Fintech Belgium_Keynote_30012024[52].pdf

Copyright © 2024 Accenture All rights reserved. 1
Fintech Belgium
Keynote by Ellen Bogaert on the
importance of Collaboration in
Innovation
30 January, 2024

Customer Trends in
the Market today
Song Life trends

Copyright © 2023 Accenture. All rights reserved.
Accenture Life Trends 2024
Trend 1
Where’s the love?
3

Trend 2
The great interface shift
4

Trend 3
Meh-diocrity
5

Trend 4
Error 429: Human request limit reached
6

Trend 5
Decade of deconstruction
7

And what about the
Banking Customer?
Banking Customer Market
Pulse

1773
Consumers
representing
fairly the Belgian
consumer market
Language Age
Accenture Belgium
Banking Consumer
Study 2023
46%
30%
38%
32%
Baby
boomers
Gen X
Millennials
NL 55%
FR 45%
Gender
54%
9

Higher customer churn and lower satisfaction as banks fail
to meet customers expectations…
PROVIDE A HYBRID COMMUNICATION STRATEGY
83%
81%
80%
79%
76%
74%
66% 66%
65%
67%
69%
63%
67%
60%
63%
58%
63%
67%
Accessbility
information
Quality
products
Price-quality
ratio
Personalized
service
Bundling Channel Proactive
communication
Hybrid
interaction
Reputation
Expectation Satisfaction
Belgian customers are less
satisfied by the overall
activities of their bank
since 2020
But improvements can be made to match customer’s expectations
with their satisfaction level on:
1. Accessibility of information
2. Price-quality ratio
3. Offering of products
Such that banks can increase overall satisfaction to promote their
bank among family & friends
16% 12%
17%
12%
16% 11%
8%
3%
79%
75%
2020 2023
- 4%
Questions:
Q8:Please indicate how important you find following factors at main insurer or main bank (Very important (5), important (4), neutral (3), not important (2), not at all important (1))
Q9b:Please indicate how satisfied you are about the following factors at your main banking concerning your bank activities
Source: Accenture Market Pulse Survey Belgium 2023 – 1773 Respondents.
Biggest gaps

…Because of high prices and low personalized offerings
leading to a low price/quality ratio
1
2 3
Strong digital
offering
Price–quality ratio
is justified
Simple and
accessible
information
While Belgian customers are triggered to leave
due to high prices and poor personalization…
1
2 3
Prices too high
Price-quality
expectations are
not matching
Lack of
personalized
offering
…low pricing alone is not the decisive factor.
Rather, strong digital offering and accessible
information show to be prevailing reasons to stay
VERSUS
What does this mean?
Clients demand personalized services that go
Beyond Banking, alongside an evolving banking
app integrated with their preferred ecosystem in
order to justify the price-quality ratio
35%
36%
37%
40%
41%
41%
45%
49%
54%
55%
56%
Home searching assistance
Booking services
Home renovation assistance
Telecommunication services
Transport sharing services
Information on energy services
Personal data management
Offer/discount of favorite supplier
Other digital payment methods
Insurance products management
Personal finance advice
Which of the following services should be included in
a super banking app?

How can Fintechs
Collaborate &
Innovate with
Banks?

How can Fintechs address these changes?
Fintechs can collaborate with Banks across a variety of domains in the Banking Ecosystem to
bridge the expectation gap
Payments &
Open Banking
Credit Solutions
Core Banking
Solutions
Digital Retail
Speciality
Finance
Leverages the principles of Open Banking to offer innovative payment solutions. Customer
have access to a broader range of payment options (e.g. cross-currency real-time payment).
Fintechs specializing in offering credit solutions to all customer segments (e.g. individuals,
business, institutionals,..).
Offerings which relate to improving a Banks’ fundamental operations & processes (e.g.
infrastructure systems, security & compliance, customer platforms, etc.)
Fintechs that offer consumer solutions focusing on a strong digital core.
Fintechs specializing in providing niche services across customer segments such as leasing
services, mobility services, alternative credit assessments, etc.

Zoom on some leading Fintechs today

Copyright © 2024 Accenture All rights reserved. 15
The great opportunity: collaboration between Banks and
Fintechs
Fintechs benefit thanks to
Banks’
resources &
ability to reach
customers
Banks benefit thanks to
Fintechs’
flexibility and
future-looking
technologies
Banks need to find out how to
collaborate with Fintechs and
integrate them in the financial
ecosystem
Key Success Factors
Champion each other's
differentiating capabilities
towards a common value
proposition
Fintechs need to guarantee
security & privacy by
Design as a pre-requisite
Partner & invest in
Incubator Programs to
discover new opportunities
Customer-centric
innovation focusing on clear
customer pain points &
requirements

Fintech Belgium_Keynote_30012024[52].pdf

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Fintech Belgium_Keynote_30012024[52].pdf