In this rising-rate environment, banking customers are looking—both inside and outside the boundaries of traditional banks—for competitive prices on products and services they want.
How will banks compete on price when everyone is raising rates? And how will they compete against new digital players that continually drive prices down?
Accenture, in collaboration with our partners at Nomis, surveyed leaders from nearly 200 banks around the world to understand their approach to customer-centric pricing. The results show that the banks with the highest average annual revenue growth and annual profit margin growth were more mature in their pricing strategies.
The first stage of pricing and offer management maturity is product price optimization, which maximizes both customer value and bank profitability. The next stage is customer-centric pricing, which maximizes customer lifetime value across product lines. From our data analysis we determined three steps banks can take now to advance their pricing strategies from optimized to personalized and become customer-centric:
- Truly know what each customer values.
- Be cohesive and adopt a mature pricing strategy and integrate it into the broader customer experience strategy.
- Cultivate mature pricing capabilities across product lines to enable customer-centric pricing while advancing toward moment-centric pricing and offers.
Accenture and Nomis bring our banking clients the customer-centric pricing platform and end-to-end transformation capabilities they need to present customers with the right offer at the right time. Watch our video to learn more.
Explore the full pricing survey to see more of our research and analysis—and reach out to let us know what you think.