Everyday Bank Blog

6 key success factors for Credit Innovation

Understanding your customers is the foundation to a sustainable competitive advantage in banking. Organizations can no longer wait to embrace the power of analytics to gain data insights that, if effectively actioned, can bring revenue uplifts through the maximization of cross-selling opportunities and redesign of up-selling strategies.

I think digital banking can no longer be associated to ad-hoc initiatives that, most commonly, foster online or mobile usage from customers or even with building a new app for commercial campaigns – it is a way to run an entire organization. This new model will touch product development, distribution, front and back office operations, marketing communication, thus influencing the entire customer experience.

As we move forward into 2016 and beyond, organizations can improve profitability through innovative loan origination processes and strategies, mobile solutions extended to the SME segment, increased fee-based services and M&A activity to handle increased costs and, ultimately but not less relevant, divestiture of non-core activities. Each of these areas can benefit from analytics: when analytics is properly used to derive relevant insights, organizations can better make decisions.

Despite an increasing number of marketing channels at our disposal, customers are becoming not only financially wiser, but also more and more technologically sophisticated as well as free to choose a competitor bank. They expect a consistent and unified experience as they proceed with their buying and transactional processes, both at traditional channels or while navigating online. Institutions with the most seamless engagement will win the battle for customers, leveraging one-to-one targeted messaging based on the individual or, ideally, household needs.

Accenture has developed a framework that includes six key factors that allow banks to achieve break-through Credit Innovation in the years ahead: improve Data Quality, reshape Customer Experience, streamline Instant Loan processes, boost Digital Mortgages, focus on Self-Serve mode, and become aware about their Ecosystem. Each of these factors can be intelligently supported by deploying analytics.

Fig - 6 key success factors for Credit Innovation

Stay tuned.  In my coming blogs I will bring you through each of the key successful factors.

Payments transformation: Should invisible digital payments be more visible?

In the digital era, payments providers are getting close to frictionless payments. But are frictionless payment transactions always a win for consumers?

The evolution to invisibility

While traditional payments will not disappear any time soon, respondents to our Accenture 2015 North America Digital Payments Survey expect to use them less and digital payments more in 2020. Consumers want digital payments solutions that are simple, personal and seamless—the less friction, the better.

Payments transactions are becoming less visible. Compare the physical act of exchanging cash, writing a check or swiping a card to automatic drafts, stored payments and device-initiated payments where the transaction happens out of sight, and for many consumers, out of mind too.

The downside of frictionless payments

Invisible payments transactions introduce convenience that consumers tell us they want. Yet there are also risks to consider.

First, invisible payments can make it difficult for consumers to spend responsibly or have a accurate sense of their true financial picture. Small purchases can add up fast when spending is unseen and silent.

There is also the issue of payments security. When transactions occur out of sight or without explicit authorization, fraud could become as invisible as the payments themselves are.

Striking the right balance

These issues have me wondering if payments providers should add some friction back in the process. Doing this well will depend on consumer data insight—and how banks use it.

As my colleagues at Fjord—the design and innovation unit within Accenture Interactive—remind us, earning consumers’ digital trust is critical. As organizations leverage invisible payments data, they must be mindful of handling it with care, offering services with manners.

Fjord Trends 2016: Services with Manners from Fjord.

Consider how payments players can design more “visible” invisible payments, and create better customer experiences in the process:

  • Spend tracking

Automated alerts pushed to mobile phones before purchases are made can help consumers stay in control of spending. However, if alerts are unwelcome or occur too often, they could become annoying. Aligning alerts with spending thresholds, as some providers are already doing, can provide useful insight without being overbearing.

  • Built-in security

Invisible payments can benefit from the same kind of fraud protections that consumers expect when they use their credit cards. This could be the requirement for quick, tap-and-go authorization for large payments. Or freezing payments until consumers verify that anomalies in spending habits come from their actions, not those of a fraudster.

  • Next-level personalization

By analyzing consumer data, payments players can offer personalized services. Insight into recurring payments, categories of spending and other trends could generate special offers from partners. Providers could also offer tools for consumers to drill into their own invisible payments data in the model of online personal money management services.

Learn more

There is no denying that we’ve entered the exciting but complex age of payments invisibility, and I’ll be watching how the evolution unfolds. For more insight, take a look at the following:

Fjord Trends 2016

Accenture 2015 North America Digital Payments Survey

Where and how banks can tap the Distributed Consensus Ledgers opportunity for Payments

Read the report.

