Bringing Web 2.0 Business Opportunities to Retail Banking

Short Description
Flashback: The Internet Will Revolutionize Retail Banking. The dream circa 1998 – The Internet will revolutionize retail banking by providing a personalized customer experience while reducing operational costs. Email will facilitate highly targeted marketing campaigns. Customer portals will provide self-service facilities for busy consumers.

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Content
The reality – 2007 – Internet banking has indeed become very successful. Retail banks have improved operations and realized huge cost savings via customer self-service portals. On the other hand, because of its ubiquity, customers can now receive identical banking services from many different providers. Internet banking is no longer a differentiator. At the same time, consumers today are busier than ever. They demand instantaneous satisfaction through increasingly personalized experiences.
How can banks today take advantage of changing consumer expectations to differentiate themselves from their competitors?
The Retail Banking Challenge
Today’s second-generation “Web 2.0″ Internet is changing the competitive landscape in the retail banking industry. Indeed, the relative ease with which customers can transfer their business from one bank to another (on-line) makes customer satisfaction all that much more important in the banks’ battle to retain their customer base. Banks are squeezed in the middle. They want to provide the most appropriate offers and services to their customers, but it is hard to reach them effectively. Doing more business through up-selling/cross-selling to existing customers has proven elusive…Because, if you can’t communicate with customers, how can you do more business with them?
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