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Banking on Digital: Enabling a digital first mindset through everywhere banking

Financial services companies must renew the customer experience in today’s digital era.

Overview

Banks and financial service companies are at a digital crossroads - they must decide to either become a utility-like provider with little brand differentiation, or establish digital ecosystems that embed their services into customers’ everyday lives.

Everywhere Banking puts the bank wherever the customer is. In this approach, customers tap into an ecosystem of partners and consumer services that extend beyond traditional financial products. The bank becomes a “one-stop-shop” and serves as an advisor, benefit provider and access facilitator. In this new role, banks can become indispensable to their customers, helping to boost profitability, customer satisfaction and brand differentiation.

Pragmatic financial services providers are looking to digital to redefine customer relationships - and it is paying dividends. Read more Banking on Digital: Building Trust and Innovation in Financial Services

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Outcomes

Everywhere Banking can help banks to resolve customers’ problems and play a more central role in their lives. Outcomes may include:

Enhancing the customer experience: Everywhere banking makes financial services ultra-convenient by anticipating and offering customers what they need, when they need it, working with a network of partners.

Protecting brand positioning and increasing customer loyalty: By offering convenient services the customer cannot find elsewhere, the bank will differentiate itself and efficiently build trust and loyalty.

Improving profitability: With greater brand differentiation and one-stop customer access points, banks can avoid pricing pressures and apply premiums for value-added services. Everywhere banking can also help banks improve operational efficiency by radically transforming front- and back-end processes.

Next Steps

To make everywhere banking a reality, banks will need to create or be part of a broader ecosystem that leverages digital and emerging technologies to transform customer services and engagement. Options include:

  1. Payment-driven ecosystem
    A payment-driven ecosystem expands payment opportunities into other realms, offering a variety of relevant services at scale and at the precise retail point of sale.

  2. Commerce-driven ecosystem
    In a commerce-driven ecosystem, banks connect merchants and suppliers to offer the customer both financial and non-financial services.

  3. Fully integrated ecosystem
    In a fully integrated ecosystem, banks connect partners from a variety of industries. These partners expand the scope of financial and non-financial products and services available across multiple retail categories and channels through joint ventures.

The Everyday Bank—A New Vision for the Digital Age

By Becoming Indispensable Partners to Customers, Banks Can Thrive Against New Competitors

 

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Banking on Digital

Digital is dramatically changing the way consumers think about and interact with their banks and financial institutions. Explore our Banking on Digital microsite, or browse the content below to explore digital disruption in financial services.

Industry & topics highlighted

Financial Services