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The Future of Retail Banking: Customized product offerings and self-service selection
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The Future of Retail Banking Customized product offerings and self- service selection: The road to increased revenues and retention Meenaz Sunderji General Manager, Asia Pacific
description
With the best of intentions, banks often assume what customers want, push the wrong products and services, work in siloes and generalize. Banks tend to forget that their customers are human beings that evolve and so do their needs. Not everyone makes the same choice, so banks need to reflect this in their product offerings. For banks to differentiate themselves and move forward, they need to allow customers and Relationship Managers to dynamically bundle products and services based on the customer’s preferences. The more you bank with me, the more value we will provide in return. Under a Product and Pricing Lifecycle Management (PPLM) model, create suitable products and product bundles based on customer or other data across lines of business and business units. Presented by Zafin’s Meenaz Sunderji, General Manager, Asia Pacific, at the 20th meeting of the World Savings and Retail Banking Institute’s (WSBI) Asia/Pacific Regional Group in Vietnam on May 21, 2014. www.zafin.com
Transcript of The Future of Retail Banking: Customized product offerings and self-service selection
The Future of Retail Banking
Customized product offerings and self-service selection: The road to increased revenues and retention
Meenaz SunderjiGeneral Manager, Asia
Pacific
Wrong strategy?
Assume what customers want
Push the wrong products and services
Work in siloes
Generalize
With the best of intentions, banks often…
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The customer lifecycle
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Three types of retail banking customers
I want my bank to recommend a set of products or services that will benefit me.
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2
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Banks should focus on the first two types of customers.
I want to choose what I want, when I want and have the ability to change my choices whenever I need to.
I use my bank for basic needs as per how banks have been traditionally used by society.
Pre-determined bundles
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Dynamic bundles
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Value-added products and servicesBanking services
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Why use them?
Generate additional revenues
Single point of service
Value in the form of convenience or price
Create a captive forum
Non-banking services
Non-banking products
Text alerts for
overdraft limits
Gadget insurance
Travel insurance
Television Internet
Bundling at a glance
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Bundling in other industries
Fast food industry
Value meal
Kid’s meal
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Some banks do basic bundling. Is that enough?
Apple
Select and purchase products and services
Apps, songs, videos
Nike
Personalize your shoes
Combine with technology options
Leap forward
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Bundle products to consolidate banking relationships
Average # of banks per consumer: 4
Average # of products per bank: 2
Total # of products per consumer: 8
Customized offerings
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Make it happen
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Across lines of business
Suitable products/bundles based on customer data
Right price based on the entire customer relationship
Right channels
Product and Pricing Lifecycle Management
Thank you!www.zafin.com
Meenaz SunderjiGeneral Manager, Asia Pacific
Telephone: +60322721792 Mobile: +60146333027
Email: [email protected]
