An emerging truism in retail banking is that continued growth hinges on tailoring products and services to the needs and value of each customer on an individual basis. Through the fine art of one-to-one relationship management, banks can maximize the value of each customer as never before. But how? As with every 21st century problem, the initial response is "technology." But what kind of technology would be the most cost-effective and the most accepted by the key customer segments banks should be targeting?
To put customer relationships in the fast lane, banks need to get onto the information superhighway. The Internet will be crucial for growth strategies in retail banking during the coming decade. Specifically, it will enable banks to leverage one-to-one customer relationships more extensively-and more intensely-than anything previously possible and reach out directly to a new generation of banking consumers.