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Trends In Retail Banking Sector Essay

746 Words3 Pages

RECENT TRENDS IN RETAIL BANKING
Due to the emergence of customer centric growth trend, today retail banks have understood the importance of meeting customer needs by which earning customer loyalty for long term growth. Due to the dynamic nature of evolving technology and competition within the sector, today we can see all the banks are coming up with new and innovative ideas to keep the customer happy. When banks try to create and manage customer relationship, several emerging trends affect the growth of bank. Due to these merging trends one can observe fundamental change by which bank communicate and retain their customer base.
Targeting Organic Growth
In recent past banks have grown mainly by way of acquiring weaker banks, taking over direct competitors and their …show more content…

Hence banks needto work hard to focus on their products and channels in which they deliver these improved products to the customers. By doing this they can improve customer experience and thus retain them and also it helps to increase the customer base. When a bank gets more customers, the overall cost of developing and delivering such products and services will come down which eventually helps in increasing profitability
Safeguarding customer information
Customer informationand data is of paramount importance and hence banks needto make extra efforts in safe guarding such information. In today’s technology based applications, there is always fear of losing data and information to the hackers and also to the competitors. There is greater risk of identitythefts, continues phishing efforts by criminals and data also can be compromised by insiders who work in bank. Hence banks need to focus more on safeguarding data as such leakage and theft can be very expensive as customers may lose trust on

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