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Digital transformation in banking

More of your customers are online than you might think. 61% of consumers surveyed now report they interact weekly on digital channels, according to PwC research.

Digital transformation isn’t some abstract, theoretical project. It’s about delivering more value to your clients, more quickly, at a lower cost.

What customers want, and how they define their “bank,” is changing rapidly. Retail customers have more options than ever—from national banks with big ad campaigns to affinity-based neo-banks to fintech companies offering “super apps.” Small businesses are being approached by new kinds of lenders, and new payment rails are changing how companies think about liquidity. To succeed in this hypercompetitive market, you’re going to have to show your client that you understand their unique needs and that you can help—instantly and seamlessly.

Transformation can only happen when banks rethink how they serve their customers, how they can develop new capabilities and products, and how they can use technology to enable customer success. A successful transformation strategy will put the customer at the center while aligning business and technology.

Start with a business-led, customer-centric approach

Look at the big picture. A business-led, customer-centric approach to transformation can help identify the right priorities, business objectives, capabilities and technologies needed to succeed. PwC puts the customer at the center and lays the foundation for prioritization and decision making throughout the design of the business and technology architecture.

Customer acquisition

When it comes to building your customer base, PwC aligns to your unique strategic priorities. We help banks accelerate customer acquisition and create better, more personalized experiences. Our Customer Link data platform unifies your data and decades of PwC’s third-party data to build a 360° customer view.

Use omni-channel customer engagement platforms

No single customer engagement platform does it all out of the box. That’s why we’ve collaborated with market leaders in omni-channel customer self-servicing and banker servicing providers to design a highly personalized and configurable platform for banks to own the experience. Our community of banking innovators will work with you to help design unique channels to engage your customers.

Replace your core transformation programs

The number of banks considering core replacement is growing, fast. For many, a third-generation banking platform provides the agility and flexibility to modernize the bank, but it also introduces challenges and risks. Our business-led and customer-centric approach combined with strong technology collaborations helps banks effectively manage risk and increase value from their core transformation programs.

PwC can help

PwC’s passionate and innovative community of solvers will team with your existing resources to deliver on your requirements and goals. We have worked with large financial institutions as well as FinTech companies, in retail and small business banking, corporate and investment banking, consumer finance, financial markets, and key regulatory agencies. We bring deep industry knowledge, technology-powered products, services and collaborations, and the talent to make digital transformation real. We’ve seen it, and we’ve done it.

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Peter Pollini

Peter Pollini

Banking and Capital Markets Consulting Leader, PwC US

Alison Hoover

Alison Hoover

Banking Transformation Leader and US Advisory Diversity & Inclusion Leader, PwC US

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