The Future of Retail Banking Industry in Bank 3.0
Date Issued
2016
Date
2016
Author(s)
Chiu, Min-Fen
Abstract
With the advanced technology development, banks are no longer physical and fixed locations. With the network, people can do transactions every time and everywhere. In the new era of Bank 3.0, not only consumers need to change their consumption habits, but banks need to change their strategies to deal with more challenges. However, the more information customers can receive, the more the loyalty declines. Traditional banks should ensure their innovative strategies could grasp the new market trends. Banks must be equipped with customized financial services so to stand out other competitors and to avoid elimination. However, some branches and departments must be eliminated under this trend, and so do some employees. We would like to see the banking transformation and the cost reduction. But at the same time, we still need to figure out how to reduce the pain during process, which is the subject of this thesis. This article will explore the communication and counseling between banking management and executives -- how they continue bringing prosperity to each other in this era. Through questionnaire analysis and in-depth interviews, this study analyzes the attitudes and expectations of local retail banking staffs, and the future strategies of executives. Wealth management is still not out of ""people"" things. That is to say, even though the whole transaction system might be digitalized, banks still need people, rather than robotics, to solve human’s problems. Therefore, this study suggests business model and strategies as an example for banking executives in the era of Banking 3.0.
Subjects
Digital Banking
Retail Banking
Wealth Management
Fintech
Branches
SDGs
Type
thesis
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