Retail banking trend #7: Create and nurture a fan base

Efma feature

06 August 2019

FinTech is seemingly everywhere – from chatbots proactively engaging customers with sales proposals to new, algorithm-based personal financial management tools. However, as we reviewed 2018’s Efma- Accenture Banking Award submissions, we were struck not so much by the prevalence of FinTech as by what we have termed “The Return of the Human Element.”

Create and nurture a fan base

Slowly, banks are starting to think of themselves less as banks – austere, formal institutions with lots of rules – and more as businesses working in partnership with people and with other businesses.

No Efma-Accenture DMI Award submission talked about creating a base of loyal fans, but companies like IKEA and Apple seem to do this as part of their make-up. IKEA seeks to understand people and to enter their lives in ways that are easy and pleasant. Apple makes its customers feel like part of the “new”, at the center of a continuous experience for improving themselves and the things around them. We expect more and more banks to embrace this idea and to look for new ways to strengthen the emotional ties between them and their customers.

Submit your innovative initiatives for the Efma-Accenture Customer Insight & Growth Banking Awards 2019. Participation is free of charge and open to all banks whether they are Efma members or not.

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Keywords : Business strategy/Model

Geography : International