The Everyday Bank brings great value to its customers. It literally reaches out—extending the value chain to customers to anticipate and meet their lifecycle needs.
As we’ve discussed, an Everyday Bank begins adding value when it creates a digital village, or ecosystem, positioning itself at the center. Note, the bank is at the ecosystem’s center when it comes to structure and delivering value. But when it comes to the content of that ecosystem, in reality, the bank’s customers are at the center of this digital village. Their values and behaviors define what is and is not brought in to the ecosystem. Then, it’s the bank that pulls it all together and invites customers to step into a personalized village.
Leveraging vast, deep and rich stores of data, the Everyday Bank creates a single view of the customer—one view that includes many facets, behaviors, preferences, needs and life stages. The assembled ecosystem is designed to meet that unique customer’s needs on an opt-in basis. For third-party providers invited into the ecosystem, their connection will be tailored to every customer’s unique behaviors and spending patterns.
Best of all, particular offers, services and products are assembled and presented to a customer in real time, coinciding with the customer’s moment of truth. Everyone wins, in this scenario. Vendors and providers become more efficient and better tuned to customer needs. Customers themselves are delighted with responsive, intuitive and highly personal offers.
And yes, as builders of the digital ecosystem, the Everyday Bank is the entity that extends this highly effective value chain to its customers and their providers.