According to research from Accenture, banks can double their annual revenue growth rate and simultaneously reduce their cost by 20% by implementing three business models. These business models are: the “Intelligent Multichannel”, the “Socially Engaging” and the “Digital Ecosystem” bank. By using these models, banks can gain a competitive advantage, both in developed and developing markets, and can therefore beat their competitors in market share and profits.
The consulting firm presents its findings in the report “Banking in 2016”.
A summary of the three business models for banks:
- The “Intelligent Multichannel” bank offers enhanced multichannel experiences to engage customers.
- The “Socially Engaging” bank creates customer intimacy through social media interactions.
The “Financial/Non-Financial Digital Ecosystem” bank uses mobile technology to place the bank at the center of an ecosystem that sells financial and non-financial services.