Company: IBM United Kingdom Limited
Category: Technology Systems and Software
Published: 14 August 2013
The global financial crisis of 2008 still reverberates today. Sluggish economic growth, stricter regulatory requirements and rapidly changing consumer behaviour are placing unprecedented demands on the banking industry. In recent years, banks - particularly those with substantial retail operations - have relied on the lethargy of their customers to maintain their business. Customer loyalty has been based more on proximity of local branches and convenience of ATM networks than the quality of customer care or products and services priced and tailored to a bank's best customers. The captive-customer model however, no longer works. For banks to regain their footing and grow in the twenty-first century, they must become more client-centric.
This white paper analyses the fragile relationship between banks and their customers. It looks at how vulnerable economies and changing consumer behaviours have had a detrimental impact on global banking. It will also show you a newer client-focused model is needed to improve risk management and customer satisfaction.