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Table of Contents
Executive Summary
What is the customer-centric banking model?
What will the transformation to customer-centric banking look like in practice?
What obstacles will slow the shift to customer-centric banking?
Sources
Media Gallery
About This Report
Consumer banking will evolve from a product-centric model to a customer-centric one over the next few years. This will require significant changes to banks’ apps, pricing structures, and customer service.
Table of Contents
Executive Summary
What is the customer-centric banking model?
What will the transformation to customer-centric banking look like in practice?
What obstacles will slow the shift to customer-centric banking?
Sources
Media Gallery
Over the next few years, banks will focus on streamlining and orchestrating consumers’ financial lives, resulting in a new industry model: customer-centric banking. Banks and customers alike will reap big rewards from the change—but regulation will slow progress.
Key Question: How will consumer banking evolve by 2030?
Key Stat: More than a third of banking executives worldwide expect their company to evolve into “a true digital ecosystem” by as soon as Q3 2024, per Economist Impact. Banks must start leaning into data sharing, hyper-personalization, and generative AI (genAI) to make this a reality.
Here’s what’s in the full report
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10charts
Reliable data in simple displays for presentations and quick decision making.
Table of Contents
- Executive Summary
- What is the customer-centric banking model?
- What will the transformation to customer-centric banking look like in practice?
- What obstacles will slow the shift to customer-centric banking?
- Sources
- Media Gallery
Charts in This Report
Primary Way Banking Executives Worldwide See Their Business Model Evolving Over the Next 12-24 Months, July 2023 (% of respondents)The Customer-Centric Banking Model
Primary Way Banking Executives Worldwide See Their Business Model Evolving Over the Next 12-24 Months, July 2023 (% of respondents)
The Customer-Centric Banking Model
Customer-Centric Banking Can Capture Most Customer Life Stages
Evolution of the Banking App
Type of Customer-Centric Banking Apps
How a Life Stage-Based Banking App Can Support the Homeownership Journey
How an End-to-End Banking App Can Support the Homeownership Journey
Monzo's Subscription-Style Model
Providers US Banking Consumers Would Most Likely Buy Banking Products/Services From Based Solely on Brand Trust, Oct 2023 (% of respondents)
Primary Way Banking Executives Worldwide See Their Business Model Evolving Over the Next 12-24 Months, July 2023 (% of respondents)
Areas of Business That Would Benefit From Generative AI According to UK/US Senior Technology Decision-Makers, Aug 2023 (% of respondents)
Primary Way Banking Executives Worldwide See Their Business Model Evolving Over the Next 12-24 Months, July 2023 (% of respondents)
The Customer-Centric Banking Model
Customer-Centric Banking Can Capture Most Customer Life Stages
Evolution of the Banking App
Type of Customer-Centric Banking Apps
How a Life Stage-Based Banking App Can Support the Homeownership Journey
How an End-to-End Banking App Can Support the Homeownership Journey
Monzo's Subscription-Style Model
Providers US Banking Consumers Would Most Likely Buy Banking Products/Services From Based Solely on Brand Trust, Oct 2023 (% of respondents)
Areas of Business That Would Benefit From Generative AI According to UK/US Senior Technology Decision-Makers, Aug 2023 (% of respondents)
authors
Maria Elm
Contributors
- Lauren Ashcraft
- Suzy Davidkhanian
- VP, Content
- Amy Rotondo
- Director, US Research
