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In this Financial Times article, Accenture’s Juan Pedro Moreno discusses the opportunities and threats of the digital revolution for the banking industry and the aim to become an ‘Everyday Bank’.
Moreno suggests that the digital revolution offers an opportunity for banks to capitalize on the vast amounts of information they have about consumer transactions and spending habits, and to combine this data with personalized information from sources such as social media to provide a truly valuable service to their clients. In addition to enabling customers to pay for something, banks can position themselves as the Everyday Bank, helping customer reach decisions about what to buy, when and where, and even helping them to negotiate the best deals.
The real challenge for banks is not about making existing banking products and services digital, it’s about reinventing themselves within the digital age to form much closer relationships with their customers. According to Moreno, banks do have a significant advantage over the new competition, but to make the most of that advantage, they will need to adjust and change. If they fail to do that, the future will belong to others.
Download the Financial Times article. [PDF, 57KB]
Learn more about the Everyday Bank.
February 4, 2014
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