DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/hk6zzt/global_best) has announced the addition of the "Global Best Practice Report: Shopping for New Banking Customers" report to their offering.
This Global Best Practice Report examines a wide-reaching trend for retailers to move into the provision of financial services to consumers. Unencumbered by legacy IT and with access to sophisticated analytics and a clear view of the customer, retailers have identified financial services as a key area of growth.
For traditional financial service providers, such as banks, the leading implications of retailers entering the fray are a loss of market share, a loss of customer interaction in terms of retailers bypassing the bank's traditional value chain, and potentially seeing an unbanked population being tapped into by an emerging competitor. While much fanfare is given to the threat of retailers participating in the financial services space, we should also consider the opportunity for co-prosperity and partnership that exists.
Retailers have also looked to less complex and substitutable products as their choice of entry into the financial services market, namely money transfer services, bill payment capabilities, credit cards, and insurance products. Customers show a pre-existing comfort level with these products and services that are highly commoditized, show a higher level of switching and attrition, and have a lower reliance on traditional bank relationships.
Shopping for new customers dissects case-studies of retailers who have successfully moved into financial services to understand why they have entered the market, how they have succeeded and the strategies that they have deployed. Using our own primary research data from each of the relevant markets, this report also clearly validates and quantifies these retailers' success by demonstrating the shifts in market share towards these brands.
Case studies include:
- Walmart, USA
- Pick n Pay, South Africa
- Auchan, France
- Coles, Australia
- Loblaws, Canada
- Tesco, UK
- M&S, UK
For more information visit http://www.researchandmarkets.com/research/hk6zzt/global_best