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Banks belonging to retailers
like Migros have an advantage when it comes to collecting "big data" |
As many as 40 Swiss private banks could disappear in the changing banking landscape, predicts a study released on Thursday. Banks that want to survive should concentrate on using “big data” to provide clients with individualised service and advice, it found.
The end of banking secrecy for customers in key foreign markets and
restrictions due to the financial crisis have turned the industry inside out,
said the study. The transformation process is still only in the beginning
stages and the challenges banks face are major – even existential.
The study, conducted by accountancy firm KPMG and the University of St Gallen, was based on a survey of nearly 50 private and cantonal banks.
Ninety percent of them believed that knowing the customers’ habits and preferences would make it easier for them to woo customers by offering
tailor-made products.
There is no time to lose, according to KPMG board member Philipp Rickert. Banks that take action can succeed in the future, despite, or perhaps
because of, stricter regulatory requirements, he said.
Retailers like Migros and Coop, which also have banking branches, have abundant experience in the collection of data related to customer behavior
and preferences, according to KPMG’s Hans Stamm. Retail banks like Postfinance or the cantonal banks also have an advantage.
With digitalisation, the role of customer service representative will be
redefined, said Stamm. In addition to wanting access to information around
the clock, bank customers want personal contact. The customer service agent will become a sort of “mini family officer” who knows his clients and takes time for them.
swissinfo.ch and agencies
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