Building revenue is a critical priority for the Banking Industry
The above statement may not perhaps be BIG news in most industries but it is in US Banking. That’s because the emphasis in the US Banking industry is now in high gear after years where the priority (after the financial crisis) was all about managing risk, cutting costs & meeting regulatory requirements. But now it seems, the focus or refocus is on Revenue Growth in a big way and they are turning to technology to help deliver better relationships with clients & account holders who will help their revenue grow.
The KPMG 2014 Banking Industry Outlook Survey of 100 senior banking executives reports that revenue growth is expected to be delivered by concentrating on relationship building & technology investments that provide better customer experience(s).
Building better relationships with customers is key to exceeding customer expectations & driving revenue.
- Keep customers at the heart of decision-making
- Maintain a dedicated focus on understanding customer needs in various customer segments
- Deploy an omnichannel approach that offers superior and consistent client experience
The KPMG survey also highlights the areas where most US banks will look for this additional revenue growth. There is a clear eye on wealth management and lending. That means the wealth management sector is going to see competition really heat up.
Here’s the survey for your reference KPMG_Banking Industry Survey 2014