Designing a bank ecosystem that supports all of this is where the CIO comes into play. An Everyday bank implies a full operating model transformation at all levels: from the branches to the back office to the customer service functions. It requires a new level of automation and digitised processes to enable the "just in time" services that customers want. And this requires breaking down bank silos and ensuring collaboration.
How can that be achieved? It needs a top-down priority push to realign legacies and uplift new capabilities and distribution models. This will vary from bank to bank. For some, it will mean replacing the core systems to enable end-to-end digital capability with omni-channel distribution models. For others, the core may need a tweak or add-on, but in principal it can marry up with other new omni-channel services.
Selling the rest of the C-suite on the need to transform the distribution platform should be a straight-forward matter of economics. If a bank increases the self-service portion of its business, it can reduce staffing levels for transactions that can be digitizes and spend on employees who focus on the meatier advisory work, which should reduce cost-to-income and increase the bank's customer network. Similarly, if a bank becomes embedded in new services - such as offering genuine value-added advice on where to get that loan or car repair or insurance -- it builds business model opportunities.
But all of this implies constant interaction with the customer and analysing and proactively responding to beahavioural shifts. This can be powered by big data, and (where appropriate) leverage cloud services and software as a service models that can integrate with outside parties' software. Again, the CIO needs to lead the way.
It also implies an ongoing investment into security and risk. According to an Accenture survey of more than 23,000 consumers in 23 countries 41 percent of consumers trust banks to manage their personal data. Consumers' trust in their telco stood at 27 percent and retail outlets such as Amazon just 8 percent. It is up to banks to maintain this trust. Therefore, no matter what the status is of a bank's existing digital platform, a plan needs to be designed to ensure that the migration journey to new services is seamless.
But it is up to the CIO to embrace the notion of 24-7-365 value-added service. It's a non-stop journey, but one that could transform customer experiences.
For more on the Everyday Bank, see:
Jon Allaway is Accenture's global group technology officer - financial services. He is based in Singapore. For more of Allaway's views, see: http://www.cio-asia.com/resource/leadership-and-mgmt/fresh-blood/ and http://www.cio-asia.com/resource/leadership-and-mgmt/bad-cost-out-good-cost-in/.
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