The traditional banking paradigm where the bank sets the rules and the customer accepts them is at odds with how consumer’s lives and habits have changed since the advent of the internet and smartphone. This is both a threat and an opportunity for retail banks as they choose to either cling to existing means of doing business or leverage their position of trust to shape shift into a new kind of entity that anticipates customer needs and offers an expanded range of services. Just as Amazon has fundamentally changed retail shopping, consumer finance and payments options will expand as new entrants make it easier to access and manage our money.
Accenture has built an entire business practice around this idea to help banks rethink how they can reshape their customer value proposition by embracing digital technologies to streamline and expand operations. Central to Accenture’s “Everyday Bank” concept is the bank’s “digital engine” which is a fast and flexible infrastructure that will allow services to be combined in creative ways based on the unique needs of different customers and business partners.… Read the rest