Insights for banks from the retailing sector

Etude disponible uniquement en anglais. Accenture, UniCredit and Efma are pleased to present the Banking Retailization Report whose objective is to assess which best practices in retail and selected other non-banking sectors should be considered by retail banks to evolve their business models. This report has been developed starting with an initial assessment of “inspiring innovations” among leading retailers and players in selected other industries (e.g. pharmaceuticals, travel and leisure, hospitality). It analyses results from a survey completed by Efma member banks based in 26 European countries (Western, Eastern and Central Europe): banks rated the attractiveness of different best practices identified and assessed implementation easiness. Among its conclusions: • Retail banking is a unique sector in terms of purchasing behaviours, frequency of purchase, etc.: only select best practices from retail and other sectors should be considered. • Marketing in general, customer segmentation and the ability to constantly monitor customer needs, and digital marketing are key areas where many retailers are advanced and banks will have to invest. Leading retailers constantly reassess profiles and needs of their customer base, and this is a clear stimulus for retail banks. New business model design should be based on a very clear understanding of the current and prospect customer base. • Consistent with marketing requirements, retailers are adjusting distribution, with a heavy focus on digital distribution. They proactively manage customer experiences, predefining standards and organizing to ensure fast action to potential issues. Retail banks can selectively learn from these experiences. We trust this report will help address key questions and stimulate debate among banking and non-banking experts. Each institution needs to take its own decisions in terms of business models in light of strengths, history, customer profile, etc. We hope these “outside-in” views can contribute to the quality of decision making.

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