You gain trust in tablespoons and lose it in bucketfuls. My father told me that years ago, but it’s been on my mind a lot lately as I think about the state of the banking industry.
There can be no doubt that banks today face incredible opportunities to serve customers. Much of this new opportunity is driven by digital capabilities like chatbots, pricing tools, new sources of customer-generated data, and big data analytics. Banks are now coming to grips with powerful new ways of knowing their customers and using that knowledge to not only sell products but to solve problems.
We know from Accenture’s 2019 Global Financial Services Consumer Study that most bank customers are willing to share personal data in exchange for personalized services, but anyone who reads the news also knows that trust-damaging data breaches are all too common in industries that rely on digital services. This includes banking. The risk of losing the customer’s trust is compounded by the new banking ecosystem, which may require sharing customer data with third-party platforms.
I joined Accenture’s Financial Services practice last year, and I continue to be impressed by the commitment of my colleagues in helping our clients build customer trust across the spectrum of financial services while building their capabilities to win in the digital economy. Our partners at Nomis and their capabilities in advanced analytics for pricing and offer management serve as a prime example of how Accenture partners with the best of the banking ecosystem.
I want to thank Frank Rohde for sharing the stage with me at the Banking Growth Forum 2019 and his team for hosting a such a quality event for industry leaders. I also appreciate the opportunity to share my views on opportunities ahead in this video interview.