Emerging Trends in Retail Banking
Emerging Trends in Retail Banking
Acknowledgement
This project was prepared with the kind assistance and support of many individuals both internal and external to the Bank who have contributed directly and indirectly in many ways to the successful completion of this exercise. Special mention has to be made to the following categories of persons.
Resource persons:
Internal
Ms. Nicole Brown - GOTD
Mr. Howard Gordon - GOTD
Mr. Kyle Lewis – GOTD
Mr. Lennox Channer – FCD
Mrs. Darcy Parkins – RBD
Mr. Garfield Palmer – RBD
Mr. Stephen Wyles - FCD
External
Mrs. Arlene Stephens – FISD, BOJ
Mr. Roderick Wisdom – IT Manager, Digicel Jamaica
Table of Content
Aim and objective
To improve top line revenue growth by identifying an additional source of fee while reducing the cost of serving the banked, under-banked and unbanked.
Emerging Trends in Retail Banking - The Global perspective
Customer
Customer demographics are shifting, making Generation Y and ethnic groups vitally important. More than 70 million strong , the Generation Y customer segment whose members have not yet reached age 30 is second in numbers only to the 80 million baby boomers. Generation Y is positioned to become the wealthiest generation to date, with a collective income that is expected to grow to $3 trillion over the next 10 years ( Brown et.al., Deloitte Center for Banking Solutions, 2008). In addition, further research conducted by the Deloitte Center for Banking Solutions and Harris interactive reveals that members of Generation Y have individual characteristics that make them a different breed of bank customers, requiring banks to employ different kinds of channel strategies to attract or retain them.
An important characteristic of Generation Y is practicality. Generation Y demands
Acknowledgement
This project was prepared with the kind assistance and support of many individuals both internal and external to the Bank who have contributed directly and indirectly in many ways to the successful completion of this exercise. Special mention has to be made to the following categories of persons.
Resource persons:
Internal
Ms. Nicole Brown - GOTD
Mr. Howard Gordon - GOTD
Mr. Kyle Lewis – GOTD
Mr. Lennox Channer – FCD
Mrs. Darcy Parkins – RBD
Mr. Garfield Palmer – RBD
Mr. Stephen Wyles - FCD
External
Mrs. Arlene Stephens – FISD, BOJ
Mr. Roderick Wisdom – IT Manager, Digicel Jamaica
Table of Content
Aim and objective
To improve top line revenue growth by identifying an additional source of fee while reducing the cost of serving the banked, under-banked and unbanked.
Emerging Trends in Retail Banking - The Global perspective
Customer
Customer demographics are shifting, making Generation Y and ethnic groups vitally important. More than 70 million strong , the Generation Y customer segment whose members have not yet reached age 30 is second in numbers only to the 80 million baby boomers. Generation Y is positioned to become the wealthiest generation to date, with a collective income that is expected to grow to $3 trillion over the next 10 years ( Brown et.al., Deloitte Center for Banking Solutions, 2008). In addition, further research conducted by the Deloitte Center for Banking Solutions and Harris interactive reveals that members of Generation Y have individual characteristics that make them a different breed of bank customers, requiring banks to employ different kinds of channel strategies to attract or retain them.
An important characteristic of Generation Y is practicality. Generation Y demands
References: Armour, S. (2005) Generation Y: ‘They’ve arrived at work with a new attitude”, USA, Money Today [ Online]. Available from : http://www.usatoday.com/money/workplace/2005-11-06-gen-y_x.htm ( Accessed October 11,2011). 21, 2011] Catching the technology Wave: Mobile Phone Banking and Text-a-Payemnt in the Phillipines http://www.ruralfinancing.org/fileadmin/template/rflc/documents/1146217136444_phillipines_mobile_phone_banking.pdf [ Accessed September 27, 2011] Johnson, J., (2010) ‘Online banks Stealing Customers from Big Banks’, Business Author [ Online]. Available from : http://www.inquisitr.com/149497/online-banks-stealing-customers-from-big-banks-study/ ( Accessed 10 October 2011). Kotler, P. & Keller, K. L. (2009) Managing the Environment, 13th ed. University of Liverpool & Laureate Online Education. London: Pearson Prentice Hall. Mobile Payment Magazine (2010) “ Direct Mobile Billing”, [Online]. Available from http://mobilepaymentmagazine.com/direct-mobile-billing Mobile Payment Magazine (2010) “ Mobile Web Payments”, [Online] Robobank http://thefinancier.co.uk/fsclub/2009/03/robobank-no-human-hands-needed.html Smartypig http://cashmoneylife.com/smartpig-review [Accessed September 13, 2011] The Digicel Story http://www.jamaicatradeandinvest.org/index.php?action=investment&id=37&oppage=5&opid=3 [Accessed September 21, 2011]