What are the trends driving retail banking forward? I Erste Group


Our clients are expecting that we are adding
value to their daily financial life. I think it’s about building up wealth, it’s
about building up their assets, it’s about protecting their wealth, and I think it’s
also about managing their daily financial life. I think personalization is a very important
trend in retail banking over the last years. [Because] due to technology, we are now able
to come up with a relevant offer for our clients. It’s about listening to our clients. And now we also have the possibility to analyze
the financial data of our clients, which supports us to come up with a relevant offer, which
is the perfect solution for our clients exactly to the financial situation they are in. George is a perfect example of how banking
changed over the past 10 years. In the old days, banks entered the market
and clients had to choose the different banks and think about how to approach them. Today, our clients have the possibility to
design their own banking experience – and this is what George is all about. You can design George in the way you love
to to have it. George was developed together with our clients
and we are very happy about the success. We are rolling out George now in three countries,
we will roll it out in the rest of the Group until the end of next year. I think it’s the right way to approach the
needs of our clients: to have a very seamless way to enter their financial life. George is also following the second, very
important trend in retail banking – that’s about platformization. Platformization means for our clients that
they want to approach us just one time. For example: if you are looking for a mortgage,
you are looking on the one hand for a financial product. But you don’t only need the financial product;
there could also be additional services which are related to this mortgage. For example: legal advice, a list of properties,
the way how to evaluate your property. I have the strong belief that people expect
us to offer this in a kind of one-stop, one-shop principle – and I think with George we are
right ahead of the curve. There were a lot of changes over the past
20 years in banking. I think it’s now completely clear that clients
are steering banks and clients are in the driver’s seat and they want to choose in
which way they want to get in contact with us – and they expect us to be there where
they want us to be. In the old days, the most important ‘channel’
for a bank was the branch network and clients had to show up in a branch if they had any
kind of financial need. Today, it’s vice versa: clients have their
financial need and we try to be part of the value chain of our clients, and not vice versa. So if you are wherever and you want to have
us on your mobile phone, we will be there. If you would like to see your advisor, you
can do it via visiting a branch, or you can do it via telephone, you can do it via videoconferencing. So, technology enables us to be where are
clients are.

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