The retail banking industry in 2015: Trends and strategies to focus on and develop

Abstract

Purpose

Reviews the latest management development across the globe and pinpoints practical implications from cutting‐edge research and case studies.

Design/methodology/approach

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings

Over the next ten years banks will have to plan new strategies in order to survive stiffening competition as the retail banking landscape is expected to be completely reshuffled by 2015. Today, mergers have reduced the number of banks and traditional values are no longer enough to grow and retain customers. All banks will have to specialize and focus on their core strength as studies suggest only those institutions capable of harnessing product service and process innovation to anticipate and meet customers' needs will become industry leaders. An IBM research survey has revealed what mega trends are to shape the industry in the future and the key strategic imperatives banks need to develop.

Practical implications

Provides strategic insights and practical thinking that have influenced some of the world's leading organizations.

Originality/value

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy‐to‐digest format.

Citation

(2007), "The retail banking industry in 2015: Trends and strategies to focus on and develop", Strategic Direction, Vol. 23 No. 6, pp. 32-34. https://doi.org/10.1108/02580540710743239