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1、Global Banking Consumer StudyReignite human connections to discover hidden valueIntroductionPowerful forces create an urgent need to actIt is hard to imagine a time before television.Although many now consume content through smartphones and tablets,the TV set has for decades been the primary device
2、through which many obtained news and watched their favorite programs.Global Banking Consumer Study2But it wasnt always this way.In 1950,just 9%of US households had a TV set.Five years later,a staggering 65%did.And five years after that,adoption reached 87%.Uptake rocketed because a series of importa
3、nt developments occurred at the same time:advances in transmission and visual display technology;the creation of technical standards that meant different networks could be viewed on a single device;and a rapidly increasing appetite for news and entertainment presented visually.This created an immens
4、e opportunity for networks,device manufacturers and advertisers.By seizing the moment and acting decisively,many created large,successful businesses.Today,banking executives can learn a lot from this period.As in the early days of television,a variety of factors are combining to create the need for
5、a new,outside-in view of the industry.Opportunities abound for banks that can explore the art of the possible and reinvent their enterprise to increase their relevance to customers and set a new performance frontier for all aspects of the organization.Emerging technologies are making it possible for
6、 banks to strengthen their digital core by leveraging the power of cloud,data and AI through an interoperable set of systems across the enterprise.A strong digital core allows companies to develop new capabilities at speed,try new things,and fail fast when needed.Technology,once viewed as the disrup
7、tor,is now an enabler,helping banks to enhance employee productivity,transform cost structures,engage with customers in novel ways,and develop completely new propositions.Global Banking Consumer Study34 Shifting customer preferences1 Advanced technology is now available to all3 The changing face of
8、competition This technological revolution is just the first of four major developments that are shaping banking today and creating an imperative for banks to reinvent their business and operating models.2 Rapidly rising interest rates reveal frailties4Global Banking Consumer Study12Advanced technolo
9、gy is now available to all Banks invested$124 billion globally in new IT in 2021,a 24%increase compared to 20191.The latest breakthroughs create fresh opportunities.Just think of the metaverse and generative AI,the technology behind ChatGPT and similar chatbots.These cutting-edge technologies hold e
10、normous potential for banking,particularly in revolutionizing the customer experience.Generative AI,for example,could enhance digital interactions by making impersonal customer care conversations much more human-like and effective.Critically,the accessibility and affordability of technologies such a
11、s AI and machine learning(ML)have been improved by the availability of APIs,which allow businesses of all sizes to utilize pre-trained models.Rapidly rising interest rates reveal frailtiesIt is a common perception:as night follows day,banking profits increase as interest rates rise.So,after a 450bps
12、 surge in US Federal Reserve rates and a 350bps hike in European Central Bank rates since February 2022,many thought banks were in luck.But are they?Most banks that had released their 2022 results at the time of writing this report showed a double-digit increase in net interest income(NII).Yet as re
13、cent events showed,a rapid rise in rates can expose fundamental weaknesses among some banks.Indeed,higher interest rates can have negative implications,which are already materializing in some markets.For example,they can slow economic growth,lower demand for new credit,cause some banks to increase p
14、rovisioning for loan losses,reduce the value of their securities portfolio,and result in deposit outflows that put the banks liquidity at risk.In addition,funding costs might increase as banks try to avoid deposit outflows or when central banks start to cut interest rates and banks need funding to i
15、ssue new loans.History and recent developments have shown that the consequences of any of these factors could affect banks very quickly.Those that look only at the positive effects of interest rate increases may fail to respond swiftly when circumstances shift.5Global Banking Consumer StudyIn short,
16、to become or remain a market leader,every bank will need to embark on a journey of perpetual renewal.34Shifting customer preferencesThe pandemic has altered consumer expectations and behaviors so greatly that the phrases pre-Covid and post-Covid are widespread.An Accenture Consumer Pulse survey show
17、s that six in ten customers have fundamentally changed their values and life purpose in the past 12 months3.What is more,two-thirds say companies are not responding fast enough to their changing needs.The consumer survey conducted for this report,the results of which are detailed in the next chapter
18、,also shows that preferences and attitudes towards banks are in flux.With customers lives changing so rapidly,it is no longer enough for banks to provide great and convenient customer experiences.They also need the agility to be and remain relevant to their customers,understanding the forces that af
19、fect their individual lives and acquiring the ability to play a meaningful role in helping each customer to respond effectively.Each of these four developments represents both a threat and an opportunity.To capitalize on them,banks will need a different mindset and different capabilities.They will a
20、nalyze the changing marketplace from the perspective of the consumer,and will jettison their traditional silos and benchmarks in favor of a new,more holistic performance frontier.Their digital core will give them the agility to adapt quickly to changing demands,and their reskilled,tech-supported wor
21、kforce will engage with customers in more meaningful ways.The changing face of competitionA major factor is at play that was not present during previous periods of rising interest rates:stiff competition from digital-only banks and businesses that traditionally operated outside of financial services
22、.Examples include Apple and Singapore-based super-app provider Grab,which have made significant strides into banking in recent years.Accenture research indicates that the share of revenue of traditional banking products such as auto lending,consumer finance and mortgages that are sold through non-ba
23、nking channels will increase by three to five percentage points by 20252.This is a significant departure from the past 10-15 years,when banks primarily competed with other banks through long-established channels.As a result,non-traditional financial services businesses will increase their share of o
24、rigination and recurring fees as well as interest income as they chip away at banks revenue and put pressure on their margins.Some new market entrants might even launch their own financial services products,completely circumventing traditional banks.Whether banks partner or directly compete with new
