Now, in 2016, we see every bank engaging with a series of fundamental challenges. How should they take best advantage of the digital revolution? How can they harness its power to improve their customer experience? What strategic directions should they choose? We believe the best answers are contained in an approach called the Adjacent Possible. The Adjacent Possible provides a powerful conceptual framework for a bank’s digital strategy. So what is this framework? And how can it be applied? Answering these questions requires some scene setting.
Today, every industry understands this basic truth: delivering an excellent customer experience is critical to customer retention, growth and market share. This is self-evident because the evidence itself is so compelling. Intelligently applied, digital technologies are providing customers with services that are clearly superior. They are better in terms of scope, relevance and personalisation. They can be delivered faster. And they lead to more streamlined experiences. These improvements are constant and they are happening in every area of customers’ lives. In fact, the impact of digital delivery is so profound that the experience it creates and delivers becomes the brand itself. Given the right approach to digital, the brand will be defined by certainty of desired outcome, convenience of delivery, and an elegant simplicity that is a pleasure to experience.