Banks have become increasingly focused on growing revenue using a variety of strategies, including new fees and thresholds on checking accounts, re-pricing of premium services, bolstering cross selling efforts, and a greater focus on fee-based businesses such as wealth management.
Some firms have already begun to put new revenue growth plans to work by targeting affluent customers for expanded wealth management services. However, the success of this strategy will rest heavily on more creative approaches to customer insights and more robust methods in data analytics. In this regard, much work remains for 2014