Press Release

Banks Seek to Improve Customer Satisfaction in the Multi-Channel Experience

July 30th, 2010

Global Information Inc. would like to present a new market research report, "Managing the Multi-Channel Experience: Who's Satisfied?" by Mercator Advisory Group, Inc..

Rapid growth of online banking over the last decade has spurred banks to measure the quality of their customers online experience. Banks desire to understand consumer perspectives directly from the customer. Online banks are gathering such data in order to improve their solutions and to better match the needs of their customers. According to Mercator Advisory Group, "customer satisfaction scores for online banking compare very favorably with other businesses and rank higher than the top 100 Online Retailers long considered the gold standard for online performance." This report investigates the challenges banks face in the multi-channel arena. It also examines a set of strategies that banks can employ to increase customer satisfaction in general.

The core areas banks need to focus on in order to improve multi-channel satisfactions:

Relationship products, staff motivation and incentives, standard cross channel sales and service processes, consistent customer information, and multi-channel interaction management for data continuity and transactional context across channels.

Additional key points in Mercator Advisory Groups report:

  • The majority of customers now choose online banking as their preferred channel, but they also want convenience of other self service channels and face-to-face interaction of branches and contact centers.
  • Banks need to overcome challenges created by a diverse customer set, complex technology infrastructures and sub-optimal product centric organizations in order to improve the multi-channel experience.

Bob Landry, Vice President of Mercator Advisory Groups Banking Group Advisory Services, states:

"Quality customer experiences lead to high levels of satisfaction which in turn increases loyalty. High satisfaction and loyalty correlate with increased customer retention, revenue and profitable relationships... Companies with high satisfaction deliver significantly higher shareholder value than organizations with low satisfaction. Banks have long focused on channel specific issues and must broaden their perspective to improve experience across channels. Quality multi-channel experiences are the key to leveraging the investments banks have made in branches, contact centers, ATMs, IVRs, online banking and now mobile phones. The banks that succeed will improve overall customer satisfaction and that will deliver results to the bottom line and increase shareholder value."

Companies covered in this report series:
ACICFI GroupFirst DataIntuit
ACSICompuComFiservHarland Financial Solutions
Ally BankDieboldForeSee ResultsJack Henry & Associates
ArgoFISING DirectJ.D. Power and Associates
NCROpen SolutionsPegasystemsRaymond James
S1SybaseTD BankTD Ameritrade

Global Information Inc.(GII) - specializing in market research provision for the vertical industries, GII offers expert independent recommendations of publications from hundreds of the globe's leading market research firms.

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