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Financial services companies must renew the customer experience in today’s digital era.
Banks typically follow traditional rules of retail, waiting for customers to come to them. But the digital age has put banks at a crossroads where they must decide to either become a utility-like provider with little brand differentiation, or establish digital ecosystems that embed their services into customers’ into customers’ everyday lives.
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Everywhere banking puts the bank wherever the customer is. In this approach, customers tap into an ecosystem of partners and consumer services that extend beyond traditional financial products. The bank has the opportunity to become a “one-stop-shop” that interacts with customers on a daily basis and serves as an advisor, benefit provider and access facilitator. In this new role, banks can become indispensable to their customers, helping to boost profitability, customer satisfaction and brand differentiation.
Everywhere Banking is one of seven enablers that can help financial services providers renew the customer experience in the digital era. Adopting a “Digital First” mindset—putting digital at the heart of the business—enables banks to redefine their relationship with their customers.
Find out more: Banking On Digital
Everywhere banking can help banks to resolve customers’ problems and play a more central role in their lives. Outcomes include:
Enhancing the customer experience: Everywhere banking makes financial services ultra-convenient by anticipating and offering customers what they need, when they need it, working with a network of partners.
Protecting brand positioning and increasing customer loyalty: By offering convenient services the customer cannot find elsewhere, the bank will differentiate itself and efficiently build trust and loyalty.
Improving profitability: With greater brand differentiation and one-stop customer access points, banks can avoid pricing pressures and apply premiums for value-added services. Everywhere banking can also help banks improve operational efficiency by radically transforming front- and back-end processes.
To make everywhere banking a reality, banks will need to create or be part of a broader ecosystem that leverages digital and emerging technologies to transform customer services and engagement. Options include:
1. Payment-driven ecosystem
A payment-driven ecosystem expands payment opportunities into other realms, offering a variety of relevant services at scale and at the precise retail point of sale. Payment-driven ecosystems can be integrated with social media, in-store payments and peer-to-peer payments, where individuals transfer payments using digital wallets.
2. Commerce-driven ecosystem
In a commerce-driven ecosystem, banks connect merchants and suppliers to offer the customer both financial and non-financial services. This ecosystem uses mobile marketing, loyalty, customer data, social media and analytics to enrich and tailor the customer experience and offers.
3. Fully integrated ecosystemIn a fully integrated ecosystem, banks connect partners from a variety of industries. These partners expand the scope of financial and non-financial products and services available across multiple retail categories and channels through joint ventures. The bank, telecommunications company and retailers aggregate their customer and transaction data to design a complete customer experience with personalized offers and integrated, convenient services at the point of sale.
Download the full article to read examples of these ecosystems.
November 5, 2013
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