25、 entrants,the presence of these disruptive players risks reducing the number of touchpoints between bank and customer.This in turn could diminish banks relevance and their role in consumers lives.6Global Banking Consumer StudySetting a new performance frontier for banksTheres a new imperative being
26、driven by a handful of organizations that are quietly and systematically changing the game.Their goal:to reinvent,over time,every part of their organization,with a deliberate strategy that is digital at its core.Accentures Total Enterprise Reinvention research4 found that a small group of companies
27、are using technology and new ways of working to reach a new level of performance,and outperforming their peers.Companies that use technologyincluding cloud,data and AIalong with new ways of working can build greater resilience and new paths for growth.Combining the power of technology and human inge
28、nuity will enable them to reinvent how they go to market,operate,partner and create value to unlock a new performance frontier.It goes without saying that this is a radical departure from traditional strategies and ways of working.It is less about what banks should do,and more about the kind of orga
29、nization they should strive to becomeone that can differentiate between the traditional strengths that will continue to empower them and those that will hold them back;one that moves away from industry benchmarks,which usually reinforce traditional paradigms,preferring to think afresh about how best
30、 to meet customers needs.And one that embraces the art of the possible as it explores new ways to drive growth and optimize operations and experiences.The research5 shows that organizations that reinvent themselves in this way outperform their industry peers in terms of experience metrics by 31%.In
31、an industry such as banking,where competitive innovation is never-ending and switching is easier than ever,a critical part of enterprise reinvention is re-imagining customer relationships.Incremental progress is unlikely to be enough.Instead,leading banks will move away from focusing on customer jou
32、rneys to understanding customer intent;from basic personalization to having meaningful personal conversations;and from siloed to holistic propositions.This means connecting functions and data across the organization;creating new ways of operating,and of engaging with customers;asking new questions a
33、nd finding new answers that drive decision-making and the development of new products and growth opportunities.These changes will allow banks to become more than customer-centricwe call it life centricity6.It entails gaining a profound understanding of customers,being ultra-relevant,playing a more m
34、eaningful role in customers lives,and helping them achieve their life aspirations by offering products and services through their preferred channels at a convenient time and place,and in ways that simplify their daily interactions.The time to act is now.Just as broadcasting networks,device manufactu
35、rers and advertisers seized on the mass adoption of television in the 1950s,banks today have an opportunity to redefine what banking means for customers in the 2020s.This transformation is already underway,accelerated by the fintechs and bigtechs and given momentum by the more innovative incumbents.
36、Every bank today has the choice either to help shape the future of its industry,or to find some way of thriving in a world designed by its competitors.Global Banking Consumer Study7Chapter 1Understanding the ever-changing customerGlobal Banking Consumer Study8The first step in becoming life-centric
37、is to understand customers intent and life aspirations,as well as what they want from their bank,their perceptions of existing providers and their appetite for new services.Accentures survey of 49,000 banking consumers around the worldthe fourth edition of our alternate-yearly financial services con
38、sumer studyaims to help provide these insights.Shallow satisfactionNPSs are positive,but sentiment drops when customers are probed more deeply.Fragmentation intensifiesThe share of wallet of non-banking financial service providers is increasing.Frustration is realThe ever-growing number of financial
39、 relationships is causing frustration among customers.Digital channels are impersonalMost consumers use digital for short,functional purposes only.Long live the branchBranches are still seen as a symbol of stability and are used for high-value and complex activities.Global Banking Consumer Study9Cus
40、tomer satisfaction:positive but shallowMore than four in ten consumers give their main bank a score of at least nine out of ten when asked about their likelihood of recommending it to a friend or colleague.This translates to an NPS of+24.Although positive,it is not an overwhelmingly enthusiastic ass
41、essment.When probed about specific aspects of their banks services and offerings,consumer sentiment drops significantly.For example,just 34%score their banks mobile app at least nine out of ten and only 30%give their banks customer service the same score.Similarly,only 23%rate their bank highly for
42、its range of products and services and for the competency of its tailored financial advice.Fragmentation intensifiesLow levels of satisfaction contributed to consumers subscribing to financial services products from new providers.Consumers have an average of 6.3 financial products(see Figure 1 overl
43、eaf),but only half of these are from their main bank(the bank through which most daily transactions are made).+29NPS score+18NPS scoreConsumers aged 65Consumers aged 25-3482%of consumers aged 18-24 acquired a financial services product from a new provider in the past 12 months,compared with 34%of th
44、ose aged over 65.34%Consumers aged 6582%Consumers aged 18-24Consumers aged over 65 gave their bank an NPS score of+18,significantly lower than the+29 score of those aged 25-34.10Global Banking Consumer StudyWith other providersWith main bankGlobalNorth AmericaAsia PacificMiddle East&AfricaEuropeLati
45、n America3.13.43.13.13.23.13.97.17.05.95.76.76.33.63.63.12.82.6This trend is accelerating:six in ten(59%)consumers acquired a financial services product from a new provider in the past 12 months.Younger consumers started relationships with new providers more than twice as frequently as those aged ov
46、er 65,but a large minority of older customers also did so.Credit cards,current accounts and savings accounts were predominantly responsible for luring consumers to new providers.The emergence of digital-only banks7 also contributed to fragmentation.More than half(52%)of consumers have a product or s
47、ervice with a digital-only bank,with uptake being much higher in Asia and Latin America than in Europe.The survey also found that 22%of consumers with a digital-only bank(equating to 11%of all consumers surveyed)receive their salary or benefits into their digital-only bank.Most use their digital-onl
48、y bank for specific purposes,such as payments or foreign currency exchange.Note:Financial services products and services include current accounts,savings accounts/term deposits,credit cards,personal loans,mortgages,home/property insurance,life insurance,auto insurance,investments,retirement products
49、 and crypto.“Other providers”include other banks,other financial services providers such as non-bank lenders or insurers,and non-financial services providers.Source:Accenture Research analysis on Accenture Global Banking Consumer StudyFigure 1.Total number of financial services products per customer
