LONDON, June 10, 2014 /PRNewswire/ --
Financial services consultancy calls for a reinvigorated consumer banking model
Capco, a global business and technology consultancy dedicated solely to the financial services industry, today launched its 'relevant bank' initiative. Detailed in a new industry paper by Nic Parmaksizian, Director of Capco's Global Banking practice and Partner, Christopher Geldard, the initiative draws on Capco's expertise in banking sales and service transformation as well as digital. It calls for banks to reinvigorate traditional models, making them more relevant to customers' rapidly changing needs.
The paper, titled 'The Relevant Bank', sets out how retail banks have a major opportunity to regain relevance in three specific areas:
- Social relevance: by setting a leading example as integrity-led businesses,
- Economic relevance: by delivering stability within society and offering an attractive return to investors,
- Personal relevance: by providing product portfolios and service styles that directly reflect the lives and aspirations of their customers.
The 'relevant bank' initiative maps out a journey for retail banks, from their current situation to a desired state where the customer is at the heart of the relationship. It puts the customer at the top of a hierarchy of service enhancements, addressing current obstacles to optimum service such as process and operational issues. The goal: customers move from 'satisfied' (or even 'dissatisfied') to being active advocates of the bank brand.
Capco is challenging its clients to use technology to make the bank relevant by delivering 'pinnacle service'. The relevant bank is technology enabled but remains human. It overcomes legacy issues such as structural divisions and technology complexity to reclaim the advantages of 'heritage' including experience, longevity, brand familiarity and trust.
Capco, a global business and technology consultancy dedicated solely to the financial services industry. Our professionals combine innovative thinking with our unrivalled first-hand industry knowledge to offer our clients consulting expertise, complex technology and package integration, and managed services to move their organisations forward.
Through our collaborative and efficient approach, we provide our clients with tools to enable them to increase revenue, better manage risk and regulatory change, reduce costs and enhance control. We specialise in banking; capital markets; insurance; wealth and investment management; finance, risk & compliance; and technology. We serve our clients from offices in leading financial centres across North America, Europe, Asia and Africa.