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The Boston Consulting Group (BCG) has fired a warning shot across the bows of traditional banks with the launch of a new report this week.
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In its sixth report on the global payments market, BCG indicates traditional players in the banking sector are being challenged by a wave of new entrants with mass-market reach.
Companies such as Tesco in the UK and Wal-Mart in the US are ready to win over customers demanding choice, convenience, lower costs, and better service. Office supplier Staples has even gone as far as offering small-business banking services.
Shrinking revenues from investment banking and corporate lending this year, with lower interest rates piling on the woe, mean that it is crunch time for traditional banks. In compiling the report, BCG surveyed 20 financial institutions, including nine of the top ten global banks. An overwhelming 75% of bankers interviewed said refocusing on revenues was a top priority for 2003.
For further details of this report see:
http://www.bcg.com/media_center/media_press_release_subpage81.asp
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