It’s never been more important for banks to create a compelling customer experience. A transformational change is needed for traditional banks to stay relevant in a digital economy without boundaries.
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For decades retail and commercial banks have evolved from product development to delivering customer experiences. With today’s connectivity, intelligent machines, and fluid customer expectations, continued market share and revenue growth will depend on a bank’s consistent relevance to its customers.
Efficiently delivering a hyper-relevant, “me-centered” customer experience across a variety of physical and digital channels is what we call embedding vitality.
Accenture believes that Banking as a Living Business is about two things: hyper-relevancy and vitality in a fast-emerging, contactless world.
We see a future where people will only contact the bank when they need or want advice about their financial well-being throughout life events. A bank will distinguish itself by the way it “walks and talks” in very human-like ways.
Providing guidance to customers both in the physical and digital worlds.
Truly know the customer, anticipating and understanding his needs and preferences to deliver valuable experiences.
Enhancing brand perception through high-leverage banking moments such as opening accounts or loans.
Delivering the same branded experience anywhere, anytime across all channels and devices.
Offering a range of tools to prove trust to the customer, such as bots, financial education, and customer reward programs.
Accenture analyses indicate that digital leader banks can increase revenue at least 30 percent by 2022 through a Banking as a Living Business model. Such increased revenue and reduced cost-to-serve is achievable—competition from digital natives notwithstanding.
Conversely, digital laggard banks unable to implement a Banking as a Living Business model can expect growth of just six percent over the next five years.
The Banking as a Living Business model requires transforming and growing a bank’s core, as well as growing new capabilities. For traditional banks, it is much easier said than done.
Target
Design
Build/Iterate
Connect
Sustain
Customer needs and behaviors are a moving target. While most retail and commercial banks have tried to stay relevant by adding more apps and channels for customer interaction, industry leaders are beginning to look beyond traditional industry boundaries to achieve hyper-relevance and embed vitality—becoming a Living Business.
Senior Managing Director,
Global Financial Services Distribution and Marketing, Accenture
Offering Development Lead,
Distribution & Marketing, Accenture
Offering Development Lead, Distribution & Marketing, Accenture
Senior Managing Director,
Global Banking, Accenture
Senior Managing Director, Global Banking, Accenture
Chief Client Officer and Co-Founder,
Fjord
