Table of Contents
DATAMONITOR VIEW
ANALYSIS
- The past actions of many retail banks have come back to haunt them
- Banks' behavior has drawn a huge amount of criticism
- Changing the minds of a cynical public will require prudency and a
significant campaign of goodwill
- Banks need to revisit their business models to improve cost efficiency
- The cost efficiency of all the major UK banks, except Abbey,
deteriorated between 2007 and 2008
- Crisis brings the opportunity for clear strategic gains
- A cost-saving strategy needs to be board-driven and all encompassing
- Cost management should be targeted to where it will really make a
difference
- Cost-savings efforts should be channeled appropriately so that they
prove to be sustainable
- Sustainable cost-savings must be the goal of a retail bank cost management
program
- Staff should be involved in cost-cutting measures
- Significant cost-savings from process re-engineering are diminishing
- Combine green initiatives with cost-savings to improve company profile
and raise staff awareness
- Outsourcing can be an important way to save on operational costs but it
can be a sensitive issue
- Emphasizing outsourcing can detract from the need for better customer
focus
- There are opportunities for banks to bring the customer closer and achieve
cost-savings
- Banks should utilize available technology to achieve cost-savings and
stay in regular contact with their customers
- Banks can utilize technology to ' go green' , save on costs and build a
credible corporate image
- Banks can reduce costs by rationalizing the portfolio of products and
services offered
- A new model of retail banking has less branch staff but greater diversity
in the range of work they are able to do
- Banks need to optimize their utilization of staff and refine service
levels
APPENDIX
- Tables
- Bibliography
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
TABLES
- Table: Lloyds TSB greenhouse gas emissions
- Table: HSBC' s virtual forest saves the bank money and appeals to green
customer sensibilities
- Table: Cost/income ratios of major UK banks, 2007 - 08
- Table: Total advertising expenditure by UK banks, 2008
- Table: Number of customers per retail branch, 2008
- Table: The number of retail branches and customers by bank
FIGURES
- Figure: Most UK banks witnessed rising cost/income ratios between 2007 and
2008
- Figure: Total advertising expenditure by banks and advertising expenditure
per customer, 2008
- Figure: Citi uses texts to connect with customers based on their
individually-defined criteria
- Figure: BNZ offers tailored packages to its customers from a limited range
of products
- Figure: There is a wide range of customers per retail branch in UK banks,
2008
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