Retail Banking Industry Overview
Despite several uncertainties in the financial sector, the retail banking industry in the US has been experiencing positive growth. However, the industry is not free of challenges. Companies in the retail banking industry are facing a new set of challenges over the past decade including rising competitive pressures, organizational obstacles, and customer experience management hurdles. Moreover, with millennials and Gen Z consumers becoming the highest-earning groups soon, companies in the retail banking industry are compelled to adapt their solutions to match young customers’ digital preferences and needs.
Recent studies show that around 70% of companies in the retail banking industry have adapted a customer-centric business model. So, have you revamped your traditional banking models to meet the demand of the rising population? If not, our market intelligence experts can help. Request a FREE proposal.
Business Challenge
The client is a retail banking company based out of the United States. The rising competition from community banks, FinTech organizations, and national banks made it difficult for the client to acquire new customers. Also, with the amount of turbulence in the U.S. political landscape, navigating the regulatory and compliance landscape was becoming challenging for the company. Furthermore, the client faced difficulties in creating a personal connection with customers in an increasingly digital world.
As such, the client approached the experts at Infiniti Research to leverage their expertise in offering market research solutions. With Infiniti’s market research solution, they wanted to keep pace with the retail banking industry trends and innovations to serve customers better and build more advanced information security systems. Furthermore, they wanted to win market share and improve customer experience by delivering personalized banking services.
Traditional, time-intensive market research cannot help you to keep up with the needs and demands of a more demanding, smarter world. Contact us to know how our custom market research solutions can help you gather data-driven insights into a new or existing market.
Solutions Offered
As a part of the retail banking industry analysis, the experts at Infiniti Research conducted a competitive intelligence study. Factors such as competitors’ services, communication channels, customers, and pricing structures were taken into consideration. Also, our experts conducted a comprehensive market scanning and monitoring analysis. This phase of the engagement helped the client to identify the retail banking industry size and understand the regulatory landscape in the US.
Furthermore, a customer intelligence study was conducted to help the client understand their customers’ needs and devise personalized service offerings for them. Also, by understanding the latest market trends and innovations, the client was able to change their processes in order to adapt to the fast-changing marketplace.
Results Obtained
With our market research solution, the client was able to optimize their processes, reduce cost, and better serve customers. Also, by keeping pace with the market transformations and trends, the client was able to speed-up decision making and sustain a leading edge in the US retail banking industry. Furthermore, by understanding the entire customer lifecycle, they were able to drive better customer experience, increase customer loyalty, and reduce customer churn.
The company in the retail banking industry was even able to eliminate cyberthreats by building a more advanced information security system. With Infiniti’s market research engagement, the client was also able to devise personalized service offerings for their lucrative customer segments. In addition, the company was able to enhance their market share by 31%.
To sustain a leading edge in today’s competitive marketplace, companies in the retail banking industry will need to keep pace with the market changes and differentiate their service offerings. Request for more info to gain detailed insights into the US retail banking industry.