Read the report.

Bitcoin was designed as a peer-to-peer payment system for the internet. Its key breakthrough was to solve the double-spend problem, thus allowing a system to develop with no central authority, but still with immutable trust, security and integrity.

The banking industry was caught off-guard by Bitcoin. Many aspects of Bitcoin—including a finite supply of currency, permission-less innovation, open access/participation, borderless peer-to-peer transactions and no central control—run counter to many of the industry’s norms. Luckily, the industry found a way to respond – banks separate the distributed consensus ledger (DCL) technology from the Bitcoin currency to focus on the merits of the DCL technology, and ignore Bitcoin as a payment system.

However, can the industry be successful with this approach? Some have likened separating Bitcoin from the underlying DCL technology to separating the internet from its underlying packet-switching technology; clearly, an absurd approach.

So, in focusing on DCL technology in payments (rather that broader uses in other financial services markets) what benefits are possible and what should banks do—and are doing—to achieve them?

For payments, DCL technology may have benefits over other more established technologies in a number of areas. These include where it is not possible to have a central authority (for example, cross-border payments); where there are intermediaries who could be bypassed, such as in correspondent banking; where multiple parties access and update shared information, such as reference data; where counterparties transact with each other at risk, such as in international payments; and where new business models can be supported (for example, micropayments for microcommerce). Banks are interested in DCLs because they recognise such potential benefits, seeing the opportunity to make internal and interbank processes more efficient, saving substantial costs and improving the robustness of their services. Yet, they have shown very little interest so far in using DCLs to enable new business models; perhaps, that will come later.

Unfortunately, this interest in DCLs has generated a lot of hype with over-optimistic expectations, some wild claims on the benefits and a general belief that banks can widely exploit the amazing DCL technology. In this hype, DCLs have become known as “blockchains”, a somewhat inaccurate and lazy description, as it refers to a specific feature that is used by many, but not all DCLs. However, the word “blockchain” captures the imagination of something new, clever and exciting; and it fits neatly with the imperative to be innovative and at the forefront of technological change in the digital economy – its use is likely to persist.

This hype obviously carries risks that expectations won’t be met and that resources will be misallocated. For example, a clearing and settlement system built with DCL technology is still a clearing and settlement system. In payments, these are usually very efficient at scale with existing technology. As hype fades and reality catches up, a ”valley of despair” is probably imminent. It is therefore important that banks look beyond the hype and work with DCL technology now, as many are doing, to learn from it and build evidence and experience to inform strategies and investment decisions.

Inside the banking sector, DCLs for payments are likely to develop mainly as private networks in areas such as intra-bank payments, cross-border payments, trade finance, interbank settlement, payments reference data, AML and identity management. If central banks start issuing fiat currency on DCLs, we could see account-to-account (wallet-to-wallet) settlement which would turn the retail banking model on its head, but this could take many years to develop.

The best innovation though is likely to come from outside the banking sector.  DCLs are ideally suited to machine-to-machine payments and as the Internet of Things grows, so will demand for these types of payments (for example, cars automatically paying fuel pumps). Many new business models will appear, particularly through using DCLs to initiate and manage micropayments (micro in terms of payment amount and time intervals between payments).

To address this opportunity, banks are taking five actions:

  • Organising for DCLs; for example, setting up innovation labs and participating in industry initiatives, such as R3 and Hyperledger.
  • Evolving DCL strategies and architectures.
  • Experimenting to develop know-how and experience.
  • Working with FinTechs, customers and regulators to inform and be informed, and to identify and develop business opportunities. Ripple, in particular, is one FinTech that is likely to make traction with banks in intra-bank payments, cross-border interbank payments and trade finance. Its technology is maturing fast and is designed to work with the existing banking system without disrupting it.

Still, the industry may have to keep an eye on Bitcoin. Despite the huge investments in DCLs in the industry and in FinTechs, Bitcoin is still the only successful DCL that is achieving its purpose and operating at scale. It is not without controversy and is undergoing growing pains, but it is getting stronger by the day. Either Bitcoin will fail, and in doing so, provide valuable insights to those using DCL technology, or it will continue to grow. If it does continue to grow, then at some point banks will have to take notice of Bitcoin and work with it. Many believe this will never happen and dismiss Bitcoin completely. The truth is, no-one knows, but keep watching those Bitcoin transaction volume graphs!

