Financial services firms face a dilemma: how can they differentitate themselves from the competition when virtually all of their products have become commodities? For its 2001 special report on the financial services industry, Cap Gemini Ernst & Young presents banks with a number of strategic alternatives.
The report contains the results of a survey of 120 institutions in 13 countries. In this executive summary, Cap Gemini distills the results of this research into five key points, noting a return to solid business planning, the redefinition of CRM, a shift into open finance (ie selling what the customer wants irrespective of source), the renaissance of the branch, and a rethink of technology investment strategies.
"While we believe that a few large financial services firms may triumph, many over time will reced into the background, becoming suppliers to a variety of companies that provide superior customer experience," the report asserts.
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