© Copyright Acquisition International 2024 - All Rights Reserved.

Article Image - Banking Industry Should Learn from Telecoms Sector in Approach to Product Sales
Posted 12th December 2016

Banking Industry Should Learn from Telecoms Sector in Approach to Product Sales

Specialist management consultancy Baringa Partners responds to the news that HSBC has closed 200 branches this year.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

Banking Industry Should Learn from Telecoms Sector in Approach to Product Sales
Image

Specialist management consultancy Baringa Partners responds to the news that HSBC has closed 200 branches this year.

Emily Farrimond, Director, Baringa Partners says: “The news that HSBC – who historically placed a strong emphasis on its local branch presence – has closed over 200 branches this year is just the latest in a series of branch closures across the industry as banks react to changes in customer behaviour and the need to reduce operating costs. However, ongoing closures is not sustainable and a new approach to product sales is needed. The banking industry should learn from the telecoms sector and create ‘The BankStore’, the Carphone Warehouse of banking.

“The BankStore would allow customers to compare the prices of retail banking products from a range of providers under one roof. Sales assistants would be able to provide independent advice on a range of products and customers would then be able to buy from any provider. If customers then want to purchase additional products from a different provider, they wouldn’t have to provide any further information as it would all be registered with The BankStore.

“As well as increasing competition in the banking industry, a key focus for the regulator, The BankStore would also support vulnerable customers who do not have access to digital channels or do not feel comfortable using them. The question is, will banks take the lead or will a new challenger step up to the plate?”

Categories: Finance


You Might Also Like
Read Full PostRead - Eye Icon
Student Finance: What You Need to Know
Finance
21/09/2020Student Finance: What You Need to Know

Student finance has always been a difficult topic, but it's even more so nowadays. The pandemic situation and resulting economic problems have forced many students to apply for student finance. This may be the only way for some students to apply for higher edu

Read Full PostRead - Eye Icon
Ambient Advertising, Yard Signs, and More: Why Real-World Marketing Still Matters
News
11/04/2022Ambient Advertising, Yard Signs, and More: Why Real-World Marketing Still Matters

Marketing is essential for every business, but with the popularity of ecommerce, digital marketing has been receiving all the attention. However, we still live in a physical world where people walk into businesses and pass by physical locations. Therefore, eve

Read Full PostRead - Eye Icon
Hitachi Capital UK to accelerate business finance growth with franchise acquisition
Finance
27/06/2018Hitachi Capital UK to accelerate business finance growth with franchise acquisition

Hitachi Capital UK has significantly strengthened its business offering with the acquisition of Franchise Finance Ltd, a specialist financial services provider to the franchising industry.

Read Full PostRead - Eye Icon
How to Create a Product to Sell Online in 5 Simple Steps
News
01/09/2023How to Create a Product to Sell Online in 5 Simple Steps

Considering entering the exciting world of ecommerce with an amazing new product? Whether you’re a budding entrepreneur or an established business looking to expand your online presence, this article will walk you through the essential steps to transform

Read Full PostRead - Eye Icon
Solana: The Rising Star Paving the Way for Bitcoin’s Evolution
Finance
15/08/2023Solana: The Rising Star Paving the Way for Bitcoin’s Evolution

In the vast and dynamic realm of cryptocurrencies, one project has been gaining significant attention and acclaim: Solana. With its exceptional scalability and innovative features, Solana has emerged as a rising star in the crypto space.

Read Full PostRead - Eye Icon
2016’s Most Innovative Law Firm – Switzerland
Legal
29/06/20162016’s Most Innovative Law Firm – Switzerland

Deschenaux, Hornblower & Partners, LLP is an entrepreneurial international jurists firm.

Read Full PostRead - Eye Icon
Mastering Expansion: Proven Strategies for Scaling Your Service Business
News
15/02/2023Mastering Expansion: Proven Strategies for Scaling Your Service Business

Multiple site expansion of a service company can have numerous advantages, but it necessitates a deliberate strategy.

Read Full PostRead - Eye Icon
International Trade, Maximising Thailand’s Potential
Finance
01/12/2015International Trade, Maximising Thailand’s Potential

Rajah & Tann is the largest firm in Singapore but, with 9 offices and over 500 lawyers in South East Asia, making it the largest Asian headquartered firm in South East Asia.

Read Full PostRead - Eye Icon
Innovations In Eco-Friendly Business Heating Systems
Innovation
08/09/2023Innovations In Eco-Friendly Business Heating Systems

As the world continues to grapple with environmental concerns, businesses are increasingly exploring innovative ways to align their operations with eco-friendly practices.



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow