PEACE– Defines the Framework for the Future of Banking. This framework was developed for banks moving to digital in order to attract Millennials.
The PEACE Framework from Powerfluence, can be established by combining and implementing technologies such as mobile, big data, analytics, digital marketing, AR/VR and more, across 3 Functional Tenants – AI, UX & Omnichannel enablement.
Let's define the 5 elements of the Framework.
Personalization- Personalization across all stages of the consumer journey will be a key differentiator for banking in the very near future
Experience - A positive customer experience can result in increased customer satisfaction, loyalty, advocacy and increased customer lifetime value.
Agility - Agile banks can reduce fixed costs, create efficiencies. increase market share and improve Revenue
Convenience - Convenience in a digital world is all about ensuring customers an Omnichannel experience. They need to feel that they have their bank in their pocket Eco-System
Connectivity - Banks must develop an ecosystem of trusted third parties using API’s that connect with a range of products and services focused around the customer journey, Launching new products and expanding into new markets, will be critical
These five elements coupled with the use of technologies such as mobile, big data, analytics, digital marketing, and AR/VR across 3 Functional Tenants – AI, UX & Omnichannel enablement can disrupt conventional banking and accelerate the move towards becoming a fully digital bank.