Technology is the foundation on which the retail banking edifice is built across the globe.
Horizontal or vertical organized refers to whether data is available product wise on a stand-alone basis or data is available customer wise on an integrated basis.
In terms of processes for integration of technology in retail banking, retail banks are using different approaches to modularise and standardise their processes. Four distinct process models are :
(i) Horizontally Organised Model where individual process platform supports one product only. The sub data in the model are not shared with other products and product platform.
(ii) Vertically Organised Model where functionality is provided across all products. In this model, customer information is centralised. Centralised customer information builds common origination and servicing processes across all its retail banking products.
(iii) Predominantly Horizontally Organised Model with some modularization within a product oriented feed back. Customer data integration is available to a certain extent for other products.
(iv) Predominantly Vertically Organised Model is a hybrid model that offers common information for most of the related services. The basic information is available across products for common services to the various products.
Some of the user friendly features and benefits offered for retail banking by a major player in the banking and financial services software solutions providers.
c. Customer Analytics
d. Wealth Management