• Japanese
  • Korean
  • Chinese
Cover Image

Omnichannel Business Strategies in Banking

Abstract

New research from Mercator Advisory Group examines channel's role in FI success and the movement toward integrated, omnichannel banking systems

Boston, MA - February 14, 2013 - In new research, Omnichannel Business Strategies in Banking, Mercator Advisory Group explains why and how retail financial institutions (FIs) are moving beyond traditional monochannel and multichannel views of the banking world and embracing an environment of omnichannel systems and processes.

"To be successful in today's challenging business environment, financial institutions must be creative and fluid in the way they reach out to, engage, and service their customers and members. Moving beyond a view of channels as silos of information is key to the success of today's financial institutions," comments Ed O'Brien, director of Mercator Advisory Group's Banking Channels Advisory Service and author of the report.

Highlights of this report include:

  • The factors causing FIs to review their corporate strategies and business practices and driving changes in the way customers are serviced
  • Shifts necessary, particularly in the self-service channels, to augment branch capabilities and provide high levels of customer outreach and satisfaction
  • The ways the relationships between traditional branch banking and channels management continue to evolve
  • The next step in multichannel strategy for many FIs
  • The benefits (including improved customer experience and satisfaction) that make omichannel strategy so attractive for many FIs despite the significant time, effort, and resources that the transition to an omnichannel environment requires

One of 12 exhibits in this report:

image1

This report is 25 pages long and has 12 exhibits.

Organizations mentioned in this report include: Accenture, ACI, Apple, BBVA Compass, Cardtronics, Cisco, Citibank, Diebold, Euronet, FIS, Fiserv, Intuit, Jack Henry Associates, Harland Financial Services, IBM, Infor, NCR, Oracle, SAP, Vantiv, Wincor Nixdorf, and Zoot Enterprises.

Table of Contents

Executive Summary

Introduction

  • Evolving Customer Needs Are Driving Changes in All Banking Delivery Channels
  • Branch Strategy

Customer Profiles

  • The Number of Branch Visits Is Stabilizing, at Least for Now
  • Consumers Choose to Bank in Many Ways at Different Times

Financial Institutions Are Looking Across Industries for Inspiration

  • Looking at Airlines and Apple Stores
  • Extending the Retail Omnichannel Concept to Banking
  • Maximizing the Customer Experience via Omnichannel Banking

Evolving Channel Strategies

  • Creating the Next Phase of Banking
  • Case Study 1: Citibank's Project Rainbow
  • Case Study 2: BBVA Compass Banking Systems Overhaul
  • Real-World Implementations Are Proving Difficult

Solutions Examples

  • Aperio from Fiserv
  • FIS All Channels Suite

Benefits of Omnichannel Communication

  • Checking, Savings, and Loan Applications
  • Advanced Capabilities in ATM and Remote Teller Machines
  • Creating a Coordinated Self-Service Experience
  • Combining Self-Service with Personalized Service

Conclusions and Strategic Implications

  • Copyright Notice
  • End Notes
Show More
Pricing
Get Notified
Email me when related reports are published