University of Minnesota - UMN Executive Leadership Insights
The Art of Better Retail Banking
Book

The Art of Better Retail Banking

Supportable Predictions on the Future of Retail Banking

Hugh Croxford, Frank Abramson and Alex Jablonowski
Wiley, 2005
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Editorial Rating

7

Qualities

  • Comprehensive
  • Analytical

Recommendation

What could be unique about a bank? After all, every bank offers various loans and accounts. In this tome for bankers, banking experts Hugh Croxford, Frank Abramson and Alex Jablonowski contend that banks have made a mistake by becoming too much alike, offering indistinguishable products and services. They argue that bankers should innovate and create solutions that simplify their clients’ lives. This UK-oriented study is intriguing to a point, but it would have benefited from more specific case studies of successes and failures. This book predates the banking meltdown, so events have overtaken a few of its suggestions. Still, getAbstract recommends it to bankers who seek a critical, customer-oriented view of their industry.

Summary

Banking: Part Science, Part Art

From clearing checks to balancing accounts, bankers spend much of their time on the “science” and “engineering” of financial services. Many bank employees must focus full-time on the operational, procedural and regulatory rules underlying their core business: taking deposits and making loans. While a well-run bank is a marvel of science and engineering, its back-office work is mostly invisible to customers. What clients see is the “art” of banking – service, for example, shapes the customer experience and affects their perceptions. Consumers want more art, but bankers struggle to deliver it. The three main facets of banking are:

  • Science – Mathematicians, economists, lawyers, actuaries and tax experts run this part of a bank. The science of banking offers little room for change.
  • Engineering – Sales, service, operations and information technology divisions handle the bank’s engineering function, the biggest part of its business. Engineering is essentially the overall system that allows banks to clear checks, process payments and otherwise take care of money.
  • Art – ...

About the Authors

Following a career in banking, Hugh Croxford now consults for banks and IT companies. Frank Abramson is CEO of the Relationship Consulting Group and a director at Intramezzo, Verdandi and M-I-G. Alex Jablonowski was CEO of a London-based bank and a managing director at Barclays.

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