Today’s leading financial services companies are operating in a new and more complex environment; one where the fundamental definition of how customers experience and interact with a bank is being challenged and redefined, and leading companies face competition from a myriad of disruptors.
As the number of branches continually increased, more processes were centralised or even outsourced to aid the efficiency of the bank. Customer service was revolutionised by the introduction of the contact centre, effectively removing the need for phone calls from customers to be answered inbranch.
These centralised functions were siloed by product and customer segments to improve efficiency within the bank, but ultimately resulted in the spread of customer data across different systems.
Read more in this exclusive whitepaper from Tememos
As part of Accenture’s annual Technology Vision research, we interviewed nearly 800 banking executives across 25 countries to get their views on technology advances in their organizations and across the industry. Our Banking Technology Vision 2018 report highlights five emerging trends that will shape the industry in the next three years.
Across the world, banks’ physical branch networks are being impacted by trends including the shift to digital transactions, customers’ continuing demand for a “human touch” and consumers’ rising expectations set by other retail experiences. But while the pressure will continue, the best response isn’t to cut back towards zero branches. This whitepaper from Accenture suggests that what’s needed is to turn traditional branches into “experience stores”: an agile, integrated network of environments that are multi-format, geographically-tailored and digitally-enabled.