Retail banking

Retail banking covers all banking services for individuals, professionals and SMEs. Its marjet participants, such as branch banks, direct banks, private banks and credit institutions are the financial partners which retail customers use for their day-to-day account management and to cover their other financial needs. 

The range of solutions these banks provide often goes beyond simple banking solutions and also covers insurance, real estate related or adjacent offerings. This sector is currently undergoing far-reaching changes which are forcing the banks to reinvent their customer relationship models and their commercial structures by integrating digital and mobile channels. By adapting to this new world, retail banks aim to stregthen, their position against quickly emerging alternative players including Fintechs while developing offerings that take account of ongoing social changes. At the same time banking managers need to observe and respond to increasing regulatory constraints and market changes which are impacting their organisational processes and income streams.

DIGITAL BANKING: banking reinvented.

As a result of the digital revolution it is essential for banks to reinvent their commercial structures and relationship model. The market share of retail banks is no longer strictly correlated to the number of branches, and remote banking channels have established themselves in their own right, or as a standalone relationship option. It is becoming vital for banks to master the rapidly evolving world of digital marketing in order to continue to acquire new customers and deepen the relationship with loyal and active customers through a strengthed culture of service. This switch to an omnichannel model, which profoundly changes both the volume and nature of the traffic in each channel, also requires redefining  the branch network clarifying its role and understanding the contribution of its various formats between self-banking, servicing and advice.

A new level of operational efficiency benefitting from digitisation and data management

The digital transformation also impacts the operational heart of banking. Initially, the digitisation of processes, by contributing to a paperfree environment, made it possible to rethink organisations by eliminating geographical and logistical constraints. But digitisation also enables automation of an increasing number of operations by “robotising” the banking industry: self-banking on mobile apps, generation of messages and alerts, automatic drafting of contracts and reports, etc. Lastly, the collection, management and use of the bank’s datacan support operational processes by automating controls, by facilitating or automating lending decisions, by industrialising advisory services via robo-advisors, and by prioritising processing according to quality and customer satisfaction objectives.

Encouraging employees to develop new skills and embrace a culture of innovation

In this context of transformations, the business lines of banks are undergoing far-reaching changes. Banks must now rely on staff members who are generally younger and better educated than the average workforce to develop a culture of service and customer-oriented approaches, and also to adopt all the new offerings and tools. Working conditions are also changing: digital working, with the development of work tools which promote collaborative work, tele-working or mobility with mobile phones, laptops, WiFi connections, video conferencing, cloud databases, etc. The culture of innovation has become a new imperative for banks and is already an important thrust of their institutional communication. This involves developing new, more agile project approaches and leveraging the bank’s innovation ecosystem as a whole.

Examples of assignments:

  • Development of a medium-term strategic plan
  • Approaches to capture opportunities in the growing Senior market
  • Acquisition strategies to attract retail and professional customers
  • Analysis and reorganisation of the branch network
  • Operational restructuring and efficiency
  • Transformation of the branch manager’s role