Driver 6: Increased Competition from In-Market and Cross-Border Banks

Business Driver 7: Competition from Nontraditional Financial Services Providers

Business Driver 8: Electronification of Banking

Business Driver 9: Changing Customer Preferences

Business Driver 10: Reacting and Responding to Social Trends

Recent Trends and Predictions for the Future

Summary

Abstract

All of Europe's fragmented retail banking markets will face difficulty in 2008 as competition for deposits heats up. The European Union's Single Euro Payments Area (SEPA) initiative that will gain further traction in 2008 will add another level of competition to the global forces already affecting retail banking. The need to undertake transformational projects to automate processes and reduce costs is becoming more pressing as competition for share of wallet intensifies, but unless a bank is very far sighted, the focus will remain in the area of payments. In 2008, Europe's conservative retail institutions will steady their ships rather than reposition for the battles ahead.

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