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Financial Services in the Age of the (Empowered) Customer
Nikos Sampanis, Regional Director, SE Europe
April 12, 2018
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Empowered customers are shaping corporate strategies and the technology agenda
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(Empowered) Customers are evolving in five key ways
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The gap is widening between leaders and those incrementing forward
Customers are making the rules
Digital is destroying industry lines and business models
Digital platforms are separating brands from customers
Companies are struggling to become digital first
The combination of empowered customers and digital are remaking markets and creating existential risk for companies
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Business and technology leaders are making decisions that will decide the destiny of their companies
Seeing, interpreting, and acting on external forces is the critical capability
Powerful external forces require immediate action
Decisions are made with little precedence, but massive consequence
Decisions are not cosmetic — they go to the very nature of your company
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Banking touchpoints choices in Europe
Base: 17,215 European Online Adults (18+)
Source: The State Of Digital Banking, 2018 Forrester report
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Banking customers are becoming digital-first
› Online banking is the most frequently used banking touchpoint
› Mobile banking is growing rapidly
› Branch use is in decline, but customers still use branches for routine
interactions
› The ATM is the second most used touchpoint
› More customers use multiple touchpoints for sales and service
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European banking customers use multiple touchpoints to manage their finances
Base: 17,215 European Online Adults (18+)
Note: Percentages may not total 100 because of rounding.
Source: The State Of Digital Banking, 2018 Forrester report
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New entrants and digitally empowered customers disrupt banking
Digital Disruptors Are Attacking Banking's Inefficiencies
› Aim to deliver better digital customer experiences
› Automate end-to-end processes
› Make payments faster, cheaper, and easier
› Provide more value than just payment with digital wallets
› Extend financial advice to mainstream customers
› Serve niche or underserved customer segments
› Reduce information asymmetry and increase transparency
38%
31%
16%
15%
“Which of the following will have the greatest effect on your business decisions over the next 12
months?”
Digital transformation dominates business decision making
Base: 735 to 1,559 North American and European enterprise business and technology decision makers; Source: Forrester Data Global Business Technographics®
Business And Technology Services Survey, 2017
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Firms are at wildly different
levels of maturity.
56%
15%
21%
7%
“Which of the following best describes your firm’s digital transformation?”
Most firms are in the throes of transformation — not yet realizing that transformation will be a permanent state of being
Base: 735 to 1,559 North American and European enterprise business and technology decision makers; Source: Forrester Data Global Business Technographics®
Business And Technology Services Survey, 2017
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Banks are embracing digital business transformation at different speeds
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You Don't Need A Digital
Strategy; You Need To Digitize
Your Business Strategy
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Digital operations
Reconceive products
and capabilities to
deliver better outcomes.
Digital experience
Deliver experiences
that are easy, effective,
and emotional.
Digital ecosystems
Build platforms and
partnerships to
accelerate and scale.
Digital innovation
Continuously improve
and break through at
the digital frontier.
The four rules of digital business
Source: Digital Rewrites The Rules Of Business Forrester report
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Design principles in the age of the customer
Connected: Orchestrate internal operations and your ecosystems
Insights-driven: Harness data to drive strategic advantage
Fast: Rapidly respond to changing customers and market disruption
Customer-led: Make customer obsession an everyday competency
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Embrace digital banking as a catalyst for wider change
Source: Digital Rewrites The Rules Of Business Forrester report
› Define a compelling digital business vision for your bank
› Assess your firm's digital readiness to establish the size of the gap
› Build a business case for digital transformation
› Think through your processes, organization, and metrics
We work with business and
technology leaders to develop
customer-obsessed strategies
that drive growth.
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Alex Zahariev
+359 87 7677113
Nikos Sampanis
+30 694 5853157