What does “speed to market” mean in banking and what are the benefits for banks that realize the goal?
Brian Edwards, Astoria Federal: Speed to market is how quickly you can differentiate your company by providing an innovative or value-added product for a targeted customer segment. A major benefit is increased profitability through greater efficiency or revenue. If you’re launching something just for the sake of launching something, without any real, true, intrinsic value to customers, they’re not going to reward you with their business. So you have to keep your eye on the benefits of acquiring a new relationship cost efficiently, as well as strengthening a relationship or deepening a relationship through increased revenue. Ravi Manchi, MPI Professionals: Speed to market is the ability and agility of a bank to either launch a particular product or service offering and/or pull out of a particular market segment. Firms that are able to quickly read the customer/market needs have a potential to increase their market share within a certain segment and, ultimately, increase overall revenues
