Benchmarking Digital Banking
Testimonials
We were making the wrong decisions based on assumptions that we had held to be true. The PTAI analysis revealed that we were not as competitive as we had believed. Our performance paradigms clearly had to be changed at the top and throughout the organization.”
CEO
“We did not fully understand how the margins on various product lines could be optimized. When we were able to see our costs in a true competitive context for the first time, we made some dramatic changes in our sales strategies that almost immediately improved our gross margins.”
SVP, Sales and Marketing
“We realized that our sales incentives did not fit our competitive strategy.”
Director of Sales
“Our competitive position had changed, but we were able to learn why and how to change course with reliable information. The type of benchmarking cleared our vision and gave us the facts to act.”
COO
The Industry Leader in Benchmarking Digital Banking
DESCRIPTION
The emergence of digital devices (including the Internet, Tablets, Mobile devices and ATMs) is rapidly changing the entire landscape of retail banking and financial services. Because of the constantly changing impact that these digital channels are having on how financial services are transacted, PTAI developed a timely, and highly focused, benchmarking program that enables companies to monitor their real market effectiveness.
PTAI has made considerable progress in presenting this benchmarking program to larger banks (over $10 billion in assets). Several of the banks that have been invited to participate have confirmed that the Program is very timely for the following reasons:
• The shift towards digital devices changes how people use banks.
• As the behavior of customers continues to change, this type of benchmarking is critical for banks to measure their ability to keep competitive.
• Benchmarking yields a “reality-based” gauge for banks’ competitiveness that internal data tracking cannot produce
All participants benefit from seeing their performance measured against that of their competitors for these rapidly growing channels of business. For each business channel (Internet, i-phones, Androids, tablets and ATMs), the management of the participating companies will be able to track new customer acquisition/retention, usage rates, risks/fraud, innovation, growth rate, cost and profitability. This is a “leading edge” program that maintains the confidentiality of each participant’s data while providing timely, “live market” analysis of where you stand among your peers and competitors.
BENEFITS
The motivations and objectives of companies who participate in a benchmarking project are as diverse as the projects themselves. These are some of the more common objectives that our Clients have in participating in a peer group/benchmarking project:
- to quantify and understand their strengths and weaknessess relative to others in their industry
- to gain insight into their competitive position in their industry (or industry sector) on a regional or global basis
- to make changes in costs and operating practices that impact efficiencies across the enterprise
- to make discoveries allowing management to re-allocate capital and other resources for certain business units or for the company overall
- to determine how well their company (or business unit) is actually performing in the marketplace, rather than just against its own historical data
Benchmarking programs executed by PTAI ensure complete confidentiality of all parties and are in full anti-trust compliance.
Learn more about the benefits of benchmarking >>
METHODOLOGY
The motivations and objectives of companies who participate in a benchmarking project are as diverse as the projects themselves. These are some of the more common objectives that our Clients have in participating in a peer group/benchmarking project:
- to quantify and understand their strengths and weaknessess relative to others in their industry
- to gain insight into their competitive position in their industry (or industry sector) on a regional or global basis
- to make changes in costs and operating practices that impact efficiencies across the enterprise
- to make discoveries allowing management to re-allocate capital and other resources for certain business units or for the company overall
- to determine how well their company (or business unit) is actually performing in the marketplace, rather than just against its own historical data
Benchmarking programs executed by PTAI ensure complete confidentiality of all parties and are in full anti-trust compliance.
Learn more about the benefits of benchmarking >>
DELIVERABLES
Our Banking benchmarks cover the following processes:
Customer Acquisition
Risk Management
Revenues and Profitability
Usage Rates
Costs
Transactions
Customer Retention
Contact Phillip Townsend Associates >>