Consumers are demanding more, and regulators are stripping away key sources of revenue. It makes for a tough combination. One strategy every bank needs to pursue to face these challenges is to launch new products that attract new customers and to find ways to preserve revenue.
In a recent Banking Strategies article, Joseph Guyeaux (President of PNC) says “times like these – when the industry grapples with credit issues and heightened regulatory oversight – are precisely when banks need to carve out a differentiated value proposition and focus on sources of future growth.” However, it is challenging to determine which new products work and how to most effectively market them. (more…)