Capability statement

Innovations in consumer financial services – Banking 2.0 – Where do you want to play?

Recently, there has been significant media attention placed on “Web 2.0” and its effects on the online world. Loosely defined, Web 2.0 refers to web offerings based on user-generated content, many of which have a “community” focus. This next wave of web offerings appears to be changing how users approach the online space. However, significant changes in the manner that consumers interrelate with their financial institutions are underway simultaneously. These new developments – some online, some not – have the potential to radically alter the way consumers pay for goods and services, access their financial institutions, and manage their assets. These changes will likely also impact how financial institutions choose to approach their existing and potential customers. The Consumer Financial Services landscape is also entering a new age – “Banking 2.0” is upon us.

In this environment senior executives at financial institutions are under constant pressure to deliver profitable growth above the industry rate. Mergers and acquisitions have been pursued actively by many players, but the options are now fewer, so organic growth must play an increasingly important role.

PA’s solution for innovative organic growth is our innovation transformation methodology, which provides a solid framework for guiding the process. It is typically conducted in five phases:

1 - Diagnosis – understanding the issues specific to the organization
2 - Opportunity assessment – identifying benefits of change
3 - Target model – design of future process, structure and management model
4 - Change program design – construct the organizational change program
5 - Implementation – execution of program.