Want to Grow Your Bank? Embrace These 3 Mandates
2. Focus on the Customer, Not Products
To increase revenue, banks must figure out which customers to target, which to cut loose, and how to package the products and services customers want, and are willing to pay for, says KPMG. To achieve this level of knowledge about the customer, the firm advises banks to become proficient at leveraging both structured and unstructured data on their existing customers, as well a potential new customers. Doing so may require banks to gather information buried deep down in data mines, as well as in the data repositories of third-party companies, in which case banks need to purchase that data, or partner with those companies and access it.