DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/aca7fc/customer_value_pro) has announced the addition of the "Customer Value Propositions in Singaporean Retail Banking" report to their offering.
Retail banking competition in Singapore has arguably reached the point where many consumers see little or no differentiation between products and services across different banks. As such, this report highlights strategies that can be used to improve the customer value proposition in retail banking.
Features and benefits:
- Understand consumers' decision making process in Singapore, specifically their views toward different retail banking products.
- Analyze different entry points in the consumer lifecycle, highlighting challenges and strategies to win new customers
- Gain in-depth insight on how banks can improve their customer value proposition, assessing both price and non-price factors
Highlights:
Datamonitor investigates the pricing factors and non-price elements in a financial product's value proposition in order to assist banks in addressing their competitiveness in this highly commoditized market.
While there is evidence that the majority of Singaporean consumers are actively looking for alternative products with other banks, Datamonitor found that many consumers have little intention of switching their banking products. Indeed, only 22.4% of consumers indicated they were likely to change their primary bank.
Arguably, price is a simple and quite a powerful tool to change consumers' minds about their products; however, changes to price-related factors may face many challenges. On the other hand, there are other non-price related factors in which FS providers can improve the value propositions: product design, customer experience (service) and brand.
Your key questions answered:
- What is the customer value proposition and how this potentially can attract new customers?
- How can banks differentiate through both price and non-price factors in the current retail banking environment in Singapore?
- How significant are interest rates and fees for Singaporean consumers and how do these differ across different banks?
- Why is the customer experience such an important factor and what have other banks done to improve this?
To view the reports full table of contents and for more information, please visit http://www.researchandmarkets.com/research/aca7fc/customer_value_pro
Source: Datamonitor