Top Ten Banking Trends for 2007: The Focus on Revenue
Aite Group has announced a new report titled "Top Ten Banking Trends for 2007: The Focus on Revenue" that highlights the top ten U.S. banking trends it foresees in 2007. According to Aite, "during 2006 banks devised plans for new initiatives, and they piloted technologies that were focused on revenue growth as opposed to more traditional cost-cutting measures. While operational efficiency remains crucial, those banks that are looking to strengthen their position in 2007 will put last year's plans into action, complete product rollouts, and focus on identifying new revenue streams."
Revenue growth will require greater emphasis on the underserved customer segments, tools for more effective cross-selling, and new technology deployments that will enable differentiation and new product offerings. Consumer protection issues will also remain a challenge throughout 2007, but new tactics for compliance will mean easier access to bank products and greater customer satisfaction.
"The road to success will not be a clear one for most banks throughout 2007," said Christine Barry, a research director with Aite Group and co-author of the report. "They will be forced to abandon many of their traditional strategies and stray from their comfort zones. However, the coming year could be one of transformation and revenue growth, separating the winners from the losers, as banks attempt to grow their positions in an extremely competitive market."
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