By Chris Skinner
As the new financial year gets underway in the UK it seems like an appropriate time to take a look at some predictions for the world of retail banking. We asked Chris Skinner, what he thought would be the main priorities in 2014.
Customer focus is the top priority
Customer focus is always a priority in retail banking but, this year, it will become the focus. The reason being, that banks are highly aware of customer dissatisfaction, disillusion and dissidence. Sure, lack of trust in banks reached an all-time low in the last few years, but most banks sat and thought: so what? We make our money from corporate customers and investment banking, retail customers don’t matter. Even if they did, they never move to another bank unless we push them. That attitude will change in 2014 as account switching, competition, regulations and technology all come to a head. Banks will find that customer engagement and the user experience will be their key priorities, as they recognise that the customer is now a remote technology interaction, rather than a branch footfall. This will lead to a major investment in new business models and structures. [Read more...]