Novantas Review Vol. 5 No. 1 | 2014
A new era is unfolding where in-depth customer analytics will have a direct impact on shareholder returns. The hunt is on for specific applications to drive performance.
A North America multi-bank study by Novantas reveals an “arms race” to build systems, applications and talent in customer analytics.
Rather than being divided, online shopping and branch sales fulfillment are joined at the hip for new household acquisition — one cannot succeed without the other.
As the branch loses its all-encompassing role, retail banks must redefine how they provide and promote convenience.
To win in the next era of rising rates, banks must learn to use relationship data in pricing to attract and retain lasting deposit balances, as opposed to chasing “hot money.”
Pressured for profitable growth, commercial lending units will need an improved analytic framework to support the field negotiations of relationship managers.
Progressive banks see crisis avoidance as but one benefit of a larger analytical push in deposit management, using advanced modeling for tangible performance improvements.
With branch transactions in decline, banks need a multi-year strategy to retrench, reposition and reenergize some of their best frontline staff — the teller workforce.
While the exact timing of the next upward rate cycle remains unclear, banks are definitely running out of time to prepare. What will determine future winners?