Challenges

Banks today face a world of competition and opportunities. Traditionally, banks and financial institutions have reached their customers through the use of branch networks. However, a number of factors have led banks to rethink their channel marketing strategies. These factors include:

• Rapid growth of the Internet
• Demands on time as a limited resource
• Rising branch real estate expenses
• Changing HR and IT infrastructures
• Fierce competition

These changes have necessitated banks to provide services to their customers anytime, anywhere, anyhow - in effect, creating branchless, borderless banks. Becoming a successful player in the New Economy requires a plan, a strategy, and methodical execution.