Why “robo-advice” will win the battle for a pivotal role in the future of financial services

In my first blog in this short series on robo-advice, I described the battle for “hearts and minds” that robo-advisory services must win to reach mainstream acceptance by the FS industry and its customers. In this second instalment, I’ll explain why robo-advice is well equipped to win this battle in the years ahead.

In my view, it’s already clear that the robo-advice model brings some major benefits that niche players are already capitalising on. Like the barriers that I described in my first blog, these advantages arise on both the consumer and bank side of the relationship.

First, the consumer benefits. It’s a fact of life that smaller investors are often uncomfortable discussing their own personal financial circumstances. In these situations the anonymity and impersonality of robo-advice can be a major advantage, by removing personal embarrassment and thereby encouraging more people to seek financial advice, rather than just keep their savings in virtually nil-return ISAs.

A further benefit for customers is that robo-advice is much cheaper than the traditional financial advisor (FA) service, and potentially opens up responsible investing to a much wider audience with vastly varying levels of financial capacity. Not all investors need to be able to commit tens of thousands of pounds – a fact evidenced by the large number of younger investors that Nutmeg has attracted, often with relatively small amounts to invest.

A related factor is that simply investing money does not give the sense of instant gratification that financial planning can bring to customers. In other words, just buying “x” amount of shares and sitting on them is frankly not a very interesting thing to do. But being walked through various scenarios by a robo-advisor, which can instantaneously plot the potential gains from committing even small amounts over a long period of time, may pique the interest even of people with no previous experience of personal financial planning.

Of course, sitting down with an FA to do the same thing remains an option – but then the customer would probably be charged an hourly rate. A robo-advisor using an artificial intelligence (AI)-based analytics application and data lake, and enabling customers able to switch their scenarios at their leisure to view differing potential outcomes, would be both cheaper and much more accessible for the vast amount of potential investors.

And the advantages for banks? One is that robo-advice would provide a verifiable electronic audit trail of contact and advised services between the consumer and the firm, thus ensuring a much more clear-cut position in any litigation arising from “insistent investors” going against the robo-advisor’s recommendations and losing capital as a result. There’s also scope for utilising distributed ledger FinTech solutions in this area, to provide an additional layer of potential redress and safety for banks.

What’s more, robo-advice is scalable at much lower costs than traditional FA services. And while some providers may be concerned that these services would demand large-scale architecture implementations, the increasing use of APIs could open up new ways for banks to collaborate with third-party FinTech robo-advisory services.

Overall, robo-advice may be a concept whose era has not yet quite arrived – but in my view there are sound reasons for believing that it soon will. And when it does, both consumers and banks stand to benefit.

Banks Should Emulate—Not Fear—GAFA

Machiavelli was of the opinion that if you were a Prince it was “better to be feared than loved if you cannot be both”. As the Princes (if not Kings) of the digital world, Google, Apple, Facebook and Amazon (GAFA) don’t seem interested in wooing the banks and are instead doing a good job of generating a fair amount of fear and anxiety. For GAFA, banking services are an extension and enhancement of broader customer relationships anchored in connections, community and commerce, and they are starting to get traction. Google’s Android Pay now has millions of users[1], and Apple Pay is now accepted in over a million merchants.[2] Facebook is working on a way for consumers to use Messenger to pay for goods in person,[3] and Amazon’s Pay Monthly lets customers pay for big ticket items on an installment credit plan.[4]

In North America and Europe, these innovations still account for only a tiny fraction of banking revenue, but if you want a glimpse into a possible future, add another A to GAFA and look at China.  Alipay the payments arm of ecommerce giant Alibaba processed nearly $1 trillion of payments in 2015; well over 3 times the volume running through US e-payments leader PayPal. More broadly, Alibaba, Baidu and Tencent together dominate the e-commerce and P2P payments markets in China, and are increasingly squeezing the banks out of the transactional credit market as well.

