SunTec Business Solutions explains the need for improved customer segmentation and pricing strategies in the retail banking market.
The paper argues that pricing — already the most common criteria consumers use while selecting a financial institution — will become increasingly important as a tool to attract new customers and strengthen the existing relationships.
Banks that commit to developing a sophisticated pricing solution with dynamic relationship bases, analytical, rules-based pricing and product bundling abilities will have a distinct advantage, the paper posits. While their peers struggle to respond to complicated pricing challenges, they will have the insights and organisational conditions necessary to grow revenues and profits faster than competitors – and also the new entrants knocking loudly on the door.
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