50、.Analysis based on responses to questions“Which of the following financial services and products do you currently have?”and“Whom did you acquire these from?”11Global Banking Consumer Study63%said the majority of their mobile banking logins are simply to check their account balance.NearlyFragmentatio
51、n leads to frustrationSome consumers find it difficult to manage their ever-growing number of financial services providers:32%often lose track of their financial products and services.Younger consumers are twice as likely as older generations to feel this way.This explains the strong demand for solu
52、tions that help consumers manage their financial relationships.More than half(55%)would use an app or service that offers a single aggregated view of all their financial products and services across different service providers.Furthermore,Accentures Payments Survey found that 60%of consumers want a
53、single app which tracks payments from all payment providers8.46%18%Digital channels are impersonalOur survey shows that most consumers use their banks digital channels for quick functional tasks only.For example,nearly 63%said the majority of their mobile banking logins are simply to check their acc
54、ount balance.The data also illustrates how digitalization has reduced personal interaction between bank and customer:44%of consumers aged 18-44 had difficulty getting human support when they needed it.These findings suggest that digital channels are functionally correct but emotionally devoid.They d
55、o not help forge a personal connection between bank and customer that goes beyond a transactional relationshiponly 25%said their bank performs extremely well when it comes to being aware of important changes to their financial and personal situations.This makes it difficult for banks to give meaning
56、ful advice and to sell complex banking products.As a result,they need to find ways to reignite these personal conversations with customers to successfully build relationships,increase loyalty and grow trust.Eventually,this will make it easier to up-sell and cross-sell.46%of consumers aged 18-24 ofte
57、n lose track of their financial products and services,compared with 18%of those aged over 65.Consumers aged 18-24Consumers 6512Global Banking Consumer Study?Long live the branchBetween 2011 and 2021,US banks shuttered 17%of their domestic branches9,while those in Europe closed 35%10.The shift toward
58、 digital banking has accelerated in recent years in response to pandemic-induced changes in consumer preferences,which helped drive the aforementioned 24%increase in banks investment in IT between 2019 and 202111.As a result,our research suggests that now just 3%of consumers interactions with their
59、bank happen face-to-face.Yet consumers still value the branch.Two-thirds(67%)like seeing branches in their neighborhood as it portrays the stability and availability of their bank.Remarkably,consumers across all age groups feel this way.This sentiment is present in most countries:more than 50%of con
60、sumers in 29 of the 33 countries where the survey was conducted appreciate seeing branches in their neighborhood(Figure 2).Two-thirds(67%)of consumers like seeing branches in their neighborhood as it portrays the stability and availability of their bank.13Global Banking Consumer Study1318-2425-3435-
61、4445-5455-6465-7475+68%69%69%66%64%62%64%Figure 2.Consumers of every age like seeing branches in their neighborhood.Q:Please indicate to what extent you agree or disagree with the following statements in relation to your bank(s)“I like seeing branches in my neighborhood as it confirms to me the prov
62、iders stability and availability”.Percentages below are sum of Agree and Strongly Agree.In the past 12 months consumers used branches more than any other channel to open accounts,get advice and acquire new products.In addition,consumers still rely on branches for specific but important transactions.
63、In the past 12 months they used branches more than any other channel to open accounts,get advice and acquire new products.In addition,63%turn to branches to solve specific and complicated problems.Higher interest rates will only increase the need to discuss complex financial issues in person:43%said
64、 the rising cost of living had significantly impacted their ability to repay loans in the past 12 months.Branches contribute to growing loyalty,facilitating connections and easing the need to compete on price.Many banks,in fact,are experimenting with new in-person concepts to capture the hearts and
65、minds of customers.For example nbkc,a community bank in Kansas City,has partnered with local retailer Shop Local KC to create a unique blend of bank branch and retail shop that offers works of art and gifts created by local citizens12.In addition,C6,a digital bank in Brazil that serves 20 million cl
66、ients,recently opened its first five branches with the express purpose of increasing engagement by delivering tailored advice to its high-income customers13.Whether it be accelerating fragmentation,dissatisfaction about specific aspects of banks service,or the desire for personal interaction provide
67、d by branches,the changing consumer perceptions unearthed by our survey have created opportunities for banks to position themselves for success.Source:Accenture Global Banking Consumer Study14Global Banking Consumer StudyChapter 2Opportunities to boost relevance in customers lives Global Banking Con
68、sumer Study15To respond to these customer trends and boost their relevance in their customers lives,banks need to rethink their approach to customer relationships by making three distinct but related pivots.Each helps to replicate what customers appreciated about visiting the branch:an opportunity t
69、o have a personal conversation,discuss their needs,and receive advice about products and services and ways to improve their finances.Global Banking Consumer Study16From journey to intentUntil recently,most banks have focused on creating journeys that enable frictionless customer acquisition and cros
70、s-selling.This resulted in the creation of experiences that banks believed customers wanted.The reality is that few understood the underlying motivation for a particular customer to purchase a particular product.Their underlying aspirationtheir intentis much more important than their journey.Often,t
71、his relates not to a specific financial product but rather a desire to,for example,own their dream home,finance their childrens college tuition or travel the world.For banks to increase their relevance and effectiveness,they would need to shift from simply knowing basic demographic and financial inf
72、ormation about a customer to comprehending their daily life,their aspirations and their intent behind obtaining certain financial products.117Global Banking Consumer StudyFrom basic personalization to personal conversationsIn the past decade,banks have focused on mastering digital servicing.But this
73、 resulted in their primary channels becoming functionally correct but emotionally devoid.Attempts at personalization were often simplisticfor example,periodically offering personal loans,simply based on demographic information.This left many customers feeling that every digital interaction with thei
74、r bank might just as well have been their first.Genuine conversations are those based on a deeper understanding of the customers circumstances,enabling advice that is relevant to the customers life.For example,a customer who regularly asks a chatbot about the interest rate on their deposit account a
