There is no universally applicable answer to how banks determine radical growth strategies. More questions must be answered before one can fix the much-debated matter.
- Given the current resources and competitive stacking, which unconventional growth prospects align well?
- How many current opportunities can be pursued in a reasonable amount of time?
- What governance structures should be implemented, as well as what organizational approaches?
- What are talent pools required to pursue these innovations?
Regardless of the prospects that corporate banks pursue, they must invest in the new-age digital capabilities of design thinking, open innovation, advanced data analytics, personalization, and omnichannel customer service.
Success does not come with a hurried approach of driving too many initiatives simultaneously but from a clear understanding of which capabilities can generate the most value quickly, often in consultation with niche banking technology experts, such as Maveric Systems.
Growth Tips for Corporate Banking Services
Expand Value Offerings across the customer journey
For most consumers, dealing with a bank is merely a means to an end, such as securing a safe retirement, expanding a business, or purchasing a property. However, most banks prefer to focus primarily on discrete, bank-centric moments in the customer’s broader journey, such as providing a mortgage, while the customer’s more significant objective is purchasing a home. Banks need to focus on substantial value more than just the bank-related portion of the total experience. Banks can expand by engaging customers at other phases of their decision-making process.
Grow beyond the core into adjacent ecosystems
A tight emphasis on core adjacencies disregards the broader role a bank can play for its clients. By expanding their ecosystems beyond the conventional core, banks can leverage their existing customer base and operational skills, enhance customer interaction, and collect data that will provide a more comprehensive perspective of their customers’ requirements. As a strategy for expansion, banks have historically depended on educating clients about appropriate goods. This strategy involved adding additional banking products in the past, and there are better approaches than this one.
Explore Community Marketing
As banks differ in size and capability, commercial development in the banking industry will vary from market to market. Small banks may have only one or two branch offices, while large commercial banks may have thousands of branches around the country. Regardless of a bank’s scale, each branch must develop locally-tailored marketing tactics to serve its immediate community. Consumers bank at locations where they feel safe and at ease. This necessitates tellers and account reps who are bilingual in English and any other prominent language in the community. By requiring branch managers to consider the local community’s requirements, the bank can attract a more significant proportion of its target market.
Premium Services
This is an excellent method for increasing bank deposits, as premier services are designed to attract clients with high net worth. Customers with a high net worth frequently have unique wants and expectations. Private bankers who can locate the optimal solutions to meet comprehensive financial conditions typically provide superior service. Client confidence is increased when a select group of private bankers individually handles all transactions and account reviews.
Conclusion
Even though it may be a difficult time to be in the financial services industry, there are numerous prospects for business expansion. The long-established products and services of the past, distributed via physical distribution networks using conventional sales and marketing approaches, are no longer suitable for their intended purpose. By embracing digital-first strategies and personalized solutions, legacy FIs can break free from legacy systems or decades-old procedures.
The possibilities mentioned above can be tapped through digitalization, which promises, among other benefits, increased convenience, enhanced client experiences, lower overhead, and a quicker time-to-market.
About Maveric
Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.
Across retail, corporate & wealth management, Maveric accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.
With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore.
