Senior managing director
Accenture
Powerful forces, from rising interest rates to breakthrough technologies, are converging to create an opportunity for banks to transform their relationships with customers. But many in the industry also wonder how exactly they can successfully harness these forces to redefine consumer banking in the 2020s. How can they play a more meaningful role in each customer's life and help them achieve their aspirations? To shed light on these issues Accenture recently completed a global banking study involving 49,000 consumers and has released a report entitled "
In this podcast, Michael Abbott, a senior managing director at Accenture and the firm's global banking lead, discusses the results of the survey and their implications. At Accenture, Abbott is responsible for the company's overall vision and strategy for banking, including investment priorities, client offering development, and the supporting partners. His deep experience allows him to translate insights from the report into meaningful and practical steps that banks can take to redefine consumer banking.
Here's just some of what you'll learn:
- Banks have done a good job becoming digitally enabled, but they've become functionally correct and emotionally devoid.
- Customers are desperate to have an actual conversation with their bank---and the branch still has a key role to play.
- The very long stretch of zero interest rates distorted banking and hurt the customer value proposition.
- There's significant revenue potential for banks that can adapt to the new banking environment.
- Banks should start thinking about how they can give customers more value the more business they do with the bank.
Click the player above to listen to the podcast with Michael Abbott about Accenture's Global Banking Consumer Study