75、lmost certainly wants to maximize their return on savings.In response,the bank should not only display its savings rates more prominently on that customers banking dashboard,but also propose ways to maximize returns.Of course,it is not cost effective for a human bank employee to converse frequently
76、with a customer.But harnessed correctly,advancements in generative AI will allow banks to do exactly this.For example,AI can integrate with existing banking systems to provide real-time updates and recommendations to customers through the most appropriate medium,whether that be text,audio or video.T
77、he technology will also allow banks to quickly react to events,news,and customer complaints with little or no supervision14.However,it is crucial to carefully assess the risk of generating false or misleading information,which can lead to brand distrust.The right balance must be struck between effic
78、iency and accuracy.218Global Banking Consumer StudyFrom siloed offering to holistic propositionThe emergence of fintechs during the past decade has resulted in customers holding a greater variety of financial services with multiple different providers.For example,they might use one provider for buy
79、now,pay later(BNPL)transactions,another to make regular purchases,and yet another to trade crypto currencies.Banks siloed approach to product development has also contributed to a sense amongst customers that their financial services are highly fragmented.An analysis by Accenture Research of leading
80、 banks across nine markets15 shows that less than 15%of them provide comprehensive rewards for customers who increase the number of products and services they use or the transactions they conduct with the bank.Over 60%of the analyzed banks offer limited rewards,which may be linked solely to credit c
81、ard transactions or only two product categories(such as waiving the credit card fee for customers who take out a mortgage loan).Today,banks have the opportunity to eradicate the silos that isolate their products and channels,allowing them to offer holistic propositions that combine credit,debit card
82、s,mortgages and other products,through both physical and digital touchpoints.Think of the Amazon Prime proposition,which offers a range of interconnected products,with rewards for those most loyal who interact either digitally or via physical Amazon Go stores16.319Global Banking Consumer StudyData i
83、s the key to understanding intentThese three pivots represent a significant change in how customers are understood and catered for.In this new approach,banks obtain,structure and use customer data in radically different ways.They build up a complete picture of each customers attributes and interacti
84、ons by combining their own data with that of partners and other sources.Their data is organized around intents,rather than kept in product silos.They create a digital memory of the customer,in the same way that a bank manager would,in the past,automatically remember the aspirations and individual ch
85、aracteristics of a regular customer when they walked into a branch.This data is available in real time,so that insights can be unlocked to improve interactions whenever they occur.This provides banks with the understanding they need to be truly relevant to their customers current and future needs.Ba
86、nks can take inspiration from businesses in other industries that have completely rethought their customer relationships.Take Shiseido,a leading skincare and beauty company in Asia.It set itself the goal to become a personal beauty and wellness company by 2030 by creating curated health and beauty e
87、xperiences for every customer.It uses customer profile data to deliver optimized content through social media and other channels.Customer histories such as online or in-store skin assessments are aggregated in a single database,which feeds an AI engine that creates personalized insights.This informa
88、tion should enable the business to send personal care packages to individual customers containing products selected not only to suit the individuals skin tone but also the occasion for which they would be used17.Global Banking Consumer Study20By adopting a fresh perspective on customer relationships
89、 with these three pivots,banks could unlock latent value from customer relationships.This would open the door to four strategic plays,each of which could contribute to reinvention of the enterprise:Going beyond the banks traditional four wallsthe blue portion in Figure 3will not only generate new gr
90、owth opportunities,but more importantly enable banks to gather more data about customers financial and lifetime needs.Used correctly,this data can help banks deepen their customer relationships,offer more tailored traditional banking solutions,and power their core business.This is J.P.Morgans ration
91、ale for building its travel booking offering,which has the explicit goal of fueling its banking business18.Four strategic plays for successImprove banking as we know it:offer financial products and services to customers in ways that deepen relationshipsOffer non-financial productsExpand reach by inc
92、orporating banking into new channels Explore completely new frontiers in the mid-to-long term123421Global Banking Consumer StudyFigure 3.Four strategic plays for banks.ProductsChannelsBankingTraditionalNewBeyond BankingNew frontiersBanking as we know it 1Non-financial offerings34Embedded banking2Glo
93、bal Banking Consumer Study22Improve banking as we know itThe greatest opportunity for banks lies in doing what they have been doing for centuriesselling traditional financial services to customers through established channelsbut doing it a lot better.Across all their products and channels,banks need
94、 to create experiences that surprise and delight their customers.A number of leading banks are already driving this change in important ways:1Reimagine the role of the branchSince customers still value branch interactions,banks should not only consider changing the format of their branchesfor exampl
95、e,transforming them into advisory centers,self-service kiosks,etc.More importantly,they should leverage technology to offer all customers the personal touch and the kind of conversations which branch managers historically provided.It is essential that these new experiences are designed not in isolat
96、ion,but as an integral part of the overall experience provided by the bank and its partners.Tailor purpose-driven propositions to customer expectationsBank of America is a good case in pointit uses customer intelligence to provide personalized collections of deposit and credit products.Its integrate
97、d loyalty program has also boosted customer satisfactionit achieved a 99%retention rate and doubled the number of products held by each customer participating in the scheme19.Bring branch-like conversations to digitalMake it easier to connect with human advisors or interact with the bank through cha
98、tbots with enhanced capabilities.Enable customers to make self-directed and assisted digital purchases.This is already a priority for some banks for example Intesa Sanpaolo,Italys largest bank,launched its AI Sales program in 2020 to triple the volume of digital sales by 2023.Measures to support thi
