ResearchMoz.us include new market research report" 2020 Foresight , Relationship Pricing:Industry Trends, Size and Shares Research Report " to its huge collection of research reports.
With changes in economic fundamentals, technology, regulatory frameworks and competitive dynamics, the retail banking industry has recorded a gradual transformation in its banking business models since 1990. Following the financial crisis, banks analyzed the importance of building a profitable and long-term relationship with their customers to increase revenues and profitability.
View Full This Report With TOC - http://www.researchmoz.us/2020-foresight-relationship-pricing-report.html
Since pricing is affected by cost pressures and changing customer expectations, banks use the opportunity to build a strong customer relationship by offering a customer-centric business models based on relationship pricing.
Banks apply different relationship pricing models including product bundling, behavior- and time-based pricing, and personalized pricing to a diverse customer base which suits their individual banking requirements and willingness to pay. Product bundling enables the single point management of packages, prices and promotional offers to customers, providing customized packages and bundles including products and services from different business lines, rather than selling one product or service at a time. NatWest in the UK offers product bundling with discounted features which has resulted in an increase in profit margins.
Banks also offer time-based pricing by providing differentiated prices for new and existing customers and categorizing these according to their long- and short-term associations with the bank. Wells Fargo offers higher interest rates in its certificate of deposits (CD) or savings account at the end of every month, enabling existing customers to earn extra interest as an incentive to save more and increase their assets with the bank over time.
Scope:
It details insights on emerging operational, technological and regulatory trends driving the adoption of relationship pricing across developed and emerging economies
It provides an overview of loyalty programs as an approach to relationship-based pricing models
It provides case studies on relationship pricing implemented by various retail banks and their outcomes
Reasons To Buy:
Understand the concept of relationship pricing and its adoption across key markets worldwide
Assess the current and future opportunities of relationship pricing in the retail banking industry
Gain insights into the business models adopted by retail banks to offer relationship pricing to consumers
Gain insight into various trends driving the growth of retail banks in offering relationship pricing
Key Highlights:
Following the financial crisis, banks developed profitable growth through relationship pricing to derive greater value from their existing customers. In the constantly changing banking environment, a single price for all approaches is not suitable for targeting diverse customer segments, resulting in the establishment of customized pricing for specific customer groups. Following this, banks offers products and services with pricing based on a customers demography, product holding and volume of transactions.
To remain competitive, banks aim to offer products at a price that take into account a customers willingness to pay. In this regard, banks assess a customers lifetime value which acts as a key driver for relationship-based pricing.
Increasing competition and commoditization of services means banks have to undergo a 'virtual makeover' in offering products and services to customers. To distinguish their banking services from competitors and maintain long-term customer relationships, banks have adopted strategies such as price differentiation and a consumer-centric approach where prices and services are determined by customer requirements and purchasing behavior.
Loyalty programs have emerged as a key marketing tool in the global retail banking industry. These programs offer reward points, rebates and cashback. Rewards are based on the size of purchases and the tenure of a customers relationship with the bank.
The understanding of purchasing patterns enables financial institutions to identify and phase out ineffective pricing and reward programs. This strategy enables banks to properly segment and target customers. Advanced analytics also enable banks to analyze their product portfolios and develop pricing strategies based on current competition.
Related Reports:
Knowledge Management (KM) in Financial Services ( http://www.researchmoz.us/knowledge-management-km-in-financial-services-report.html )
China Financial POS terminal Industry Report, 2011-2012 ( http://www.researchmoz.us/china-financial-pos-terminal-industry-report-2011-2012-report.html )
Innovation in Payment Systems - The Emergence of Contactless Cards and Payments ( http://www.researchmoz.us/innovation-in-payment-systems-the-emergence-of-contactless-cards-and-payments-report.html )
Browse All Latest Report Related to Banking Market Research Reports - http://www.researchmoz.us/banking-market-reports-159.html
For More Information Kindly Contact:
Email :[email protected]
Website:http://www.researchmoz.us/
Blog :http://globalmarketresearchnews.blogspot.com/
With changes in economic fundamentals, technology, regulatory frameworks and competitive dynamics, the retail banking industry has recorded a gradual transformation in its banking business models since 1990. Following the financial crisis, banks analyzed the importance of building a profitable and long-term relationship with their customers to increase revenues and profitability.
