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Read this Accenture report to learn how enhanced multichannel experiences, social media interactions and mobile technology can enable banks to achieve success—today and in the future.
Today’s banks must restore customer trust, defend against new competitors and avoid commoditization. In this report, Accenture proposes three business models that can help banks overcome these challenges:
Learn more about each of these business models—and how a bank that implements all three can double its annual growth rate.
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Download the full report [PDF, 884 KB]
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Banks face three critical battles: restoring customer trust, defending their payments business from new entrants and avoiding commoditization. Accenture’s Banking 2016 report highlights the steps that banks must take to win these battles and achieve next-generation banking.
The first step is getting the basics right. By reinforcing core business operations, banks can improve efficiency, customer relevance and profitability. Next, banks can focus on the path ahead. In this report, we highlight three business models for banks to consider.
Accenture’s Banking 2016 report focuses on three business models that can enable banks to achieve a competitive advantage:
The “Intelligent Multichannel” bank offers enhanced multichannel experiences to engage customers.
The “Socially Engaging” bank creates customer intimacy through social media interactions.
The “Financial/Non-Financial Digital Ecosystem” bank uses mobile technology to place the bank at the center of an ecosystem that sells financial and non-financial services.
These business models are not mutually exclusive. In fact, Accenture estimates that by working aggressively to implement all three models, a bank can double its annual revenue growth rate—in developed markets, an increase from 4 percent to 8-plus percent—while reducing its cost to serve by 20 percent.
To achieve competitive differentiation, banks must define a clear strategy and customer proposition, and then develop the capabilities to reach these goals. Accenture recommends that banks:
Define a vision for future scenarios and opportunities.
Establish an overall strategy that includes the appropriate capability mix and investment choices.
Ensure a dedicated focus to getting the basics right.
Create a digital lab to test and learn social, mobile and digital innovations.
Develop an appropriate sourcing strategy to enable scale and deliver required capabilities at speed.
By following this next-generation approach, banks can position for growth, improve performance and achieve a competitive advantage—in the near- and long-term.
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