99、s goal include a new marketing and advertising platform that guarantees personalization at scale across the sales funnels,and the removal of silos to drive greater cooperation across functions(including compliance)and channels.Create lovable,dynamic digital experiencesWhile enabling customers to do
100、everything online that they can do in the branch,banks should go beyond making digital journeys simple and intuitive.Experiences should change dynamically to suit customers profiles and preferences,and be able to cater to customers personal and business lives.23Global Banking Consumer Study2Embed ba
101、nking in new channelsToday,banks already generate a substantial proportion of their revenues from non-banking channels.Accenture research20 shows that at least 30%of banking industry revenues relating to traditional products such as payments,personal loans and credit cards are sourced through non-ba
102、nking third parties,a figure which is expected to increase further.This is driven in part by the move into banking by non-traditional players such as Amazon,Rakuten and Rappi.For example,Amazon UK and Barclays have partnered to offer a BNPL option for payments above 100.Launched in 2021,the solution
103、 allows customers to spread payments across three to 48 months.This is a major opportunity because the use of non-traditional distribution channels can increase the overall volume of sales.The majority of respondents to a survey of experts21 on this topic said they expect non-banking distribution to
104、 increase the size of the pie,leading to a 1-4%yearly rise in sales of traditional banking products.This would require a distribution strategy that goes beyond banks traditional boundaries.The good news for banks is that a large proportion of consumers are willing to purchase traditional banking pro
105、ducts such as loans(43%)or bank accounts(31%)from non financial services providers,but around three quarters of this group would do so only if the products were managed in collaboration with a bank(Figure 4).Regardless of age,consumers are approximately 2.5 times more likely to purchase banking prod
106、ucts embedded in non-bank channels if the product is managed in partnership with a bank.For such offerings to be successful,customers need absolute clarity about the respective roles of the bank and the third party.If,for example,a customer is considering opening a savings account with a bank throug
107、h a technology company,they will need certainty about whom to contact should an issue arise.Some banks think their role in this area could be limited to providing the back-end financial plumbing,but this is unlikely.Banks also have an opportunity to provide more value to the customer despite not ori
108、ginating the sale.They could do this by building a more comprehensive picture of the customers goals and aspirations,enabling them to offer more personalized advice and solutions.Regardless of age,consumers are approximately 2.5 times more likely to purchase banking products embedded in non-bank cha
109、nnels if the product is managed in partnership with a bank.24Global Banking Consumer StudyId only purchase this directly from a bank or another financial services companyId purchase this from a company whose main business is not financial services,but only if provided and managed in collaboration wi
110、th a bankId purchase this from a company whose main business is not financial services even if it is not managed in collaboration with a bank Investment product56%32%11%Loan(incl.buy now,pay later)57%32%12%Bank account69%22%8%Mortgage63%27%10%Figure 4.Consumers want banks in the loop when purchasing
111、 financial products.Q:If the need arose,which of the following best describes your attitude to purchasing each of the following banking products through a company whose main business is not financial services,such as a retailer,broadband provider or technology company?Source:Accenture Research based
112、 on Accenture Global Banking Consumer Study25Global Banking Consumer StudyOffer non-financial products Industry convergence is taking place in all sectors.For example,leading Middle East telco provider Etisalat has partnered with health and wellness platform Vitality Global to enter the consumer lif
113、estyle sector.Launched in November 2022,the partnership increases customer engagement and expands the range of products offered,creating up-selling and cross-selling opportunities and new potential revenue streams.Banking is no exception,and many banks already provide services that are completely un
114、related to finance,such as housing,travel and e-commerce.Accentures analysis of the non-financial service initiatives of 36 banks globally shows that the focus differs across markets,depending on customer preferences.European banks focus more on mobility services such as facilitating highway payment
115、s or car sales and rentals,those in Asia Pacific and Latin America focus on providing e-commerce services,particularly for consumer goods,and banks in North Americathe least active in this regardprovide mainly home buying referrals to partners such as real-estate agents(Figure 5).But these non-tradi
116、tional products are rarely marketed and sold through banks core platforms.Just 32%of the non-financial products and services offered by these 36 banks are integrated into their primary mobile app,while 8%are available through a dedicated app and 60%through other channels such as the website of a thi
117、rd party that is not integrated with the mobile app.For example,the Belgian bank and insurer KBC offers mobility services,food delivery and event tickets through its main banking app.Meanwhile,Singaporean bank DBS offers a variety of non-banking solutions such as car purchases and sales,real estate,
118、travel and hotel bookings through a dedicated website,DBS Marketplace.Our survey data indicates that there is consumer appetite for non-financial products:around one-third would purchase big-ticket non-financial products from or through a bank,such as properties(36%),cars(32%)and travel(20%),without
119、 necessarily including the associated finance.326Global Banking Consumer StudyPercentage of banks analyzed with given feature60%0%EuropeNorth AmericaOtherMarketsGlobalHousingMobilityE-CommerceOtherHome buying/rentalRide hailingParkingCar buying/rental&mobilityTransport-ationticketsHighway tollsTrave
120、lHealthEducationLeisure&cultureOrder&deliveryConsumer goodsAdminis-trativeservicesUtilitiesRegionFigure 5.Analysis of non-financial-services initiatives of thirty-six leading global banks.Leading global banks:Top three banks by assets in six European countries(Germany,France,Italy,Poland,Spain,Unite
121、d Kingdom),two countries in North America(Canada,USA)and four countries in“Other markets”(Australia,Brazil,Indonesia,Singapore)27Global Banking Consumer StudyExplore new frontiers The final category of opportunity for banks involves boldly transforming their customer relationships by engaging with t
122、hem in completely new channels,such as the metaverse,and providing completely new products such as NFTs.The survey data indicates that consumers are open to experimenting with new ways of interacting with their bank:56%(rising to 66%of those aged 18-24)want their bank to offer the possibility of int
123、eracting in a virtual branch or office.Some banks already do so.J.P.Morgan was an early pioneer with its virtual branches in India and Indonesia and has created a very basic version of a branch in the metaverse,called Onyx Lounge.Meanwhile,HSBC has purchased a plot of land in The Sandbox,the gaming-