Despite the twin threats of Fintech piranhas and GAFA juggernauts, it isn’t inevitable that traditional banks will be marginalized in the digital world. Rather than fear GAFA, banks need to try and emulate them by playing a trio of competitive aces that they still hold in their hands: customer relationships, transactional trust and customer data. By exploiting these advantages, banks can control their own destiny, but the clock is running to play these cards effectively:

  • Master real-time data analytics to deliver advice and compelling offers within a customer’s digital journeys. In the past, ‘advice’ meant a sit down with a banker to discuss a mortgage or retirement plan, but increasingly ‘advice’ in banking means the type of nudges, prompts and offers delivered by GAFA during every interaction.
  • Become more relevant by using customer data to expand the perimeter of the banking business. Banks have the data to understand both customers’ aspirations and their day-to-day problems. By collaborating with ecosystem partners to help address health, work, and family issues, banks can move beyond transactional trust into the type of advisory relationship that many aspire to, but few achieve.
Read the report.

Read the report.

  • Master multi-channel and emulate the seamless flow of data and connectivity across channels and devices that is foundational for GAFA. In-person connections and face-to-face advisory will continue to have a role in banking, but customers will never feel ‘known’ by their banks if fragmented systems put the onus on the customer to join the dots. If banks can master the digital world, then integrated physical distribution can be a competitive advantage; but if customers see silos and fragmentation, then branches will become an anachronism for the millennial generation.

In a world where GAFA is looking to cherry pick elements of the traditional banking business, the incumbents need to decide which roles to play, which businesses to prioritize and transform, which new businesses to launch, and how to develop and deploy relevant digital enablers. GAFA players are used to dominating the markets they compete in, so if the banks are not careful, they could find themselves disappearing behind the curtain of the digital world and becoming no more than utility providers.  But it’s not too late to stop that from happening if the banks play their hand well.

My colleague Piercarlo Gera shares more about the GAFA imperative and how banks can take a GAFA approach to transform their business in his Beyond the Everyday Bank blog series. You can also read the full report: Beyond the Everyday Bank.

[1] “Android Pay signs up “millions” of users, readies loyalty programs, NFC World, October 27, 2015. http://www.nfcworld.com/2015/10/27/339037/android-pay-signs-up-millions-of-users-readies-loyalty-programs/

[2] http://www.apple.com/apple-pay/where-to-use-apple-pay/

[3] “Facebook Preps In-store Purchases for Messenger,” engadget, March 28, 2016. http://www.engadget.com/2016/03/28/facebook-messenger-payments-secret-conversations/

[4] “Amazon Wants U.K. Shoppers to Pay in Installments,” Fortune, January 4, 2016. http://fortune.com/2016/01/04/amazon-lending/

Beyond the Everyday Bank: The GAFA Banking Approach

Read the report.

Read the report.

In the first blog of this series, we discussed the rapidly changing banking environment and how the combination of empowered consumers and aggressive competition from digital players outside the industry are pushing banks to transform themselves.

The top C2B players – including Google, Apple, Facebook and Amazon (GAFA) are expanding the range of their offerings beyond shopping, entertainment and travel into products and services that affect consumers’ health, their homes, and their money. The GAFA approach generates tremendous amounts of data that can be analyzed in real time to obtain customer insights. These insights, in turn, can serve as the basis for opportunities to cross- and/or up-sell new or complementary products.

Companies need to confront key strategic questions including: What is the total investment for the digital agenda? How should that budget be allocated to “GO Digital” initiatives (businesses chosen for focus) and “BE Digital” initiatives (enabling and optimizing the overall enterprise)? For both GO Digital and BE Digital initiatives, what are the priority items? Should the bank go it alone or partner up with financial technology (FinTech) providers?

Within the GAFA banking portfolio, there are three major GO Digital sets of platforms and/or businesses to consider:

  1. Provide digitally powered financial platforms. Banks can offer physical and digital choices, both in terms of access (allowing the customer to decide when and how to engage with the bank) and in terms of an easy and simple experience. For example, depending on the business strategy, a digital advisory platform could be developed for affluent consumers, evolving each step in the advisory value chain, from prospect collection and onboarding to client engagement, investment portfolio proposal, and illustration of various offerings and products.
  1. Tap into experiential living services. Banks could consider partnering with others to develop platforms that deliver “living services” – that is, services that can adapt in real time to fulfill the needs arising in customers’ everyday lives. This means increasing the level of interaction with customers, having access to extensive data on their behaviors, and embedding customized financial services propositions in various areas including housing, health care, and traveling.
  1. Develop new businesses. In order to multiply customer interactions and/or generate new revenue streams, banks should explore new businesses. Potential opportunities include becoming digital attackers to enter new geographies; monetizing branch space (by teaming with players like Amazon) and data monetization (by providing merchant-funded discounts and offers to merchant market intelligence and business insight. 

