Retail Banks Using Technology to Drive Profitability to 2020

Retail banks around the world are re-examining their strategies to expand business and achieve cost efficiencies. According to research by Timetric, banks are expected to increase spending and emphasis technology to improve profitability to 2020. Regulatory compliance, security issues and a shift in consumer behaviour are key drivers of the trend.

Stringent regulatory reforms, customers utilising online and mobile banking, and a need for better security and control over online fraud have encouraged banks to update their IT systems. In June 2013, leading US bank Capital Bank implemented the SAS Anti-Money Laundering solution, part of the SAS Financial Crimes Suite. The technology infrastructure enables the bank to prevent and manage financial crimes. It automatically alerts the bank of any suspicious or illegal transactions, helping it to initiate investigations and control risks.

Importance of Customer Relationship Management Systems
Increasingly, Retail banks are utilising customer relationship management systems and consumer analytics to identify new customer groups and offer customised products and services to targeted customers. Moving away from the former one size fits all method of marketing.

Technology is viewed as the primary driver for increasing revenues through targeted product offerings, identifying new customer segments, and offering customised reward programs. It is also being used to reduce costs through process enhancements and offering superior services through low-cost channels such as online, social media, and mobile.

The Timetric report: ‘2020 Foresight: Maximizing Retail Banking Cost Efficiencies’ was published in September 2013

For further information:
Please contact Kalisha Nurse-Dash at the Timetric Press Office
Email: press@timetric.com
Website: www.timetric.com
Phone: +44 (0) 2032 200 818

About Timetric

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Timetric is a leading provider of online data, analysis and advisory services on key financial and industry sectors. It provides integrated information services covering risk assessments, forecasts, industry analysis, market intelligence, news and comment.