124、centered virtual world,as a means to engage with the gaming community.The metaverse is a major force of change across all industries,including banking.While no one is forecasting it will transform the sector in the short term,it has sufficient potential to insist that it not be ignored22.We believe
125、most banks will approach the opportunity with a strategy that targets four key goals:enabling interactions with customers in richer environments;putting humanity back into banking by facilitating more personal conversations in new ways;reinventing payment channels;and creating currently unimaginable
126、 opportunities.For example,as customers start to show an interest in buying virtual real estate in the metaverse,for significant amounts,should banks provide loans to enable these transactions?428Global Banking Consumer StudyProducts+Channels Banking as we know itSiloed:Lack of integration among pro
127、ducts and among channels contributes to a sense among customers that their relationship with banks is highly fragmented.For example,banks often have products and services that suit their needs,yet customers are unaware of them.Holistic:An elevated understanding of customers circumstances and aspirat
128、ions allows banks to offer holistic propositions through both physical and digital touchpoints,tailored to customers needs.Simple sum effect:Customers and banks are not maximizing the value of their relationships.Multiplier effect:Customers and banks maximize the power of their relationships.Custome
129、rs become advocates while banks achieve top-line growth.Banking with transformed customer relationships(Products x Channels)PurposeEmotionally-devoid:A focus on digitizing customers banking journeys has led to a significant number of interactions being functionally correct but lacking in the human t
130、ouch.This makes interactions with customers less meaningful.Amplified by the power of purpose:Banks have a strong mandate to partner with customers as they seek to realize their life aspirations.These banks are life-centric rather than utility providers of financial products.The new formula for succ
131、essThe four strategic plays,underpinned by the three pivots outlined earlier,enable banks to unlock latent value from their relationships with customers by activating what we call the multiplier effect.This requires banks to move from.to.29Global Banking Consumer StudyValue to the businessHighLowInt
132、erestSatisfactionTrustAdvocacyValue to the customerHighBy activating the multiplier effect,banks can move from their current position of providing satisfactory services,but not being fully trusted by consumers to look after their long-term financial wellbeing,to creating the lasting loyalty that tur
133、ns customers into advocates(Figure 6).This results in customers that are less willing to switch to other providers and prefer to exclusively use,and proactively advocate,the products and services of their main bank.Figure 6.The Four stages of customer loyalty.Global Banking Consumer Study30However,l
134、oyalty is not granted forever.Businesses that have mastered customer retention recognize that loyalty must be earned and nurtured every day by constantly delighting their customers.This means offering the predictability,familiarity and convenience that makes customers return.It also means having per
135、sonal conversations instead of employing basic personalization.Apparel company Lululemon has done exactly this.It is considered by customers as more than just a provider of clothes;it is a healthy-living,mindfulness-promoting organization that has created a community of advocates and ambassadors.As
136、stated on its website,this community drives Lululemons growth:“Everything we do starts with authentic relationships.Thats why each ambassadorship begins locally,in our stores.When youre an ambassador,youre not just a partner,youre an extension of our brand and an inspiration to our guests23.”With so
137、 many strategic product and channel options for banks to pursue,deciding the best course of action is daunting.To help chart a course for success,banks should consider both the size of the opportunity and their right to win with respect to each strategic option.This entails evaluating key capabiliti
138、es such as the customer experience,digital marketing and partnership management,and the banks points of differentiation,which may include brand strength,corporate culture and intellectual property.The next steps would be to think through how to orientate the organization around the desired destinati
139、on,and start running pilots before scaling for success.31Global Banking Consumer StudyChapter 3Quantifying the value at stake 32Global Banking Consumer StudyAdditional banking revenueAdditional non-FS revenueAs%of current main banks revenue per customerSpainCanadaSingaporeBrazilNetherlandsAustraliaI
140、talyUnited KingdomUnited States11%7%12%14%15%15%16%21%22%0200400$per customerActivating the multiplier effect by integrating products and channels while creating a powerful sense of purpose allows banks to turn customers into advocates.But what,in hard dollars,are the benefits for banks?We focused o
141、ur analysis on nine countries and found that,in total,banks could increase their revenues from primary customers by upwards of 20%,or nearly$400 per customer per year,depending on the market (Figure 8).The value at stake is huge;in the US alone,this translates to around$100bn in retail banking reven
142、ue that is up for grabs.The size of the prize varies significantly from country to country.It is greatest in markets that are currently highly fragmented(Figure 9)where main banks capture only around half of the banking revenue generated per customerand where there are large opportunities to move in
143、to non-banking.This includes countries such as the US and the UK.20%The uplift of banking revenue from primary customers achieved by unlocking the multiplier effect between products and channels.Notes:Main bank defined as the provider of the account from which customers make the majority of payments
144、,such as everyday spending,bills,transfers,etc.Retail banking revenue defined as the average of 2021 and 2022 retail banking revenues which include the following products:current accounts,credit cards,savings account&term deposits,investments,mortgage and personal loans.Additional banking revenues a
145、re based on the assumption that main banks increase share of wallet across existing banking products and increase product adoption among clients who do not have given products(e.g.personal loans,investments).Additional non-financial services revenues are based on the assumption that main banks will
146、offer their clients certain non-financial services like real estate transactions,used car transactions or travel bookings.Source:Accenture Research Banking Revenue model,Accenture Global Banking Consumer Study,Accenture Research analysisFigure 8.Potential annual increase in main banks revenue per cu
147、stomer by activating the multiplier effect.33Global Banking Consumer Study49%50%57%61%63%65%69%72%82%NetherlandsUnited StatesUnited KingdomSingaporeItalyCanadaAustraliaBrazilSpainNotes:Main bank defined as the provider of the account from which customers make the majority of payments,such as everyda
