What is unique in this telecom is the global comparison, which would allow banks to benchmark themselves against top banks in terms of main bank conversion rates, for example, and to learn how other banks in developed economies drive and manage main bank relationships and cross sell, and successfully engage in youth banking.
Increased bank digitisation has transformed the way banks engage with customers. The product-focused, branch-centric model is being replaced with a multi-channel, client-centric one where banks can utilise their online and mobile banking platforms to directly interact with their technology-savvy customers. For the industry, this has resulted in higher opportunities to cross-sell as digitisation facilitates greater customer insight and enables banks to provide a more targeted and customised solution set to clients on a real-time basis.
Digitisation is also driving customer visibility to an extent that banks can position their product offerings in line with their customer’s life-cycle stage. However, ensuring a seamless, customer-centric experience will require banks to optimise processes end-to-end so that cross-selling opportunities are being realised, thereby unlocking value both for the bank and its client base.
As retail banks around the world face challenges to their profitability from digital disruptors, higher cross-sell, main bank relationships, and digital engagement will serve as the first lines of defence. The teleconsultation will explore the following issues: