Managing Multichannel – the reinvention of customer retention
1. In Germany, online banking has become a firmly established channel offered by virtually all banks. The same holds true for most other European countries, though the Nordic countries are ahead of the Mediterranean laggards.
2. The number of online banking clients will increase further, whereas the number of branches has decreased and will continue to do so in the future. But branches will remain important for clients.
3. Financial-services customers in Germany consider many different channels to be significant for them, with branches, ATMs and the internet being the major ones. Multichannel is therefore state-of-the-art.
4. In the medium term the multichannel approach will play an even larger role in banking. This is also valid for brokerage where the number of multichannel clients will grow faster than the number of pure online brokerage clients.
5. Customers who show a preference for online transactions are typically middle-aged, higher-income and male …
6. … and these clients provide the potential for a wide range of cross-selling activities.
7. The very rich, the so-called high net-worth individuals, demand a multitude of channels for their financial transactions. For them consultants are very important. Moreover, new channels – the internet and mobile access in particular – have high potential among this group.
8. As clients of financial service providers have raised their requirements, they have also become less loyal to their banks.
9. If banks want to continue to exploit the efficiency potential of the online channel, they should make it relatively more attractive. The elimination of deficits – as perceived by the clients – will play a major role in this context.
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