As we discussed in previous articles, a radical reengineering of retail banking is required to win the future. Here are the key elements of this reengineering:

Market segmentation and customer profitability. Historically, the banking industry has not segmented its market or customer base. The lack of customer segmentation has been a key reason behind the industry's loss of market share over the past decade and the tremendous success of the credit card and mutual fund industries. Online companies have used data base management and aggressive direct mail efforts to profitably gain market share at the expense of the majority of competitors in their lines of business.

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