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As technology drives changes in consumer behaviors and expectations, banks must become the indispensable “Everyday Bank”—positioned to fulfill their customers’ financial and non-financial needs.
Banks are at a crossroads. They face critical choices that can set them on the path toward becoming either an Everyday Bank—trusted, indispensable and central to consumers’ everyday activities—or a purely transactional provider.
In this report, Accenture explains how an Everyday Bank can offer a complete customer solution, creating digital connections and driving continuous daily interaction with customers. By becoming the vital center of a digital village of its own design, the Everyday Bank is able to acquire and retain new customers more easily, and count on deeper customer relationships and increased profits.
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As technology drives dramatic changes in consumer behaviors and expectations, it uproots traditional transactions for all players—including banks.
Today, customers expect data instantly, as quickly as they can pull a mobile phone from their pocket and tap in a query. In five short years, at least three of every four customer interactions will be online or mobile. That’s technology on the go.
Banks have a place in our online, ever-available, user-friendly and intuitive world. Yet they must find and claim their space quickly. Already, innovators like Google Wallet, Square in the United States or iZettle in Europe, and Alipay are moving into banking territory—presenting a new, competitive challenge in the industry. By 2020, more than 30 percent of banking revenues could be at risk thanks to new competitors and new trends.
To win in this environment, banks must become the indispensable Everyday Bank—positioned to fulfill all their customers’ daily financial and non-financial life needs.
An Everyday Bank offers a complete customer solution, driving continuous daily interaction. Using digital levers, this bank evolves the entire business model, opening access to new business sources, new customers and new profit pools.
This bank convenes a digital ecosystem, assembling existing provider partners and other key players, creating digital connections and establishing equitable value sharing. The bank reinvents itself as a value aggregator, advice provider and access facilitator.
In short, the Everyday Bank places itself at the vital center of a digital village of its own design, one driven by the bank’s digital engine.
Following the path of the Everyday Bank will bring banking success in today’s increasingly digital, competitive world. Accenture can help banks navigate the complex journey toward differentiation as an Everyday Bank, thanks to our strong set of skills, assets and capabilities honed through our own transformation to digital.
At Accenture, we are continuously developing our own ecosystem of digital accelerators, strategies and capabilities to help banks reduce complexity and speed time to market. Find out for yourself.
Leverage our expertise in systems integration, mobility, analytics, interactive, delivery centers and “Expertise as a Service.” Let Accenture equip you with the tools you’ll need to build your own digital village.
January 21, 2014
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