148、y spending,bills,transfers,etc.Retail banking revenues defined as the average of 2021 and 2022 retail banking revenues which include the following products:current accounts,credit cards,savings account&term deposits,investments,mortgage and personal loans.Source:Accenture Research Banking Revenue mo
149、del,Accenture Global Banking Consumer Study,Accenture Research analysisFigure 9.Main banks current share of total retail banking revenue.34Global Banking Consumer StudyProviding non-financial servicesLets start with offerings that are adjacent to,but beyond,the traditional scope of financial service
150、s.The survey reveals that there is a considerable group of consumers who want banks to provide these services.The additional revenue comes from two sources:the provision of non-financial services and the ramping up of sales of traditional banking products.Across the nine countries analyzed,the data
151、indicates that the three services which represent the greatest opportunity potential for banks are:Home buying:This is a huge opportunity,as these transactions exceed 10%of GDP($3.8 trillion)across the nine countries which we analyzed.Used-car purchases:Although considerably smaller than real estate
152、,we estimate that this market exceeds$1 trillion in yearly transaction value across the countries analyzed.Leisure travel:With$1.5 trillion in spending across the nine countries,leisure travel represents a larger opportunity than used-car buying.These services have a close association with core fina
153、ncial products such as mortgages,car loans and payments.Banks will need to capitalize on their pre-existing credibility,relationships and trust with consumers to leap into such adjacent markets.A bank that competed successfully in all three of these segments could benefit substantially,capturing add
154、itional income that could increase the average revenue generated by primary customers by as much as 7%as is the case in Italy.However,the size of the opportunity in adjacent markets could vary if additional factors are in play.Competitive dynamics that are specific to individual markets could influe
155、nce the uplift that a bank might achieve,especially if large specialized players with strong brands are present.Business models are also a factor to be considered.By developing their capabilities in-house,banks could retain most of the margin from these transactionsbut would have to bear the greates
156、t share of risks and costs.On the other hand,white-labeling the solutions of other specialists would limit risks and costs,but also the share of revenue.Global Banking Consumer Study35Our research indicates that this opportunity is twice as large as that associated with offering non-financial servic
157、es.This could be achieved by increasing the quality of everyday interactions between bank and customer,especially through banks own digital channels and those of their partners.Strategies would have to differ from country to country due to differences in how consumers use banking products.For exampl
158、e,in Australia and the US,investments are typically made with secondary or tertiary providers.In contrast,mortgages are much more likely to be obtained from consumers primary bank.According to our survey,only one-third of US consumers obtained their mortgage through their main bank,while almost two-
159、thirds did so in Australia.Banks can further grow revenue by increasing their primary customers adoption of certain products25.For example,by international standards,the use of investments is low in countries such as the Netherlands and Spain,while the use of mortgages is particularly low in Brazil.
160、Consumers may be more inclined to purchase these products from an organization that already meets many of their financial requirements.Ramping up sales of traditional banking productsA much larger revenue opportunity lies in convincing primary customers to switch the majority of their banking produc
161、ts to their main bank24.36Global Banking Consumer StudyConclusionCapturing the value by reconnecting with customersGlobal Banking Consumer Study37Banks have an opportunity to re-establish enduring relationships that are rewarding for them and their customers alike.These relationships can serve as a
162、solid foundation for future relevance and growth,as they will unlock significant latent value while creating the potential for entirely new value.But to achieve this they need to be the fruits of an authentic life centricity,where the bank considers and responds to all of the factors affecting the i
163、ndividual customers needs and aspirations.It is also not enough to attempt to improve relationships in isolation.At a time when sustainable,high-impact growth has become imperative,the time for banks to move forward and continuously reinvent is now.Reinvention goes beyond traditional benchmarks and
164、embraces the art of the possible through technology and new ways of working to set a new performance frontier.It will demand an outside-in perspective that connects what happens in the bank with whats happening in the world.This new perspective is essential if banks aim to deliver what we call 360 v
165、alue.This entails looking beyond short-term financials to understand what creates long-term,sustainable value in a world where customers are more empowered than ever to choose the companies with whom they engage.Banks can learn a lot from the businesses that first capitalized on the rapid adoption o
166、f television in the last century.Many fortunes were and continue to be made,even as the product and its consumption underwent fundamental changes.Like the news and entertainment industries,banking has an imperative to capture the opportunity created by a confluence of powerful forces.But to do so,ba
167、nks will need to get a lot closer to their customersand that will take a commitment to constant,far-reaching change.Our survey reveals that consumers are not overwhelmingly happy with specific aspects of their banks service,that fragmentation is accelerating,and that the desire for physical branches
168、 remains strong.Across every age group,they yearn for a personal human touch that was once provided by their branch but cannot be replicated by the digital channels they now prefer.Global Banking Consumer Study3818-2435-4455-6475+25-34MaleFemaleIn full-time employmentSelf-employed/business ownerHome
169、makerStudentIn part-time employmentRetiredUnable to workUnemployed45-5465-74Age12%3%20%19%19%14%14%Gender50%50%Employment status58%15%8%9%3%3%2%2%The findings of our Financial Services Global Consumer Study are based on an online survey of 49,000 consumers around the world.Conducted in July and Augu
170、st 2022,the survey included a balanced representation of consumers with respect to age,gender,employment status and income.The survey was conducted online.Therefore,it is important when interpreting the results to consider that a large number of the respondents are digitally-savvy.This is especially
171、 relevant when it comes to the use of digital banking channels and digital-only banks.About the researchFinancial Services Global Consumer Study39Global Banking Consumer StudyNorth AmericaEurope/Mid-East/AfricaLatin AmericaAsia-PacificUSABelgiumBrazilChinaCanadaDenmarkChileIndiaFinlandColombiaJapanF
172、ranceMexico SingaporeGermanyAustraliaGreeceIndonesiaIrelandMalaysiaIsraelNew ZealandItaly ThailandNetherlandsNorwayPolandPortugalSouth AfricaSpainSwedenSwitzerlandUKConsumers were surveyed in 33 countries:40Global Banking Consumer StudyAccentures proprietary Banking Revenue Model and findings from t
