Since the first half year of 2004, the growth rate of bank loan has been single digit from double digit in the past decades. This kind of low growth of bank loan is a new economic environment which the domestic banks encounter and which pushes the banks into adopting a new strategy.
The low price strategy, which leads to paper-thin interest margins, is not a good alternative for the banks, because it would eventually result in a lose-lose game for all. To avoid a winner's curse, banks need to pursue a differentiation strategy. Any differentiation strategy should be based on the customer value proposition, which can be connected more usefully with the survival inequality. The survival inequality is V(alue) > P(rice) > C(ost). So the proposition and inequality combined, it mean that banks survive if customers enjoy the value, which the banks offer, more than the price, which the customers pay, and, in turn, the price should be lower than the cost, which the banks pay.
Based on this model, domestic banks need to contact (prospective and existent) customers more frequently, to identify their financial needs more specifically, to create new financial products more customized, to satisfy their needs more fully, and, finally, to make them return to the banks more often. Definitely, fee revenue should be tapped into. One of the powerful ways to increase fee revenue is cross sales by first custo- mization. In parallel with this, the banks need to be more sales-oriented based on the long-term relationship with customers. Of course, it is needless to say that the banks make sure that their employees are satisfied, in order for the employees, in turn, to satisfy their customers. Also, cost efficient channel network needs to be established for banks to be accessed by the customers at their convenience.
저성장기의 은행 비즈니스 모델(A bank business model in low-growth environment)
서울 : 한국금융연구원
|Series Title; No||금융조사보고서 / 2005-01|
|Subject Country||South Korea(Asia and Pacific)|
|Subject||Economy < Financial Policy|
|Holding||한국금융연구원; KDI 국제정책대학원|