According to a new forecast report from Timetric, women and youth are two upcoming customer groups for retail banks. They are expected to drive growth in this sector. Timetric advises the banking industry to address their specific needs to achieve growth.
A focus on woman-specific banking attracts more female customers
The needs of women customers are different from those of other customers. Women prefer to visit the bank in person and value the social aspect of service according to Timetric. Services aimed at them must focus on these personal interactions. More women-only branches and maternity-related services will make them feel valued.
An example is Bulbank in Bulgaria which opened a new branch for female clients. The bank was built to appeal to the female customer and focused on forming relationships with them. Women advisors were hired and the products were titled “Donna”. The branch catered to the banking needs of the modern woman.
Ajman Bank in UAE has also opened a women-only bank with seven branches in Abu Dhabi, and Dubai, Sharjah.
An emphasis on online banking benefits the younger customer
Young people are quick to adapt to new trends. According to a Timetric analysis, they use online and mobile tools frequently for their banking needs. Timetric suggests that a focus on web-based channels will benefit them greatly. The youth requires limited help in person and should instead be offered self service tools. Extended branch timings are useful for young people with late working hours.
Citibank launched the “Smart Banking” concept in their branches a few years ago. This was inspired by the Apple store and focused on customer innovations. The latest technology was brought in and advising hours extended for clients.
The Timetric report; ‘Branch Network Development in a Multi-Channel World’ was published in May 2013.
Timetric is a leading provider of online data, analysis and advisory services on key financial and industry sectors. It provides integrated information services covering risk assessments, forecasts, industry analysis, market intelligence, news and comment.