LEADERSHIP
50
Go big or go home . That was the message to incumbents set out in a recent report published by Accenture . In 5 Big Bets in Retail Payments in North America , the global professional services company explained , rather starkly , that incumbents in the sector find themselves on increasingly unstable ground , with “ most retail leaders in the top US and Canadian banks ” of the view that they will lose between 11 % and 15 % of their revenue pool to emerging competition from fintechs , Big Tech , non-banks and challenger banks .
The reason behind this shift ? In technical terms , Accenture suggests the “ increasing commoditisation of the transactional aspects of payment ”. To you and I , customer experience is fast becoming the new driver of brand value and competitiveness . And , quite simply , fintechs – with their innovative mindset and ability to be flexible and scale rapidly – are taking the lead in the development and implementation of new , customer-centric finance solutions .
Of course , the concepts of customercentricity , user experience ( UX ) and personalisation are nothing new . Banks and
NOVEMBER 2019