The strategy to double institutional banking GTB fees and commissions revolves around three core tactics: expanding product offerings, strengthening client relationships, and improving pricing strategies. Each tactic involves targeted action items designed to achieve the overarching objective.
To expand product offerings, the strategy involves conducting market analysis to identify unmet needs and developing new GTB products tailored to market demands. Examples include launching AI-driven cash management tools and introducing cross-border payment solutions. Collaborating with technology partners and offering ESG-compliant GTB products aim at boosting product appeal.
Strengthening client relationships is an essential part of this strategy. Assigning dedicated relationship managers to key clients and conducting regular feedback sessions aim at fostering trust and engagement. The strategy also includes hosting industry seminars and implementing a CRM system to enhance service delivery.
Improving pricing strategy involves a comprehensive competitive analysis to inform pricing decisions. For example, introducing dynamic pricing models and bundled packages ensures competitive edge and client satisfaction. These enhancements are regularly reviewed to align with market conditions and overall revenue targets, ensuring adaptability and profitability.
The strategies
⛳️ Strategy 1: Expand product offerings
- Conduct a market analysis to identify unmet GTB service needs
- Develop new GTB products based on market demand
- Collaborate with technology partners to provide innovative digital banking solutions
- Offer customised solutions to specific sector requirements
- Bundle services for attractive, comprehensive offerings
- Launch AI-driven cash management tools
- Introduce cross-border payment solutions
- Expand trade finance options with competitive pricing
- Develop a suite of ESG-compliant GTB products
- Continuously review and enhance existing product offerings
⛳️ Strategy 2: Strengthen client relationships
- Assign dedicated relationship managers to key institutional clients
- Conduct regular client feedback sessions to inform service improvements
- Increase client engagement through industry seminars and workshops
- Offer bespoke advisory services for clients based on industry trends
- Implement a CRM system to track client interactions and enhance service delivery
- Organise client networking events to strengthen relationships
- Develop tiered customer loyalty programs to incentivise increased usage
- Create referral programs for existing clients to attract new business
- Provide exclusive access to market insights and reports
- Foster partnerships with clients by involving them in product development
⛳️ Strategy 3: Improve pricing strategy
- Conduct a competitive analysis to inform pricing strategies
- Implement dynamic pricing models based on client usage
- Offer tiered pricing structures based on client volume
- Create bundled pricing packages for multiple services
- Develop special pricing plans for long-term clients
- Introduce promotional discounts for new services
- Regularly review market conditions to adjust pricing accordingly
- Leverage data analytics to tailor pricing to client behaviour
- Establish a pricing committee to oversee pricing strategy
- Align pricing strategies with overall revenue goals
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
