Omnichannel Business Strategies in Banking

  • ID: 2412683
  • Report
  • 25 Pages
  • Mercator Advisory Group
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  • Accenture
  • BBVA Compass
  • Citibank
  • FIS
  • Infor
  • NCR
  • MORE
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
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2 of 5


  • Accenture
  • BBVA Compass
  • Citibank
  • FIS
  • Infor
  • NCR
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Executive Summary 4

Introduction 5
Evolving Customer Needs Are Driving Changes in All Banking Delivery Channels 5
Branch Strategy 6

Customer Profiles 7
The Number of Branch Visits Is Stabilizing, at Least for Now 7
Consumers Choose to Bank in Many Ways at Different Times 8

Financial Institutions Are Looking Across Industries for Inspiration 9
Looking at Airlines and Apple Stores 9
Extending the Retail Omnichannel Concept to Banking 10
Maximizing the Customer Experience via Omnichannel Banking 11

Evolving Channel Strategies 12
Creating the Next Phase of Banking 12
Case Study 1: Citibank’s Project Rainbow 14
Case Study 2: BBVA Compass Banking Systems Overhaul 15
Real-World Implementations Are Proving Difficult 16

Solutions Examples 18
Aperio from Fiserv 18
FIS All Channels Suite 19

Benefits of Omnichannel Communication 20
Checking, Savings, and Loan Applications20
Advanced Capabilities in ATM and Remote Teller Machines 21
Creating a Coordinated Self-Service Experience 21
Combining Self-Service with Personalized Service 22

Conclusions and Strategic Implications
Copyright Notice 24
End Notes 25
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- Accenture
- Apple
- BBVA Compass
- Cardtronics
- Cisco
- Citibank
- Diebold
- Euronet
- Fiserv
- Intuit
- Jack Henry Associates
- Harland Financial Services
- Infor
- Oracle
- Vantiv
- Wincor Nixdorf
- Zoot Enterprises
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