Innovative trends in retail banking

in partnership with

Accenture

Logo of Accenture

Accenture is a leading global professional services company, providing a broad range of services and solutions...

View more
premium
Q+
28/05/2018 Study
The Distribution & Marketing Innovation Awards is a joint initiative from Accenture and Efma introduced in 2012 to identify and appraise the most innovative projects in Retail Banking at global level. The fifth edition of the program, with its closing ceremony held in Rome, has proven once again to be “the place to be” for banks looking for showcasing their most innovative projects, networking and benchmarking with their peers and taking inspirations to further evolve their innovation agenda.

But a closer look at the competing projects unveils something more: the program turned to be a powerful asset for innovation lovers and industry analysts. With more than 180 banks competing and ~480 innovations collected at worldwide level, the program is a recognized, powerful tool able to depict the evolution roadmap of the whole industry, showing where banks are placing their bets and discovering whether previous initiatives have proven to be a successful or not.

Looking at 2017 banks’ innovation efforts via a pure analytical perspective, it’s crystal clear that those trends spotted in 2016 – from the role of bots as a new interaction model, to the spread of niche-specific value propositions or the open approach fostered by PSD2 – still prove to be vivid and embedded in banks’ innovation DNA. But we are not merely witnessing to a confirmation of the trends outlined last year: we can say it loud that banks have brought them to the next level and new sparks are rising. Dawning trends in 2016 have now reached a greater level of maturity, while those already widespread now embrace more sophisticated initiatives producing tangible results and creating new revenues streams. That’s why we can talk about “the new made newer”, a sort of step ahead in the bank’s innovation effort around some fields of consensus.

Let’s briefly have a look at how innovation trends evolved and reached a greater level of maturity and spread: chatbots - previously playing a pivotal role in automating customer service and easing digital interactions - are now being used to boost acquisition and generate new leads, thus contributing to improve the bank BOTtom line. In the niche banking space, traditional customer segmentation criteria are being overcome with tons of banks moving towards the concept of lifestyle and mindset segmentation, that lets them identify new, underserved micro niches and shape dedicated propositions. SMEs are now at the core of every bank’s digital transformation path, with incumbents starting to embrace a collaborative approach with fintech ecosystem players to offer value-added services and evolve the core offering. Open banking went from being the “talk of the day” to a more structured approach resulting in the creation of real new “value proposition interface” for third parties.

Personal finance management solutions after years of low adoption seem to have gathered their momentum by shifting their focus on coaching customers rather than just informing them, this turning transactions into actions.

And eventually workforce, the human touch of banking, that is being blended and powered up with artificial intelligence to deliver a consistent, WOW experience.

Want to keep reading?

Become a Qorus member to get access to all our insights

Related news & insights

24/06/2024 News

Revolut launches Pan-European loyalty program: RevPoints

This program allows Revolut customers to earn points on their everyday spending, which can be redeemed for rewards such as...

Digital Reinvention
22/06/2024 News

OCBC Securities launches Singapore’s first AI stock-picker to triple young investors

A.I. Oscar predicts stock price movements and generates personalized stock ideas. Following a successful pilot from October 2023 to April...

SME Banking
20/06/2024 News

Societe Generale to sell subsidiary Shine to Ageras

This strategic move is part of Societe Generale's effort to streamline its operations and concentrate on its core retail banking...

Mobility
20/06/2024 News

Superbank expands banking access to millions of Grab users and partners in Indonesia

This partnership allows millions of Grab users and partners to open accounts, save money, and use these accounts for payments...

19/06/2024 News

HSBC unveils new wealth centre to enhance client experience

This centre is the first of three that HSBC plans to establish in Singapore by Q1 2025, as part of...

Insurance
18/06/2024 Interview

Santa Lucía Insurance wins silver for customer sentiment detection project

Santa Lucía Insurance won a silver award in the Re-imagining the Customer Experience category of the Qorus Innovation in Insurance...

18/06/2024 News

RBC launches Global Credit Connect with Nova Credit to assist newcomers to Canada

This initiative helps eligible RBC newcomer clients leverage their international credit history in Canada.

Mobility
16/06/2024 News

Garanti BBVA's innovative approach to car loans and automotive services

Garanti BBVA, a leading bank in Turkey, is transforming the automotive finance and service landscape through innovative digital solutions and...