Retail Banking Academy News Roundup – 25/04/15

Another look back at some of the some of the best and most interesting retail banking and payments news stories from the past week.

Facebook payment system will change banking forever, but it comes with its own price tag – your privacy

 “If you know where people have been, what sites they visit, what apps they download, and also their spending habits, you know a massive amount about them – much more than their bankers, the credit and debit card companies… a company could not only target users with sensible advertising, but also be able to make a judgement as to whether people were a good credit risk or not.”

Goldman’s retail move follows the money

“Its new strategy is pure follow-the-money opportunism. It wants to replicate Discover, having seen quite how much money a business like that can extract from customers. If Goldman can borrow money at less than 2 per cent and lend it at up to 25 per cent, as Discover does, the appeal is obvious. Discover’s return on equity in the quarter to March was 21 per cent. Goldman’s was 6.4.”

Maybank’s 2020 plan puts more force behind digital

“Maybank adopted what it calls a “social strategy maturity” model – first giving its employees a framework for reputation management, before moving into the marketing and promotions aspect.”

Digital banking is all about Interactions not transactions

“Creative use of Big Data can also drive greater interaction and create new revenue streams. In terms of the latter some banks are already capitalising on PFM (Personal Finance Management) data to provide 3rd party offers and rewards to their customer base.”

Bricks or Clicks? Which Banking Channel Do Consumers Want More?

“Data indicates that in-person meetings are still a priority, especially when high-value services are involved. However, just because consumers are willing to drive to a branch doesn’t mean they will be patient when they get there. 64% of consumers say they are willing to wait less than ten minutes to be helped.”

The Retail Banking Academy is the only international training academy that offers qualifications exclusively dedicated to the best practice principles in retail banking from the practitioner’s point of view. We are committed to making the Certified Retail Banker qualification (CRB) the recognised industry standard by making it possible for ambitious retail bankers worldwide to embark on a structured programme that sets the highest standards of ethics, education and customer-oriented retail banking excellence.

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