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Omnichannel Business Strategies in Banking

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.

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.

Members of Mercator Advisory Group’s Banking Channels Advisory Service have access to this report as well as the upcoming research for the year ahead, presentations, analyst access and other membership benefits.

Highlights of this report include:

  • The factors that are 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 in which 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