Track: Digital Engagement
A decade of historically low interest rates, vanishing fee income, aggressive competitors, and stubborn legacy costs have diminished the profitability of the retail business line. Demographic changes have created a new generation of consumers and small business owners that question the very relevancy of a bank. Still, for many banks, the retail franchise remains one of the most valuable parts of the institution. However, growth in retail banking today typically lags growth in other business lines. Transformational strategies that respond to changing profit dynamics, consumer preferences, and competitive pressures are now needed to revitalize and grow the business.
In this session, we will review the current state of retail banking and the challenges that threaten long-term success in this business. We will consider how successful retail banks are now shifting to focus on those segments, products, and markets where growth and profit opportunities exist – and retooling their businesses to compete more effectively. We will also discuss the brief list of priorities needed to build strong and sustainable retail banking businesses in today’s competitive environment.