Accenture acquires Allen International for digital banking push
Accenture has acquired London-based design consultancy Allen International as it looks to boost its digital banking ambitions.
Terms of the transaction were not disclosed, but Accenture says Allen International has worked with more than 350 banks around the world including nine of the top 20 banks. Customers include Emirates NBD, Bank of Ireland, CIBC, Banorte, Mauritius Commercial Bank, Creditbank, State Bank of India, Santander, Islandsbanki, Qatar First Bank and Virgin Money.
Sushil Saluja, Accenture’s senior managing director of financial services in Europe, Latin America and Africa, says the acquisition “will expand and complement our capabilities to help banks make the branch a physical manifestation of the digital experience”.
This acquisition will be used for Accenture’s “distribution transformation” offering, which looks at how banks interact with customers including “branch re-invention” and digitisation.
Accenture cites its own “UKI current account customer survey 2015” which says while consumers increasingly prefer to engage with their bank via digital channels, there is still a need for branches, with nearly 70% using them for “important financial decision making”.
The firm reckons branches also still play a “key role in brand positioning for banks and are seen as vital in building customer trust despite lower usage”.
Finally… prepare yourself for this awful display of jargon.
The firm adds: “When switching banks customers give greatest consideration to a ‘phygital’ bank model that offers the right blend of branch and digital services.”