In a world where digital technologies are dissolving boundaries between industry sectors, banks face the risk that competitors from other industries will consign them to a limited role as a utility. Accenture’s research and experience suggest that simply “being more digital”—creating upgraded, digital or mobile-friendly versions of existing products and services—will not be enough to fend off these challengers.
However, despite industry disruptions and looming changes in the payments space, banks possess inherent competitive advantages in the digital world, including a large and relatively “sticky” customer base, vast amounts of customer and transactional data, and valuable know-how in the field of payments, security, compliance and financing.
In this new digital world, winning and retaining customers hinges on creating value for them that enhances the convenience and quality of their everyday lives beyond mere transactions. By adopting an Everyday Bank strategic vision and then turning that vision into a reality, banks can develop a new position for themselves—as trusted partners before, during and after the financial transactions that define customers’ commercial lives.