The report discusses the various trends relating to current accounts – also known as checking accounts – across the world, and the strategies adopted by banks to increase profitability:
It highlights emerging trends in the current account markets in America, Europe, Asia-Pacific, and the Middle East and Africa It discusses key drivers fueling demand for current accounts, and key issues and challenges faced by banks across various regions. It provides analytical insights into the key emerging trends of the current markets arising because of the regulatory and economic developments in these regions It provides a competitive assessment of the current accounts offered by the leading lending banks in key developed and emerging economies.
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Due to changes in regulatory frameworks and competitive dynamics, retail banking and its current account business have changed gradually during the last decade. Despite initiatives taken by banks to retain customers, the current accounts market in developed economies recorded growing instances of account switching. Improved customer service, attractive reward programs and financial incentives offered by banks are the main factors encouraging customers to switch their primary banks.
In emerging economies, pricing has been the primary reason for the low volume of banking customers. As pricing is affected by cost pressures and changing customer expectations, banks are adopting a number of product and pricing strategies in the form of loyalty programs, incentives, packaged current accounts and customized product offerings to entice customers. Furthermore, with increasing technological advancements, banks are encouraging customers to use low-cost banking channels to conduct banking transactions, resulting in reduced operating costs and improved profitability.
With rising competition and regulatory...
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