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Retail banks fail to make the most of sales opportunities, says new Booz Allen global study (page 4 of 4)
- Middle East: Monday, December 03 - 2007 at 16:54
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In the GCC, the UAE achieved the highest score, followed by Kuwait and Saudi Arabia. UAE banks scored the highest on Booz Allen's Revenue Enhancement Index, leading in branches, call centers, and multi-channel integration. Branches are relatively new or refurbished, and have segments sections with specialists that are almost always available to meet customers.
UAE banks had the least performance variation among each other compared to banks in other GCC countries. Kuwaiti banks scored second, even though NBK's branches and call center performance stand out by a wide margin against its peers, with new branch models that have a clear layout, product displays, and well trained agents. Saudi Arabia scored third; yet, branches received high scores for their dedicated sections for mass affluent customers in most branches.
Going forward retail banks need to:
•Provide dedicated channels (website, call center, mobile sales forces and specialist areas in branches) for affluent customers.
•Reduce waiting times in branches through the use of welcome desks (concierge concept) and the option of making appointments in advance.
•Efficient call center menus and staffing that enable customers to quickly reach people who can resolve their queries.
•Enable customers to tailor websites, supported by strong security measures (e.g. random number generators).
•Offer mobile sales advisers who can complete transactions at the meeting, for selected customer groups.
•Enhance the ability to commence a transaction on one channel and complete it on another.
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Medilyn Manibo, Assistant News EditorMonday, December 03 - 2007 at 16:54 UAE local time (GMT+4)
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Methodology
Booz Allen's 2007 Revenue Enhancement Study set out to test the role of sales channels in revenue generation, taking as its starting point the fact that, across the globe, retail banks' drive to improve efficiency through cost reduction has been offset by a decline in revenue generation.
The study took a two-fold approach:
1. MORI Ipsos, the independent consumer research company, was tasked with undertaking interviews with banking customers in Europe, North America, Asia, Latin America and the Middle East. Research covered 17 countries and assessed consumer preferences for each distribution channel and overall satisfaction levels.
2. In addition, Booz Allen carried out an extensive mystery shopping exercise at 100 banks, focusing on the consumer experience. This included a shopping and servicing questionnaire in a number of branches for each bank, plus internet assessment, telephone calls to call centers and shopping with mobile sales forces.
Based on the findings of this research, Booz Allen defined five individual channel indices to measure banks' performance; branch, call centers, online, mobile sales force as well as a multi-channel index. Once weighted by consumer importance, this formed the Booz Allen Revenue Enhancement Index Score, which was used to rank banks' performance across the main channels.
The 17 countries included in the study are: Austria, Australia, Brazil, Canada, China, Germany, Hong Kong, Korea, Kuwait, Netherlands, Saudi Arabia, Spain, Switzerland, Thailand, United Arab Emirates, United Kingdom and United States.
About Booz Allen Hamilton
Booz Allen Hamilton has been at the forefront of management consulting for businesses and governments for more than 90 years. Providing consulting services in strategy, operations, organisation and change, and information technology, Booz Allen is the one firm that helps clients solve their toughest problems, working by their side to help them achieve their missions. Booz Allen is committed to delivering results that endure. With 19,000 employees on six continents, the firm generates annual sales of $4 billion.
To learn more about the firm, visit the Booz Allen Web site. To learn more about the best ideas in business, visit www.strategy-business.com, the Web site for strategy+business, a quarterly journal sponsored by Booz Allen.
Booz Allen's 2007 Revenue Enhancement Study set out to test the role of sales channels in revenue generation, taking as its starting point the fact that, across the globe, retail banks' drive to improve efficiency through cost reduction has been offset by a decline in revenue generation.
The study took a two-fold approach:
1. MORI Ipsos, the independent consumer research company, was tasked with undertaking interviews with banking customers in Europe, North America, Asia, Latin America and the Middle East. Research covered 17 countries and assessed consumer preferences for each distribution channel and overall satisfaction levels.
2. In addition, Booz Allen carried out an extensive mystery shopping exercise at 100 banks, focusing on the consumer experience. This included a shopping and servicing questionnaire in a number of branches for each bank, plus internet assessment, telephone calls to call centers and shopping with mobile sales forces.
Based on the findings of this research, Booz Allen defined five individual channel indices to measure banks' performance; branch, call centers, online, mobile sales force as well as a multi-channel index. Once weighted by consumer importance, this formed the Booz Allen Revenue Enhancement Index Score, which was used to rank banks' performance across the main channels.
The 17 countries included in the study are: Austria, Australia, Brazil, Canada, China, Germany, Hong Kong, Korea, Kuwait, Netherlands, Saudi Arabia, Spain, Switzerland, Thailand, United Arab Emirates, United Kingdom and United States.
About Booz Allen Hamilton
Booz Allen Hamilton has been at the forefront of management consulting for businesses and governments for more than 90 years. Providing consulting services in strategy, operations, organisation and change, and information technology, Booz Allen is the one firm that helps clients solve their toughest problems, working by their side to help them achieve their missions. Booz Allen is committed to delivering results that endure. With 19,000 employees on six continents, the firm generates annual sales of $4 billion.
To learn more about the firm, visit the Booz Allen Web site. To learn more about the best ideas in business, visit www.strategy-business.com, the Web site for strategy+business, a quarterly journal sponsored by Booz Allen.
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