{"id":15747,"date":"2021-02-09T11:47:36","date_gmt":"2021-02-09T11:47:36","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=15747"},"modified":"2021-02-09T11:47:36","modified_gmt":"2021-02-09T11:47:36","slug":"integrating-front-to-back-digitized-consumer-value-streams","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/integrating-front-to-back-digitized-consumer-value-streams\/","title":{"rendered":"Integrating Front-to-Back, Digitized Consumer Value Streams"},"content":{"rendered":"<p>The COVID-19 pandemic pushed consumers into using digital channels at a pace never imagined, with online banking use increasing 23% and mobile banking use increasing 30% during the pandemic. These changes are likely to be permanent. As consumers continue to move further online, it is becoming clear that non-bank players are making strong inroads into traditional banking spaces and threatening the position of financial institutions. In response, it is time for financial institutions to rethink and realign costs in order to remain competitive.<\/p>\n<p>This most important part of this is for them to identify value streams that are important for consumers and redesign, digitize and integrate them front to back. Not only will this help reduce costs (by an estimated 15\u201325%), it will also increase the average consumer advocacy (or net promoter) score by 20\u201340%. In fact, leading financial institutions have already started doing this, and the rest need to follow suit or risk becoming a thing of the past.<\/p>\n<p>Explore this issue in greater depth in this <a href=\"https:\/\/web-assets.bcg.com\/89\/ee\/054f41d848869dd5e4bb86a82e3e\/bcg-global-retail-banking-2021-the-front-to-back-digital-retail-bank-jan-2021.pdf\"><em>Global Retail Banking Report<\/em><\/a> published by the Boston Consulting Group.<\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-15747 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Infographic: the benefits of a central bank digital currency'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/infographic-the-benefits-of-a-central-bank-digital-currency\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/10\/infogr_01_en-1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15398\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15398'>\n\t\t\t\tInfographic: the benefits of a central bank digital currency\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Top 7 InsurTech trends paving the way towards insurance 2.0'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/top-7-insurtech-trends-paving-the-way-towards-insurance-2-0\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/12\/top-7-insurtech-trends-paving-the-way-towards-insurance-2-0-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-14296\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-14296'>\n\t\t\t\tTop 7 InsurTech trends paving the way towards insurance 2.0\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='How to transition into the era of open banking'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/how-to-transition-into-the-era-of-open-banking\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/06\/how-to-transition-into-the-era-of-open-banking-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-13118\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-13118'>\n\t\t\t\tHow to transition into the era of open banking\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The COVID-19 pandemic pushed consumers into using digital channels at a pace never imagined, with online banking use increasing 23% and mobile banking use increasing 30% during the pandemic. These changes are likely to be permanent. As consumers continue to move further online, it is becoming clear that non-bank players are making strong inroads into &hellip;<\/p>\n","protected":false},"author":12,"featured_media":15748,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,16],"tags":[],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/15747"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=15747"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/15747\/revisions"}],"predecessor-version":[{"id":15750,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/15747\/revisions\/15750"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/15748"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=15747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=15747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=15747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}