173、he Global Banking Consumer Study were used to estimate the current retail banking revenue pool in each of the nine markets analyzed:the US,Canada,Brazil,the UK,Netherlands,Italy,Spain,Singapore and Australia.We also estimated the average revenue per banked adult in 2021-2022 and the share of wallet
174、and associated revenue held by main banks(each customer can have only one main bank,which they use for the majority of their daily transactions).The potential revenue increase for main banks was calculated based on the following elements:Increase in banking revenue Increase in share of wallet.Based
175、on the survey findings we were able to identify the banks which are market leaders(positioned in the top quartile)when it comes to share of wallet among their primary customers.We then modelled the potential increase for all main banks based on the assumption that the gap between them and the top-qu
176、artile leaders would be closed.Overall product adoption.Based on the survey findings we were able to understand the markets in which overall product adoption is low.We modelled that across selected categories(personal loans,investments,mortgages)in which the adoption rate would grow if all these cus
177、tomers were to get these products from their main banks.Increase in non-financial-services revenue Based on the Global Banking Consumer Study findings we identified the non-FS areas where banking consumers are most likely to use banks with real estate,car transactions and travel booking being the mo
178、st popular categories.Using this data together with the estimated size of each segment and the potential revenue margin rates,we estimated the size of the revenue opportunity for banks if they were to enter any of those non-financial-services segments.Value model41Global Banking Consumer StudyIn Oct
179、ober and November 2022,Accenture conducted a survey of 176 banking product and service specialists based in the following countries:Australia,Brazil,Canada,China,France,Germany,Italy,Japan,Netherlands,Poland,Spain,Sweden,the UK,and the US.The aim was to understand the specialists views on the curren
180、t and future importance of non-bank channels in the distribution of banking products and services,and their current and prospective weightings with regard to banking revenues.The products and services surveyed were mortgage lending,retail accounts and deposits,retail payments(i.e.debit cards,bank/wi
181、re transfers,P2P transfers),consumer finance(including credit cards and credit at POS/BNPL but excluding auto lending),and auto lending.Accenture Banking Experts Survey42Global Banking Consumer Study1.Accenture analysis on Celent data 2.Accenture Banking C-level Survey,20223.Accenture,“The Human Par
182、adox:From Customer centricity to Life centricity”,26 July,2022 4.Accenture,“Total Enterprise Reinvention”,16 January,20235.Ibid6.Accenture,“The Life Centricity Playbook”,October 20227.We define digital-only banks as thoseeither independent or owned by an incumbent bankwhich do not have branches and
183、provide all their banking services online,via mobile apps or by telephone.8.Accenture,“Payments gets personal:How to remain relevant as consumers seek control”,12 December,20229.Accenture Research analysis on FDIC data10.Accenture Research analysis on ECB data11.Accenture analysis on Celent data 12.
184、nbkc bank,“nbkc bank,Shop Local KC Host Open House to Celebrate New Shared Banking and Retail Space”,6 October,202213.The Paypers,“C6 Bank to open Brazil branch network”,21 October,202214.Accenture,“Life trends 2023”,December 202215.Accenture Research analysis of 41 leading banks in nine markets the
185、 US,Canada,Brazil,the UK,Netherlands,Italy,Spain,Singapore and Australia,2022.16.Accenture,“Top 10 Trends in Banking”,10 January,202317.Accenture,“Change thats more than skin deep”18.Wall Street Journal,“JPMorgan Is Building a Giant Travel Agency”,30 July,202219.The Financial Brand,“Exclusive Insigh
186、ts Into BofAs Massive Rewards Program”,6 January,202120.Accenture survey on 176 global banking experts in mortgage,consumer finance,retail payment,auto lending and retail deposits,2022.21.Ibid22.Accenture,“Top 10 Trends in Banking”,10 January,202323.Lululemon,“About the ambassador program”,retrieved
187、 11 March,202324.Our analysis focuses on the following retail banking products:mortgages,current accounts,savings products,investments,credit cards and personal loans(including auto loans).25.In some countries,products such as personal loans or investments have limited penetration across the entire
188、banked population.We assumed that banks with primary relationships with customers are most likely to increase this penetration.References43Global Banking Consumer Study220137Copyright 2023 Accenture.All rights reserved.Accenture and its logo are registered trademarks of Accenture.About AccentureAcce
189、nture is a leading global professional services company that helps the worlds leading businesses,governments and other organizations build their digital core,optimize their operations,accelerate revenue growth and enhance citizen servicescreating tangible value at speed and scale.We are a talent and
190、 innovation led company with 738,000 people serving clients in more than 120 countries.Technology is at the core of change today,and we are one of the worlds leaders in helping drive that change,with strong ecosystem relationships.We combine our strength in technology with unmatched industry experie
191、nce,functional expertise and global delivery capability.We are uniquely able to deliver tangible outcomes because of our broad range of services,solutions and assets across Strategy&Consulting,Technology,Operations,Industry X and Accenture Song.These capabilities,together with our culture of shared
192、success and commitment to creating 360 value,enable us to help our clients succeed and build trusted,lasting relationships.We measure our success by the 360 value we create for our clients,each other,our shareholders,partners and communities.Visit us at .AcknowledgementsResearch Francesca Caminiti H
193、aralds Robeznieks Stefano BraschiMarketing+Communications Susie Sutherland Jessica Wolfe Tony Rattey Pia MatotoAbout Accenture ResearchAccenture Research creates thought leadership about the most pressing business issues organizations face.Combining innovative research techniques,such as data scienc
194、e led analysis,with a deep understanding of industry and technology,our team of 300 researchers in 20 countries publish hundreds of reports,articles and points of view every year.Our thought-provoking research developed with world leading organizations helps our clients embrace change,create value,a
195、nd deliver on the power of technology and human ingenuity.Disclaimer:This content is provided for general information purposes and is not intended to be used in place of consultation with our professional advisors.This document refers to marks owned by third parties.All such third-party marks are th
196、e property of their respective owners.No sponsorship,endorsement or approval of this content by the owners of such marks is intended,expressed or implied.Edwin Van der Ouderaa Senior Managing Director Global Song Sales&Service Lead,AccentureAuthorsMichael Abbott Senior Managing Director Global Banking Lead,AccentureKim Kim Oon Managing Director Banking Strategy,AccentureResearch TeamMauro Centonze Research Senior Manager,AccentureDariusz Orynek Research Manager,Accenture