View Full This Report With TOC - http://www.researchmoz.us/2020-foresight-relationship-pricing-report.html
Since pricing is affected by cost pressures and changing customer expectations, banks use the opportunity to build a strong customer relationship by offering a customer-centric business models based on relationship pricing.
Banks apply different relationship pricing models including product bundling, behavior- and time-based pricing, and personalized pricing to a diverse customer base which suits their individual banking requirements and willingness to pay. Product bundling enables the single point management of packages, prices and promotional offers to customers, providing customized packages and bundles including products and services from different business lines, rather than selling one product or service at a time. NatWest in the UK offers product bundling with discounted features which has resulted in an increase in profit margins.
Banks also offer time-based pricing by providing differentiated prices for new and existing customers and categorizing these according to their long- and short-term associations with the bank. Wells Fargo offers higher interest rates in its certificate of deposits (CD) or savings account at the end of every month, enabling existing customers to earn extra interest as an incentive to save more and increase their assets with the bank over time.
Scope:
It details insights on emerging operational, technological and regulatory trends driving the adoption of relationship pricing across developed and emerging economies
It provides an overview of loyalty programs as an approach to relationship-based pricing models
It provides case studies on relationship pricing implemented by various retail banks and their outcomes
Reasons To Buy:
Understand the concept of relationship pricing and its adoption across key markets worldwide
Assess the current and future opportunities of relationship pricing in the retail banking industry
Gain insights into the business models adopted by retail banks to offer relationship pricing to consumers
Gain insight into various trends driving the growth of retail banks in offering relationship pricing
Key Highlights:
Following the financial crisis, banks developed profitable growth through relationship pricing to derive greater value from their existing customers. In the constantly changing banking environment, a single price for all approaches is not suitable for targeting diverse customer segments, resulting in the establishment of customized pricing for specific customer groups. Following this, banks offers products and services with pricing based on a customers demography, product holding and volume of transactions.
To remain competitive, banks aim to offer products at a price that take into account a customers willingness to pay. In this regard, banks assess a customers lifetime value which acts as a key driver for relationship-based pricing.
Increasing competition and commoditization of services means banks have to undergo a 'virtual makeover' in offering products and services to customers. To distinguish their banking services from competitors and maintain long-term customer relationships, banks have adopted strategies such as price differentiation and a consumer-centric approach where prices and services are determined by customer requirements and purchasing behavior.
Loyalty programs have emerged as a key marketing tool in the global retail banking industry. These programs offer reward points, rebates and cashback. Rewards are based on the size of purchases and the tenure of a customers relationship with the bank.
The understanding of purchasing patterns enables financial institutions to identify and phase out ineffective pricing and reward programs. This strategy enables banks to properly segment and target customers. Advanced analytics also enable banks to analyze their product portfolios and develop pricing strategies based on current competition.
Related Reports:
Knowledge Management (KM) in Financial Services ( http://www.researchmoz.us/knowledge-management-km-in-financial-services-report.html )
China Financial POS terminal Industry Report, 2011-2012 ( http://www.researchmoz.us/china-financial-pos-terminal-industry-report-2011-2012-report.html )
Innovation in Payment Systems - The Emergence of Contactless Cards and Payments ( http://www.researchmoz.us/innovation-in-payment-systems-the-emergence-of-contactless-cards-and-payments-report.html )
Browse All Latest Report Related to Banking Market Research Reports - http://www.researchmoz.us/banking-market-reports-159.html
For More Information Kindly Contact:
Email :[email protected]
Website:http://www.researchmoz.us/
Blog :http://globalmarketresearchnews.blogspot.com/
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