Business Growth Strategies In Banking – Our research focuses on five key areas which are distributed below. We use rigorous research methods for our reports, charts, forecasts, and more to keep our clients ahead of major developments and trends before they become mainstream.
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Business Growth Strategies In Banking
Insider Intelligence provides up-to-date customer research in a variety of formats, including comprehensive reports and visual data visualizations to provide you with practical tools to make better business decisions.
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Our goal at Insider Intelligence is to unlock digital opportunities for our clients with the world’s most trusted insights, analytics, and metrics. In terms of five main areas that are spread across many industries, our research is about direct digital transformation.
Across the industry, digitization is the democratization of transparency and a better customer experience. New technologies are opening up legacy systems to be shared with third parties and, in turn, putting information in the hands of consumers.
In financial services, Banking-as-a-Service (BaaS) platforms have emerged as an important part of open banking, where companies offer transparent access to account holders through open application programming interfaces (APIs) to have that other people have developed. new service.
Fintechs and digital banks are attacking incumbents in the banking game and disrupting traditional business models – but by moving into the BaaS space, legacy-tech banks can turn this threat into an opportunity.
Consumer Banking Service Market Share 2023 Global Industry Key S
BaaS is an end-to-end model that allows digital banks and third parties to connect to banking systems through APIs so they can build banking offerings on top of the infrastructure established by providers, as well as open up new banking opportunities. financial services worldwide.
Legacy technology companies can avoid the threat of moving into a BaaS environment to share data and infrastructure. In a few years, access to this level of information will be off the charts for native customers – so banks that start today will be at the front of the line, and likely to reap the rewards.
The BaaS model starts with a fintech, digital bank, or third party provider (TPP) paying a fee to access the BaaS network. Financial institutions open their APIs to TPP, thereby providing access to the systems and data needed to build new banking products or provide white-label banking services.
In addition to progressing in open banking, legacy companies launching their own BaaS platforms are also opening up new avenues. The two main ways to monetize BaaS are charging customers a monthly fee for access to the BaaS platform or charging a la carte for each service used.
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Here are the first BaaS platform providers to be BaaS focused on fintech players and commercial banks that have launched their BaaS platforms:
Many countries have begun to introduce open banking regulations, indicating that the financial services industry is entering a period where shared data and infrastructure will become new consumer preferences.
Legacy technology banks that have created their own BaaS platform are now not only outperforming their competitors in opening banking opportunities, but also opening up new revenue streams.
In the UK, potential new revenue from SME and retail customer propositions as a result of open banking is £500m ($700m) in 2018, according to PwC – and Insider Intelligence predicts it will rise to a 25% annual growth rate to 1.9 billion ($2 billion) by 2024.
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Great brands aim to change the world. They use goals to drive action. And according to Accenture’s recent survey of North American banking clients, “target marketing” is no longer a nice-to-have.
In banking, we define “brand identity” as action-oriented actions that reflect your goals and values, and are at the heart of a great customer and employee experience. When done right, it’s a competitive advantage and a powerful force for growth, loyalty and appreciation.
Your brand purpose should inspire and be delivered consistently in what you say and do.
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Marketing leaders take note: 78% of global marketers say brand purpose is more important than ever before by 2020. According to research by Decluttered Marketing, 71% of financial services marketers worldwide say their organizations are focusing on branding.
While there are clear benefits, the target is a multi-level C-suite focus. According to our research, 82% of C-suite executives say goals are important, but only 42% say their company’s stated goals have had a significant impact on their organization. We see this inconsistency in banking.
It is important because bank customers also care about the brand’s purpose. Accenture Song’s survey of North American banking customers focused on the importance of brand purpose and found that 78% agreed that banks should have a strong and visible purpose. In addition, 87% agreed that the bank’s brand objectives should be aligned with the required activities.
With executives and clients demonstrating the importance of brand purpose, we’ve defined how to transform purpose into three dimensions: brand, engagement and capability. This framework allows banks to define their goals and build a complete brand around them, then create and use that brand to ultimately grow.
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1. Meaning through online advertising: Expressing the purpose of the brand and the website provides a real connection with the audience.
A strategic plan starts with your actions based on your mission, vision, business strategy and your commitment to customers, employees and shareholders. A brand that is intuitive, fun and forward-looking. When presented on a regular basis, it will energize and motivate the entire bank so that current customers understand and accept our brand’s direction, and potential new customers can recognize and appreciate the brand in all its advantages.
As we move into a post-pandemic world, there are significant opportunities and expectations for banks to address all issues. With this impact, along with the increase in competition and speed and transparency enabled by digital, many banks and fintechs are doubling down on putting their customers, employees and communities first through their networks.
Nubank showed us the power of the target feature. The Brazilian digital bank, currently the largest fintech in Latin America, has set its sights on making banks more accessible to the market with standard interest rates, a difficult process for opening accounts and a reputation for poor customer service. .
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In addition, Nubank promotes a customer-oriented culture that takes care of its employees and accepts partnerships with companies such as WhatsApp and Meta (Facebook) to always meet its goals. And this all starts with its purpose: “Nubank was created to build this world with you, simplifying your financial life in light and security. From the first day, we treated people as people and not numbers. We show complexities, bureaucracy and a non-modern way of managing money.
Aligning this business platform with customer strategy provides the foundation for building real business, improving financial well-being, and creating long-term profitable partnerships that thrive.
2. Working through the engagement process: Bring the b brand p urpose to life in a unique audience journey.
While the bank’s website may be well defined, banks are guided by today’s goals and must consider how these strategies will be reflected in the customer experience, employee experience, products and services. With this, the bank’s engagement platform is the next step towards action.
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Customers and employees expect banks to deliver on goals in a clear, authentic, motivating, ethical and experiential manner. This delivery of information should be consistent across the bank from customer touch points, marketing campaigns, products and services, to employee experience and more. How do you enable brand targeting through delivery? How will you ensure that your goals are right for each customer engagement opportunity?
As noted on the blog, CMO Tips from Thrivers, banks must remain flexible and consistent in their goals. It’s not about supporting a hot topic at any given time.