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Distribution strategies in US banking
Market Report, July 2005, 1836  €


Description

IntroductionMulti-channel integration is set to become a key growth story in the US distribution channel technology market, as customers increasingly opt to use the full range of available channels.
By investing in channel integration and gearing functionality towards channels' strengths, US banks can offer seamless customer service, while improving cross-sell rates and leveraging process synergies.ScopeThis report covers the US retail banking sector, looking specifically at channels and multi-channel integrationContains data from interviews with key decision-makers in 100 US retail banksIncludes IT spending forecasts to 2008HighlightsBanks have a range of channels at their disposal with which to service customers, all of which are stronger in some areas than others.
By identifying channels strengths, banks can ensure that each is fully leveraged in order to both improve service and increase sales opportunities.Spend will grow at a CAGR of 5.8% from 2004-8, equating to a $16.5bn market opportunity.
External spending will drive growth, driven primarily by outsourcing and software investments although services growth will also be robust.Reasons to PurchaseSize your addressable market to 2008Understand the key drivers behind channel refresh initiatives in the US over the next few years

Sommaire
 
TABLE OF CONTENTS
 
CHAPTER 1 EXECUTIVE SUMMARY 3
 
Key Findings 3
 
CHAPTER 2 INTRODUCTION 8
 
Introduction 8
 
CHAPTER 3 MARKET CONTEXT 10
 
Introduction 10
 
Industry dynamics 10
 
Front office trends and consumer behavior 10
 
Mergers and acquisitions 11
 
Regulatory compliance and fraud 12
 
Implications/challenges of industry trends 13
 
Business strategies 14
 
Business drivers for banks’ channel strategies 14
 
Accessibility, convenience and strengths of channels dominate customer servicing strategies 16
 
Banks must train and incentivise staff to maximise revenue without compromising customer satisfaction 18
 
As the primary business generation channel branch presence is still critical 19
 
eBanking offers outstanding CRM opportunities for banks 21
 
Contact center channels enable banks to offer personal service at a lower cost 22
 
Multichannel strategy 23
 
Banks must integrate channels to support CRM sales/service tools and capitalise on synergies 23
 
Technology drivers/ business execution strategies 26
 
Developing a multi-channel architecture for a single customer view 26
 
Channel refresh driven by legacy inflexibility 28
 
Automating processes to drive efficiency, STP and self-service 30
 
Developing business intelligence and CRM analytic capabilities 31
 
Leveraging channel integration for fraud detection and regulatory compliance 32
 
CHAPTER 4 THE FUTURE DECODED 35
 
Introduction 35
 
Key findings 35
 
Spend by channel 36
 
Spend on external technology 38
 
Spend on channel development and multichannel integration 40
 
Conclusions 42
 
CHAPTER 5 APPENDIX 43
 
Future readings 43
 
SPP writing team 43
 

 

 
LIST OF TABLES
 
Table 1: US retail banking distribution technology spending, 2004-2008, by channel 36
 
Table 2: External US retail banking distribution technology spending, by channel and source 39
 
Table 3: US retail banking distribution channel development and multi-channel integration technology spend 42
 

 

 
LIST OF FIGURES
 
Figure 1: Executive summary 3
 
Figure 2: The retail banking distribution environment 14
 
Figure 3: Channel strengths 16
 
Figure 4: Branch renewal strategy elements 18
 
Figure 5: IT investment in distribution channels 2004-2005 25
 
Figure 6: Process-centric multi-channel architecture 27
 
Figure 7: Channel investment in relation to multi-channel strategy 28
 
Figure 8: The Business Intelligence Continuum 31
 
Figure 9: Summary of banks’ primary multi-channel strategy technology requirements 34
 
Figure 10: US retail banking distribution technology spending, 2004-2008, by channel 36
 
Figure 11: External US retail banking distribution technology spending, by channel 38
 
Figure 12: US retail banking distribution channel development technology spending, by channel 40
 
Figure 13: US retail banking distribution channel development and multi-channel integration technology spending 41
 

 
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