Retail Banking - US - December 2009
This report examines the trends, opportunities and challenges faced by the US retail banking industry. Under continued pressure from unemployment, decreased housing prices, and tighter lending standards, the retail banking industry is still facing a world of change. Though President Obama and his team have made some progress towards working through the financial crisis and the recession is deemed by many to have ended, the financial industry still has a tough road ahead. The challenges that remain – as well as the opportunities that have begun to open up – are examined in this report.
Here are some of the main themes of the report:
- The number of banks is decreasing in this country at the same time that assets are increasing. Banks are failing in record numbers; 123 have failed during 2009 as of November 14, as compared to 25 in all of 2008
- Success in the banking industry will require the adoption and implementation of cutting-edge technology; between the online banking functionality that consumers are coming to expect and the expected explosion of interest in banking by mobile phone, banks that can position themselves as being technologically savvy and secure stand to do well in the future
- Banks need to overcome the loss of customer trust experienced by all financial institutions over the past year. They can do this by changing their messages and becoming more attuned to their customers’ needs
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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