Future of retail banking requires bank's sensitivity to customers needs

Accra, Feb. 12, GNA-The challenge of retail banking in the future would  require banks to be more sensitive to customer behaviour change and ability to study life events, Mr Joseph A.DiVanna, a renowned analyst on financial services based in UK on Monday  
said.He said banks have to know and be concern about what the shift in the minds of customers about today's banking was and not just flood them with tones of choices without navigating those choices.Mr. DiVanna, who is the Chief Executive of Maris Strategies Limited, a  financial services company in the UK said another major challenge would be for banks to consider outsourcing or collaborating with other institutions so as to reduce operational cost.

Speaking at a day's lecture organized by Barclays Bank Limited (Ghana)  as part of its 90th Anniversary in Ghana, he said globalisation has now  became an internal process and any one could therefore, apply to be like a bank. Mr DiVanna said to achieve top-line growth, banks have to leverage existing access paths to customers, expand channels to market and deploy new technological solutions to issues.

He said the banking value proposition has changed in today's world with new entrants emerging market share, technology no longer differentiator and customers' sensitivity to banks charges growing."Advancing technology alters the value proposition," he noted.Mr. DiVanna said there was the need to streamline processes for efficiency as well as acquired new skills for doing business.He said a lot was happening in shaping the next generation of banking in  the area of products such as electronic money (eMoney), bartering, auctions among other things and it would take the responsiveness of banks to adjust to events to make a difference.Mr. DiVanna however, said banks must take risk and in doing so, they have to be astute in how they apply their regulations.
12 Feb. 07
Technorati Tags :  Ghana