The customer deposit garnered by retail banking represents an extremely important source of stable funding for most banks. In this context, it is essential for the banks to keep pushing the frontiers of innovation and experimentation in the retail banking space to survive and also to remain relevant.
One of the most essential elements of a strong customer bank relationship is the bank’s understanding of customer needs and preferences. However, with the massive increase in their size and their customer base, the banks have slowly drifted away from understanding their customers’ needs and preferences closely.