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In this Harvard Business Review article, Accenture’s Wayne Busch and Juan Pedro Moreno discuss the competition facing banks from non-bank new entrants, and the idea that banks must learn to play a greater role, to move further into the commercial lives of their customers.
Companies are venturing into other industries for growth, and non-banks are taking advantage with digital innovations and capturing more and more of the banking value chain.
Banks cannot address these challenges by “being more digital”—closing branches and rolling out better mobile and online banking services. If they want to defend their turf against the Googles and PayPals of the world, they must learn to play a greater role not just at the moment of transaction but before and afterwards as well. Accenture refers to this as being an “everyday bank.”
In the digital world, banks possess inherent competitive advantages. They have large customer bases, and vast amounts of customer and transaction data—along with capabilities to enable payments, security and financing.
By combining their vast transaction data with new digital tools to help customers make decisions on what to buy, and where and when to buy it, banks have the potential to embrace a new role—helping customers save and better manage money in their everyday lives.
Download the Harvard Business Review article. [PDF, 3 pp., 162KB]
Learn more about The Everyday Bank.
March 3, 2014
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