In: Operations Management
PwC Whitepaper - Retail Banking 2020 Evolution or Revolution?
Review the linked PwC
whitepaper.
It is five years old, but has a lot of useful information
(Remember, "strategy" involves long term thinking)
Discuss the following:
1. Is there anything at only five years later has changed? Did PwC get anything "wrong?"
2. Which of the six "priorities" should be the most challenging for banks in general?
3. Based on what you know about Howard Bank, what do you think is the key takeaway from this whitepaper?
PwC Whitepaper - Retail Banking 2020 - Evolution or Revolution?
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PwC Whitepaper
Is there anything at only five years later has changed? Did PwC get anything "wrong?"
At only five years later, nothing has changed since many banks are still struggling with the same challenges that they were experiencing five years ago. It is still difficult for banks to pinpoint their real customers since many customers shift allegiance to banks that meet their needs which has not been easy. Retail banks are still struggling with ascertaining trust with their customers, together with attracting new customers, especially with the influx of financial institutions in different markets. The only thing that has changed is that banks have resorted towards ensuring that they capture the demanding needs of the customers concerning improving their trust with customers. There is no area in which the PwC was wrong as it effectively highlighted the challenges and priorities of the retail banks concerning the market needs.
Which of the six "priorities" should be the most challenging for banks in general?
The most challenging priority for banks, in general, would be developing a customer-centric business model since it has become difficult for banks to understand their customers. Banks are struggling with anticipating the needs of their customers while the consumers want their banks to anticipate their needs rather than providing them with the new product offering, which is not essential to their needs (Alcocer et al., 2014). The changing consumer needs in the banking industry make it a challenge for banks to have a customer-centric business model and to ensure that they meet the needs of their customers without having to bombard them with new products which are not ideal to the customers.
Based on what you know about Howard Bank, what do you think is the key takeaway from this whitepaper?
Based on the information I have about Howard bank, the key takeaway from this white paper is that the bank needs to prioritize on obtaining an information advantage as this will enable the bank to enhance her credit, risk and pricing model since she provides personal and business banking products and services to her customers.
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