The Everyday Bank is a Digital Leader

As technology drives changes in consumer behaviors and expectations, banks must become the indispensable "Everyday Bank"—positioned to fulfill their customers’ financial and non-financial needs.

March 4, 2014

As technology drives changes in consumer behaviors and expectations, banks must become the indispensable “Everyday Bank”—positioned to fulfill their customers’ financial and non-financial needs.

Today’s banks can be central to lifestyle purchases, in the same way that social media and providers like Amazon have become central to retail purchases. Or, they can remain on the periphery, handling strictly financing and fund transfers.

Cloud data storage, predictive tools derived from big data and omni-channel marketing and distribution mean a higher volume of faster, more scalable transactions, not to mention a more robust and satisfying consumer experience. Consumers have come to expect a more personalized shopping experience, one wherein products are recommended based on past behaviors and where excellent values are presented routinely.

The fact that 20 percent of customers changed some or all of their retail banking products in 2012 is tied at least in part to their increased expectations, driven by all technology can do to make transactions engaging.

Today, customers want their resources to be fingertip-ready. They expect data instantly, as quickly as they can pull a mobile phone from their pocket and tap in a query. In five short years, at least three of every four customer interactions will be online or mobile. That’s technology on the go.


Banks have a place in our online, ever-available, user-friendly and intuitive world. Yet they must find and claim their space quickly. Already, innovators such as Google Wallet, Square in the United States or iZettle in Europe, and Alipay are moving into banking territory, presenting a new, competitive challenge in the industry. By 2020, more than 30 percent of banking revenues could be at risk thanks to new competitors and new trends.

To respond, banks must make their move.

Everyday Bank

To win in this environment, banks must become the indispensable Everyday Bank—positioned to fulfill all their customers’ daily financial and non-financial life needs.

An Everyday Bank offers a complete customer solution, driving continuous daily interaction. Using digital levers, this bank evolves the entire business model, opening access to new business sources, new customers and new profit pools. This bank convenes a digital ecosystem, assembling existing provider partners and other key players, creating digital connections and establishing equitable value sharing. The bank reinvents itself as a value aggregator, advice provider and access facilitator.

In short, the Everyday Bank places itself at the vital center of a digital village of its own design, one driven by the bank’s digital engine. The Everyday Bank acts proactively—and smarter—on social networks and in every personal interaction, to improve reputation and trust, where digital technologies can also help.

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1  The estimate of 1/3 of retail banking revenues at risk is the central scenario based on analysis of Western European banking revenue pools and the impact of emerging digital competitors.



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