Boston, MA -- (SBWIRE) -- 06/25/2012 -- Building a 'winning' retail bank demands significant investment in three core areas: branch banking, core modernisation technology and mobile money. Allied with a long-term vision, commitment from senior management and an environment that fosters innovation, a retail bank can outsmart and outperform its competitors. The single most important attribute that unites winning banks is the expansion of branch banking because they recognise the branch is the foundation of the customer experience, and when they get this right, they can start to achieve operational excellence and grow market share. Core modernisation technology comes in second place and this requires considerable investment. For example, Commonwealth Bank of Australia (CBA), one of the 'winning' retail banks in the report, invested A$1.1bn ($1.18bn) in its new core banking platform. However, core modernisation technology delivers efficiencies. Already, CBA expects cost savings by the end of FY2012 because of its investment. Finally, the world's winning retail banks have harnessed innovation in contactless payments and targeted the mobile channel as a battle point between them and their competitors.

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Key Highlights

- Winning retail banks ensure the branch is the foundation of the customer experience. They invest in their branch network and continuously build it up
- The mobile channel offers winning retail banks a battle point to uniquely differentiate themselves from their competitors
- Winning banks invest in the development, design and delivery of training and learning programmes for their sales and service workforce
- Know your customer. Like all aspects of retail banking, effective segmentation ensures that a new mobile money offering, or any new service, will prove popular and in demand by consumers
- Standard Chartered estimates that there were 50 million people in the emerging affluent segment in Asia at the end of 2010, and this number is expected to increase to 86 million by 2013
- Top retail banks think more like retailers when it comes to 'wowing' the customer
- Collaborate to innovate
- In South Africa, a key revenue driver for Absa's mobile banking service is the purchase of prepaid airtime
- Winning retail banks capture every interaction opportunity with clients to offer relevant products and services to customers
- To be a 'winning' retail bank, a financial institution must be committed to creating an environment that fosters creativity, entrepreneurship and the interchange of ideas

Scope

- Using a number of profitability and efficiency indicators, this report identifies ten global banks servicing retail clients who are outperforming their peers. The benefits accrue to their shareholders and customers, but the 'lessons' can be easily applied to any bank looking to add value
- Featured banks are contrasted with their country peer group

Companies Mentioned in this Report: Royal Bank of Canada, Commonwealth Bank of Australia, OCBC, Ecobank Transnational, Garanti, Itau-Unibanco, Bradesco, Standard Chartered, Absa Bank, Ceska sporitelna

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