Digital innovators and disruptors continue to shape customer preferences for increased competition between banks and non-bank entities.
In a recent Accenture survey of nearly 4,000 retail banking customers in North America, 27 percent responded that they would consider a branchless digital bank if they were to switch from their current bank. Nearly half of these retail banking customers are likely to bank with a company they do business with, but that does not currently offer banking services. Preferences such as these have led to increased competition from non-bank entrants for traditional banking products and services.
Mortgage lenders, who want to protect and grow their market position, will need to go beyond their traditional role as enablers of loan transactions to embrace a more strategic banking ecosystem vision that Accenture calls “The Everyday Bank.”
This point of view offers Accenture’s perspective on how lenders can re-orient their mortgage business around The Everyday Bank to play a deeper role in the digital and commercial lives of their customers.