EFMA Council Releases First Annual Report for Affluent Banking
The European Financial Marketing Association (EFMA) Affluent Banking Advisory Council has released its first annual report, summarising the trends and developments identified in the affluent banking sector during 2011.
Some of the key issues that the 2011 report identified included:
Patrick Desmarès, secretary general of EFMA, said: “The affluent segment remains attractive to banks, despite the downturn, with revenues now likely to start improving, along with customer satisfaction levels. Banks now need to explore the sustainability of some of the costs and models used for the affluent sector. One view we have seen much of this year is that banks will primarily try and reduce the overall cost to service and that the development of direct channels will accelerate. I look forward interest to seeing how this particular debate develops in the coming year.”