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Banks must think about money differently

An appreciation of what customers value can revitalize relationships and growth strategies.

Overview

Why are banks’ customer relationships not as strong as they would like to believe? One possibility is that some banks may be blind to customers’ attitudes about money. That lack of insight prevents them from delivering the differentiated experiences customers want and the operational capabilities that drive efficiencies and growth.

The good news is that banks have the opportunity to stand out from their peers. By acknowledging different “money mindsets” of today’s customers, they can begin to revitalize their relationships and build the capabilities needed to thrive in the years ahead.

DOWNLOAD CUSTOMERS THINK ABOUT MONEY DIFFERENTLY TODAY. BANKS MUST, TOO. [PDF]

Key Findings

Accenture and Fjord gathered information and opinions from banking consumers across the United States to understand how people think about money. From our findings, we discerned four mindsets: experiencers, balancers, achievers and explorers. Each has unique attitudes and behaviors around money and how they spend it.

Banks that fail to understand the mindsets of their customers find it more difficult to strengthen customer relationships. This blindness to customer attitudes toward money has significant consequences. Our research shows:

  • Eighteen percent of banking customers in mature markets (and 29 percent in emerging markets) moved their banking business to another provider last year.

  • Such switching of services can put 30-35 percent of banks’ revenues at risk by 2020.

Customers’ dissatisfaction and defection should be a wake-up call to banks that have long believed customers will stay with them to hold their money. It’s clear that customers don’t feel the same way.

DOWNLOAD THE CUSTOMERS THINK ABOUT MONEY DIFFERENTLY TODAY. BANKS MUST, TOO INFOGRAPHIC [PDF]

Money Mindsets

Recommendations

A mindset model is grounded in the premise that a customer’s financial worth does not dictate their financial behaviors. Their beliefs do. An appreciation of money mindsets and the customer identities they represent will enable banks to reset their economic futures. Specifically, they can:

  • Re-energize growth strategies by designing unique experiences that will resonate with customers across major markets.

  • Make better design decisions and eliminate products and experiences that aren’t meeting customers’ needs.

  • Achieve operational excellence by revealing opportunities to eliminate waste and redesign everything from branch roles to fee structures.

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