Developing experiential living services and new businesses will not only generate new revenue streams but will also act as a multiplier for customer interactions and touchpoints, helping the bank remain at the center of customers’ lives and needs.

Read the full report – Beyond the Everyday Bank: How a GAFA approach to digital banking transformation will change everything.

In our next blog, we will look at some of the digital enablers that banks need to provide different products and services while performing the roles they have chosen.

Banks Under Pressure to Define Digital Agendas

Powerful trends have been reshaping the banking industry and rearranging the competitive landscape.  Consumers, for example, are increasingly in control of business relationships, engaging businesses on their own terms and at the time and place of their choosing.  They create value for other consumers by writing product reviews on Amazon and posting “likes” on Facebook.  In this environment, banks are under growing pressure to define clear digital agendas and allocate capital to the right investments.  They need to determine which business platforms to prioritize and transform and which new digital initiatives to launch.

With consumers gaining power, major consumer-to-business (C2B) players such as Google, Apple, Facebook and Amazon have been encroaching on banks’ traditional territory.  Google and Apple have launched payment systems and Facebook Messenger allows users to send money to each other.  Amazon Lending offers its “power merchants” business loans and takes the loan payments out of the sales proceeds of those merchants.

These and other trends make banks more vulnerable, even banks that have begun to transform themselves into the “Everyday Bank” of the future – one that interacts daily with customers.  We estimate that, by 2020, different business models could impact up to 80 percent of existing banking revenues, including revenue streams from current accounts, consumer finance, cash management, and small- and medium-enterprise (SME) payments.

With these competitive pressures, banks will need to move fast and make the right decisions in three crucial areas:

  • Which roles to play;
  • Which “phygital” (combined physical and digital) businesses to prioritize and which new businesses to launch; and
  • How to develop and deploy relevant digital enablers, and how to digitize processes end-to-end, including branch activities.

In this series, we will explore banks’ strategic options, the actions needed to implement their decisions, and internal and external factors affecting successful execution of a chosen strategy.  In these disruptive times, banks will need to go beyond the concept of the Everyday Bank.

Banking Tours with Purpose

While I was a student, I took at summer job working as a bank teller.  Though my main objective was to earn enough money to help pay for my school fees and cover a short holiday around Europe, I also wanted to explore the world of retail banking. Several members of my family were working in the banking industry, so I was very interested in learning more about career opportunities in this field.

I was quickly taught the ropes—counting notes by hand (at the time machine counters were unusual; I still love the feel of counting fresh notes), managing my safe, balancing the debits and credits and closing the books at the end of the day.  The work was manual, there were no computers on hand to support us. We had microfiche we could consult to look up customers’ account balances at the previous night’s closing. If a customer came in looking to withdraw a large amount of funds we would either have to contact the branch that held the account, or if that was ours, check across all the teller desks to see what might have been presented against the account already that day.

Ultimately it was up to the branch Manager or Assistant Manager to take a decision on whether or not to grant the approval for a large withdrawal. These individuals had the experience and intuition to know whether a customer was good for the money and could be trusted to repay loans. Banking was an art and a skill that was learned over time.  Bankers were looked up to, and trusted. You were proud to have a banker in the family.

Today there are computer systems that can provide real-time updates on customer balances.  There are algorithms that enable rapid loan risk evaluation and quick decisions. Banking like many other industries has become a science where investment in technology can differentiate the leaders.

But where does this leave bank employees? The industry has evolved, but so has the workforce.  Today’s new joiners are not content to learn the ropes and aspire to a lifelong career at the one firm. Fjord* describes career paths today as no longer being “linear journeys”.  They state that “employees are treating their careers as a series of ‘tours’.”

Banks today have lost the cachet they once had. They are now competing for the best talent with the likes of Pixar, Tesla and even non-profit organizations such as GlobalGiving and TED.  Job experiences need to be redefined – expressed as a set of skills an individual can learn, and opportunities to develop experience.  Management styles will also need to adapt as employee loyalty will depend on more than just a simple paycheck.  Millennials and Gen Z tend to highly value corporate culture.

