In the retail banking industry, understanding customer habits, preferences and profitability potential requires gathering and analyzing large amounts of data on the profile and perceptions of existing and prospective bank clientele.

In Lebanon, competition has been growing tougher in retail banking, as financial institutions have tried to shift profitability from the easy source provided by government T-bills and move into alternate sources for a more balanced portfolio, namely retail banking.

Credit card services, savings schemes, housing and car loans and bancassurance are now widely available in most banks, and those who led the way early on have reaped the most benefits. In addition, online and phone banking services have been launched, although these products have yet to claim a significant place in the retail banking market. One of the indicators, according to Information International’s recent banking survey, is a lack of awareness of the benefits, convenience and efficiency such services provide, while security concerns are another barrier. ...Full Story