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  "documentTitle": "Banking: The future is back",
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      "text": "The bank of one—where customers build their own suite of banking solutions—is now within reach.",
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      "text": "Shifting from a product- to a customer-centric approach will require banks to re-architect their data structures, streamline their data management, and create integrated risk engines. Organizing data around the customer will not only remove the cause of much customer frustration; it will also enable a host of new, innovative offerings inspired by a deeper understanding of the needs of each segment.",
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      "text": "Banks could significantly enhance their customer offerings by enabling individuals to create personalized packages of products, moving beyond the traditional product catalog approach. Terms could be tailored to each customer, incentives provided for subscribing to multiple products, and pricing consolidated into a single recurring fee. Product bundling is not new to banking, but until now banks have based their profitability on the assumption that few customers will fully utilize the products included in these bundles. In the future, more banks are likely to follow the lead of some neobanks or tech players (e.g., Amazon with its Prime offering) by designing packages comprising the products customers actually want and actively use. This strategy could extend to carefully curated non-banking services, such as travel bookings, that align with and enhance core banking offerings by, for example, driving credit card usage.",
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      "text": "Products will still be vital, but only to the extent that they satisfy customer needs, extend the relationship and generate profit. Within each bank, customer owners will become more important than today’s product owners, and will focus on ensuring that offerings (combinations of products and pricing) are tailored to maximize their relevance, differentiation and value for each customer.",
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      "text": "This could even drive changes to the business model by, for example, enabling banks to offer tailored financial advice to the mass affluent sector, small businesses, corporations ... in fact, anyone. By thinking customer-first, banks could also democratize access to advice and offerings, something only the biggest corporations and wealthiest clients enjoy today.",
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      "text": "As generative AI plays an ever-increasing role in banks’ operating models, one of the most far-reaching effects will be the shift from product-centric to customer-centric. Efforts to maximize revenue and profit will focus less on different product groups and more on serving all the banking needs of individual customers. In many ways, customers are already building their suite of solutions, but to do so they are drawing from a wider circle of providers—our recent Banking Consumer Survey shows that 65% of customers use banking products other than those of their main bank.",
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      "text": "The future of banking is being redefined as generative AI and data enable a shift from product-centric to customer-centric models. Banks are unlocking a new era of personalized financial experiences, tailoring products and services to meet the unique needs of each customer segment. The bank of one—where customers build their own suite of banking solutions—is now within reach.",
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