Having personally taken our “Everyday Bank” research and point of view to our key clients, the $64 million question is, “What must I now do to achieve the Everyday Bank?”

It becomes apparent very quickly that a comprehensive and shared vision is necessary as to where the bank wants to get and the role it is prepared to play, considering all of the large Financial Services institutions are making forays into the digital space (some bigger and harder hitting than others).

This means reviewing the bank’s strategy based on the key pillars of our Everyday Bank vision, prioritizing target capabilities and then conducting an assessment of capabilities across all the bank’s areas and channels to define the prospective journey.

Focusing on Distribution and Marketing, I believe a number of customer-facing areas are critical. Developing initiatives across these areas can help to formulate the Everyday Bank journey:

  • Omni-channel Distribution & Architecture: By having a retail-like distribution strategy that gives every channel the same sales & service functionalities, the same interaction logic and total integration, banks give customers a seamless experience and full freedom to choose the channel(s) they prefer (in every stage and need).
  • Customer Experience Management: As traditional processes of pre-sale, sale and post-sale are becoming more linear and “woven” into the whole banking experience, every interaction needs to be sales- and service-oriented in order to catch all the interaction opportunities, whilst at the same time engendering experience excellence throughout (all channel, 24/7).
  • Ecosystem Set-up and Orchestration, Including Digital Wallet: Banks can leverage the existing ecosystem (individual, SME and corporate customers; merchants; partners) to connect and fulfil customer needs, both for FS and non-FS products and services, through an insightful and tailored experience. At the same time, banks provide to SMEs and merchants the digital tools to succeed in a digital economy.
  • Customer Analytics, Big Data, Next Best Action: Banks should use pervasive analytics based on internal, external and “sentiment” customer data to create a deep, intuitive and actionable understanding of overall customer needs, and driving capabilities such as next best action, personal finance management.
  • Multichannel CRM: Banks should have a truly multichannel CRM system, to create a holistic view on customers and deepen the relationship. A multichannel CRM system manages all the leads and feedback from clients in a unified manner, making it possible to interact with them from all channels in a more valuable way, both for clients and for the bank.
  • Corporate Banking: Banks can extend the individual/SME focus to commercial/corporate customers – extending the omni-channel interaction (now including portals) to accommodate specific needs (treasury, payments and trade channels) while also leveraging the bank’s ecosystem to gain direct targeted access to consumers.

To accelerate going to market, a bank can acquire specific digital capabilities “as a service” – for example in areas such as d-marketing and d-advertising, leveraging cloud delivery, digital media and digital channel expertise to create targeted and personalized advertisements, whilst cutting mass media costs.

The resulting execution and transformation journey will vary depending on the bank’s starting point, its ambition, national and governance constraints and market presence, but I am in no doubt that this makes for exciting times ahead, full of amazing opportunities for banks!

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