Tagged: Shape Toggle Comment Threads | Keyboard Shortcuts

  • user 3:35 pm on September 18, 2018 Permalink | Reply
    Tags: , , , , , Shape   

    How will data shape the future of banking? 

    Guest blogger Tara Brady discusses how -driven value creation can help their .

    The digital revolution and mobile have transformed the way people interact with their bank. This trend is set to continue, with new figures revealing that mobile transactions are set to rise by around 121 percent between 2017 and 2022, and average branch visits are set to drop from seven to four per year by 2022.

    Traditional providers have also been faced with the emergence of challenger banks (such as Monzo and Starling), which are striving to capture the attention of millennials with their agile, digital offerings. The territory of the high street stalwarts is being encroached on by the likes of PayPal and Apple Pay, which have disrupted the payments market, traditionally an area that banks have dominated.

    Customers or fans?

    New entrants have energised their customer base to something often more akin to a fan club, often incorporating gamification principles to encourage customers to use their digital platform, with the ultimate aim of improving their customer retention and online customer experience.

    Driving this is the principle of personalisation, and the ability to customise, which promotes a sense of ownership in the game through self-expression. Having experiences that deliver delight, preferably packaged into social media-friendly personalised snapshots, is what drives many consumers.

    As brand loyalty diversifies and consumers want more personalised experiences, these techniques become a great way to attract and retain customers. Personalisation allows businesses to understand why their customers do what they do, and that they share their values.

    Data is king

    However, what is underlying this ability to personalise and drive delight is data. Data has quickly become king. The value of the UK data market is set to hit £1.1 billion ($ 1.58 billion) in 2018, making it the second-largest data market in the world and the biggest in Europe. No longer just a by-product of transactions and interactions, customer data itself has become a valuable commodity that can be used to give insights into customers’ tastes and habits. Learning how to interpret and influence those tastes and habits is one of the keys to unlocking the power, and the value, of data. Being able to offer customised products based on the trends, demographics and insights derived from the data, as well as providing the platform to bring all these services together, is where providers like Atom and Monzo have raced ahead of the field, finding unique ways to gamify the data they collect.

    Whilst data is king, not all data is created equal. The key is deciphering how best to use it to play to your strengths.

    But it is not just these challenger banks that can harness the value of data—retail banking as a sector is uniquely placed to ride this wave of value creation. Purely in terms of reach, whilst 78 percent of UK adults use Facebook, a full 97 percent have some kind of banking product. So the opportunity is there.

    The evolving banking ecosystem

    As a result, the retail banking industry is beginning to broaden in unprecedented ways. This is partly due to multitudinous new and evolving technologies generating, among other things, completely different access to data. All this is spurring increasingly serious conversations around how the future of banking will be shaped. The key to long-term success will be a move away from the monolithic banking model, towards an evolving ecosystem that encourages competition but also supports success for all. And data represents a major monetisation opportunity in this changing environment.

    It&;s critical though that banks play to their strengths rather than forcing themselves into models within which they don’t truly fit. Established banks do not need to emulate the personalisation and game-logic of the challengers to make a success of this new marketplace. That said, without banks taking a different path and creating different offerings, the ecosystem won’t be able to function. Banks need to understand their natural fit within the future banking ecosystem to give themselves the greatest chance for success and ensure the strongest foundation upon which to build a data monetisation strategy. The potential benefits of a successful approach are ample, but starting from a shaky foundation could bring this tumbling down early on.

    What kind of bank do you want to be?

    Our new point of view, which discusses this topic and asks &;What kind of bank are you?&; and &8220;What bank do you want to be?&8221; provokes an inward look at your place within the future retail banking ecosystem. To read the report in full, please email [email protected].

     

    Tara Brady
    Senior Managing Director
    Financial Services, UK & Ireland

     

     

     

    The post How will data shape the future of banking? appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 12:18 pm on August 6, 2018 Permalink | Reply
    Tags: , , , Modernize, , Shape,   

    Shape the Future of Financial Services: Modernize Information Systems 

    The reality for many organizations is that modernizing is a project that is often desperately needed but never at the top of the priority list. If the upgrade of a legacy system or even a full migration to an alternative solution was easy, then it would have been done already. In [&;]
    Bank Innovation

     
  • user 3:35 pm on February 23, 2018 Permalink | Reply
    Tags: , , , , Shape,   

    10 trends that could change the shape of banking in 2018 

    “It’s tough to make predictions, especially about the future.”

    Read the report

    Yogi Berra had it right.

    Nevertheless, I would like to share some of my impressions about the issues that will be top-of-mind for executives this year.

    Originally posted to my Forbes.com blog, these thoughts came together as a result of the various experiences and conversations I’ve had with clients over the past 12 months.

    People will have their own opinions and in the end, I may be proven wrong. Regardless, I welcome lively discussion and discourse. Here are 10 trends to keep an eye on in 2018.

    The post 10 trends that could change the shape of banking in 2018 appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 3:35 pm on February 2, 2018 Permalink | Reply
    Tags: , , , , Shape,   

    10 trends that could change the shape of banking in 2018 

    “It’s tough to make predictions, especially about the future.”

    Read the report

    Yogi Berra had it right.

    Nevertheless, I would like to share some of my impressions about the issues that will be top-of-mind for executives this year.

    Originally posted to my Forbes.com blog, these thoughts came together as a result of the various experiences and conversations I’ve had with clients over the past 12 months.

    People will have their own opinions and in the end, I may be proven wrong. Regardless, I welcome lively discussion and discourse. Here are 10 trends to keep an eye on in 2018.

    The post 10 trends that could change the shape of banking in 2018 appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • user 10:29 am on June 10, 2016 Permalink | Reply
    Tags: , , , , , Shape,   

    4 Trends That Will Shape Bitcoin Regulation in 2016 

    After an eventful 2015 for and the , what’s in store on the regulatory and enforcement front in ?
    fintech techcrunch

     
c
compose new post
j
next post/next comment
k
previous post/previous comment
r
reply
e
edit
o
show/hide comments
t
go to top
l
go to login
h
show/hide help
shift + esc
cancel
Close Bitnami banner
Bitnami