Banks and Consumers

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BANKS AND CONSUMERS 4 Future developments Consumers’ expectations of the private commercial banks are constantly changing, thus bringing about changes to banking itself. The private commercial banks have responded by continually adjusting their core competencies so that they can continue to compete successfully for retail customers. The growing demands of clients, who are becoming more affluent, better educated, more mobile and also more cost-conscious, prompt the private commercial banks time and again to demonstrate their passion for innovation. They offer their clients a product range that is continuously being updated and adapted to meet evolving needs. These are new, intelligent products that deliver additional benefits to clients and thus also strengthen customer loyalty. Fierce competition in the area of standard banking services makes it difficult for an individual bank to stand out solely on the strength of a product’s basic uses. For this reason, banks increasingly offer additional services targeting specific client groups. These include, for example, individually tailored, all-round financial planning services ranging from asset planning, asset accumulation, asset management and provision for retirement to the transfer of assets to legal successors. Property-related services (valuation and location analyses, structuring of property assets) are a further key area of expertise. The private commercial banks have realised that only a quality-oriented approach to these valueadded services will enable them to build brand recognition, serve clients’ needs in an optimal way and compete successfully over the long term. 30
BANKENVERBAND Retail banking is constantly evolving because technological advances are opening up new ways of defining closeness to customers. Today’s consumers expect standard banking services, in particular, to be available on demand. They want to be able to take care of their banking business quickly and easily even outside traditional opening hours. While a close-knit network of branches is still helpful in acquiring customers and retaining existing ones, it is no longer sufficient in the internet age. The private commercial banks were quick to seize the opportunities created by new technology, especially in the retail sector, and offer customers a full range of access channels. These include first and foremost online banking, telephone banking, mobile banking, self-service terminals and mobile sales. consumer demand for transparency. It is likely that product diversification will increasingly be accompanied by a diversification of prices to meet individual consumer needs. Even though there has been demand up to now for less complex, less differentiated pricing, there are signs that future retail business will comprise a wide variety of approaches featuring many more userpays components. In addition to fixedprice models (flat-fee schemes) for advisory services, volume-based models, hourly rates and profit-sharing plans will emerge for various types of service. Overall, the trend is towards cost-based, more customised pricing, which for the consumer means a noticeable improvement in price transparency. In the online banking sector, the private commercial banks played a pioneering role by establishing various direct banks. According to figures published by Deutsche Bundesbank, around 16 million online accounts were held at private commercial banks in 2009, representing 36 % of the total online banking market. There is still sometimes a perception that fees for retail banking services should be “social prices”. It is not always fully appreciated that payment services, in particular, require a cost-intensive infrastructure, whose continuous maintenance and upgrading has to be financed. All banking products should be priced on a user-pays basis. Advisory services and the time invested in providing this advice are increasingly being viewed as services that have a price. Cross-subsidisation and the resulting flat fees no longer satisfy 31
Page 1: BANKS AND CONSUMERS The comprehensi
Page 5: Contents I Banks and consumers - a
Page 8 and 9: BANKS AND CONSUMERS I Banks and con
Page 11 and 12: BANKENVERBAND II What is consumer p
Page 13 and 14: BANKENVERBAND lasting business rela
Page 15 and 16: BANKENVERBAND THE ECONOMIC IMPORTAN
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Page 22 and 23: BANKS AND CONSUMERS III Consumer po
Page 24 and 25: BANKS AND CONSUMERS CERTIFICATES Ce
Page 26 and 27: BANKS AND CONSUMERS which the recom
Page 28 and 29: BANKS AND CONSUMERS 3 Partners for
Page 32 and 33: BANKS AND CONSUMERS Ordinance comes
Page 34 and 35: BANKS AND CONSUMERS 2009 The Single
Page 37 and 38: BANKENVERBAND IV The private commer
Page 39 and 40: BANKENVERBAND PROMOTING ECONOMIC LI
Page 41 and 42: BANKENVERBAND Internet Teachers and
Page 43 and 44: BANKENVERBAND Conversely, some type
Page 45 and 46: BANKENVERBAND But information provi
Page 47 and 48: BANKENVERBAND If an order cannot be
Page 49 and 50: BANKENVERBAND EUROPEAN STANDARDISED
Page 51 and 52: BANKENVERBAND 3 Transparency in con
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Page 55 and 56: BANKENVERBAND European Code of Cond
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VI Requirements for a forward-looki
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BANKENVERBAND There can be no blank
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BANKENVERBAND 2 Uniform basic princ
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BANKENVERBAND for consumers, withou
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BANKENVERBAND shaping the customer-
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BANKS AND CONSUMERS VII Annex Rules
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BANKS AND CONSUMERS (2) Formal prel
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BANKS AND CONSUMERS b) Ombudsman de
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© Bank-Verlag Medien GmbH 40.001 (
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40.001 (01/12) Cost of Bank Service
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BANKS AND CONSUMERS Useful internet
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BANKS AND CONSUMERS The “fokus:ve
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www.germanbanks.org Wie erreichen S
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Banks and Consumers

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