The Future of Distribution: Consumer-driven channel management

The distribution of financial products is increasingly dynamic and banks need to adapt to changing consumer preferences especially within the current environment.

Report Highlights
Banks are moving away from the traditional transactional teller model to offering an advice-led approach in branches in order to stimulate cross-sales.

Datamonitor predicts that most banks will increasingly offer customers safe and simple ways to apply for a complex financial product online.

Mobile phones, especially smart phones, will have a very important part to play in the future of bank distribution. Most of the innovation in this space will come from financial institutions in developing countries where newer and more agile core systems allow greater adaptability to technological change.
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DATAMONITOR VIEW 1
CATALYST 1
SUMMARY 1
ANALYSIS 3
IT services contract volume increased 90% Y-o-Y to 156 3
Volume of deals ranging between $100m and $500m showed a significant increase Y-o-Y 4
Volume of deals valued below $5m declined 25% month-on-month 5
Value of application development deals increased significantly Y-o-Y 5
Volume of infrastructure management deals increased by 60% Y-o-Y 6
Value of BPO deals plunged 84% month-on-month 7
Defense and government agencies contributed 48% of the total deal value during the month 8
Volume of telecoms sector deals increased 62% Y-o-Y 9
Nokia Siemens Networks led the IT services space with highest deal value signed in December 2008 10
Enterprises preferred shorter deals with durations of less than three years 11
EMEA's contribution to total contract signings declined 12
Of all the contracts expiring in the next six months, 22% are application management contracts 13
Of the total contracts set to expire by June 2009, 23% are in the public sector 15
Appendix 17
Bibliography 18
Datamonitor consulting 18
Disclaimer 18
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Table 1: Sub-regional online IT expenditure, 2008 23
Table 2: How initial contact was made to open a current account, 2007 23
Table 3: Bank branch usage for transactions, 2007 24
Table 4: Number of reported phishing incidents targeted against UK banks and building societies, H1 2005--H1 2008 24
Figure 1: 80% of customers use branches to open a current account, 2007 6
Figure 2: All regions will experience a dip of expenditure into online channels, 2008 7
Figure 3: 18% of customers do not use branches for transactions, 2007 9
Figure 4: More than three quarters of customers are worried about staying within their overdraft limit, which explains why they are visiting bank branches more for advice, 2008 10
Figure 5: RBS's chat now with a loan advisor icon is made available to anyone accessing the website 15
Figure 6: Number of reported phishing incidents targeted against UK banks and building societies H1 2006-H1 2008 16
Figure 7: ICICI' s B2 Branch-Free Banking website 18
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