Global professional services company Accenture announced recently that it has acquired Allen International, a design consultancy organization that helps banks digitally transform their branch networks. By working with Allen International, banks can achieve cost reductions, increase in revenue and better customer engagement. So far, the company has worked with more than 350 banks all over the globe.
Accenture says this acquisition will strengthen its Distribution Transformation offering, which aims to re-invent and digitize bank branches. That way, banks can reform their physical structures at scale, without losing customer engagement, and within a ‘sustainable cost structure’. Banks will also be able to absorb ‘higher volumes’, as customers shift to digital channels over branches.
“Threats to profitability mean banks must be clear on what the role and value of the branch is, to ensure it plays the right part in consumer’s lives today. Our acquisition of Allen International will expand and complement our capabilities to help banks make the branch a physical manifestation of the digital experience. Equally crucial it will allow us to help banks reduce their distribution costs, typically by 30 per cent, while still maintaining customer engagement.” commented Sushil Saluja, Accenture Senior Managing Director of Financial Services in Europe, Latin America and Africa.
Consumers are increasingly switching to digital, but there is still need for branches, the company said in a press release. Almost 70 per cent of users is making important financial decisions in branches. They also play a key role in brand positioning.