My own experience as a student years ago confirmed my interest in the Financial Services industry, but the industry has changed significantly since then. Years of cost cutting at many leading firms has put considerable pressure on the employee base to deliver efficiencies while seeking revenue growth.  While not afraid of taking on a challenge, new recruits want to feel inspired at work. Banks today need to define roles that enable employees play a key part in driving the success of the firm.

While investments in technology may have simplified certain tasks, it is only with committed employees that banks can deliver exceptional service to their customer base. Investing in employee experience has become key to attracting the best talent. It is time to start thinking about the environment, training and opportunities banks may offer to entice future candidates. It is also important to recognize that in our increasingly digital world, a mix of skill sets may become more valuable than years of experience in one narrow field. Just as I benefited years ago from mentors who encouraged me to build a portfolio of skills to pursue my career goals, we need leaders to encourage employee ‘tours’ to build broader experience which will ultimately benefit both the financial services industry and our communities. Banks can then focus on developing an organizational culture and environment that empowers its people, enticing top talent.

*For more information on “Why successful organizations will invest employee experience”, see Fjord Trends 2016.

Blending the digital and branch customer experience

The digital experience has become one of the most important places for growth and innovation within banking, but as continue to move more digitally, many banks are asking themselves how should in-person, physical experience be evolved.  Some banks are finding that combining digital banking innovation with the physical branch experience can help them provide outstanding customer service while making their own internal systems more efficient.

Italy’s Banco Intesa Sanpaolo – winner of the 2015 Efma Accenture Award for Physical Distribution – uses digital tools in the branch while bankers provide customers with face-to-face contact and support.


Intesa Sanpaolo found that customers considering complex financial products such as mortgages are uncomfortable “going it alone” without a banker’s help.  While the bank uses digital tools and solutions in its branches – so that information can be processed quickly and efficiently – it also offers its customers the “human touch” in the form of branch employees who can answer questions and assist with the product application process.  For big, complex products such as mortgages, this can be a crucial source of support at the customer’s moment of truth.

A new Accenture Point of View entitled Branching Out: The Case for the Human Touch in Banking notes that digital channels now allow customers to carry out many transactions traditionally handled by the retail branch workforce. Banks can use their branches as differentiating physical assets and allow branch talent to act as the human face of the brand. These employees can support customers’ use of digital interactions and offer new and differentiated customer experiences that bring together the best attributes of in-person and online banking.

To make this transition, however, banks need to fundamentally re-think their branch talent strategies.  Helping customers in areas beyond basic transactions means that employees will need better listening, assessment and social skills.  They will need to be able to engage and excite customers, not so much about complex financial instruments but about the freedom and security such instruments can deliver.  Re-envisioned this way, physical branches – and the talent they contain – can be a major selling point for banks facing new “all digital” competitors.

Addressing a Digital Marketing Challenge with Banking Innovation

Throughout the global banking industry, innovators are using digital technology to turn marketing challenges into opportunities for high performance.  Efma award winner mBank provides an excellent example.  The Polish bank used information from its own customer service sites – including its website and mobile apps – to identify client needs based on digital behavioral data.


In what is essentially real time (within about three seconds) mBank identifies what clients are looking for (based on information they leave on the sites) and then provides proactive solutions, using rules developed by a data science team to deliver the information in a personalized format.  This improves the success rate of mBank’s ongoing marketing campaigns.

The mBank initiative is a good example of how the Agile banking model for retail distribution and marketing helps create an environment in which customers have more control.

As seen in the illustration below, the Agile model is built on the three blocks of:

  • Customer obsession – Agile banks must have a deep understanding of customers and do everything based on a disciplined, customer-first perspective;
  • Unconventional collaboration – Agile banks must take collaboration to a whole new level, changing why they collaborate, with whom they collaborate, and how they collaborate; and
  • SWAT teams – Agile banks can anticipate and react to market demand at speed because they develop empowered innovation and execution teams with a bias for action.

Agile Model for Banks

Agile Model

As Accenture Agile Bank report explains, retail banks such as mBank are in an excellent position to make the transition to agile distribution and marketing because they already have the three elements needed to do so.  These are a combined digital and physical presence; analytics insight (using the right customer data to create and test real-world scenarios, define markets and develop product formats) and an innovation jumpstart, often obtained by purchasing startups or using white-label capabilities to integrate into the value chain.

The agile bank can grow market share and reduce operational costs in exciting new ways.  As mBank and others have found, giving customers what they really want creates new paths for retail banking and distribution in the digital era.