The introduction of new channels, the proliferation of devices and the use of social media has grown tremendously over the last 10 years. Driving profitable growth today means constantly meeting and where possible, anticipating the evolving needs of consumers – which is often accomplished by being customer-centric – in strategic intent, culture and execution.
The key to customer centricity lies in the ability to design and deliver compelling, seamless and personalised customer experiences. This requires alignment within the entire organisation – across the front, middle and back office. We call this the KPMG Connected Enterprise, which helps banks identify the capabilities required to understand, communicate, and deliver against changing customer expectations.
Our global report, Are banks making the right investments to win customers?, highlights that the banking industry as a whole leads other industries in applying and extracting value from being a connected enterprise. In fact, survey data revealed that mature banks plan to make heavy investments into becoming connected enterprises, with 41 percent of mature banks investing 16 percent or more of their revenues over the next 12 months.
In the KPMG commissioned Forrester Consulting study, six challenges stand in the way of creating a truly connected enterprise:
Our report provides actionable insights on the fundamental capabilities essential for banks to become customer-centric, agile and digitally transformed connected enterprises.