With omnichannel banking, financial organizations will transform themselves, and that’s where the revenue growth is going to be.
New York, NY (PRWEB) December 19, 2013
Decision Management creator and founder of Tal Solutions, Marcia Tal, published a new edition of her research report, “Omnichannel Banking: Embedding Banking in Consumers’ Daily Lives.” With an experienced authority’s insight, the report explores what it takes to turn omnichannel banking from vision to reality.
Why does omnichannel banking matter to financial institutions in general and retail banking in particular? Tal firmly believes that banks that do not engage in an omnichannel strategy “are at risk of disengaging and losing their existing customers and becoming irrelevant in today’s fast-moving, customer-driven landscape.”
As Mike Barlow wrote in his eBook The Culture of Big Data, “Marcia Tal pioneered the application of advanced data analytics to real-world business problems.” Tal’s research again focuses on real-world business problems and meeting the challenges retail bankers face in creating a true omnichannel banking customer experience.
As Tal writes in her “Omnichannel Banking” report, “’Listening’ to customers requires integrating data, technology, analytics, marketing and operations—the foundational elements of omnichannel banking.”
“To realize the full potential from omnichannel, banks must have a multi-year, integrated strategy designed with a firm business mandate, C-Suite accountability, cross-functional collaboration, a 360° customer view, and rigorous performance tracking and refinement,” writes Tal. “Implementing an omnichannel banking strategy is complex and requires a detailed multi-year roadmap.”
The report provides detailed discussion on: the current situation; omnichannel market drivers; how omnichannel differs from “multi-channel” and “cross-channel;” how and why data, technology, analytics, integrated marketing and operations all play critical roles; and how data and analytics play a foundational role.
Tal believes that omnichannel banking is at the junction of several of today’s hottest topics: big data, technology and analytics. More so, in a recent interview, Tal points to the importance of recognizing “that consumers are in the driver’s seat, and consumers are playing a much larger role in how and when they want to interact with their bank.”
Tal’s interest in omnichannel goes back a decade to her leadership at Citigroup. “Ten years ago I was talking about insights as to how we deliver appropriate and relevant products will come from listening to the customer. Today, as I am seeing now at Tal Solutions, once the holy grail of a 360-degree customer view is realized – and we can really ‘listen’ – you can be sure that financial organizations will transform themselves, and that’s where the revenue growth is going to come from.”
As banks continue to face huge pressure to increase revenue through new products and services, Tal believes omnichannel banking is the long-term answer to creating those much-needed revenue opportunities:
“Short-term it’s fair to look at it as a cost play, but in the long run omnichannel engagements will be the revenue driver.”
Tal’s report shows how financial institutions can map out a multi-year plan for achieving a real-world omnichannel customer experience. Her research points to omnichannel being the future of retail banking.
In her recent interview, she amplified: “Again, as I write in my research report, it’s all not going to happen at once, but we should expect that as banks are investing in building an integrated strategy, they will begin to have the opportunity to attract new customers, expand their eligible universe, cross-sell more deeply, and provide experiences that will basically be “wow” experiences for their customers. And all of that means more revenue.”
Tal Solutions is based in New York and will draw on global partners in India, Israel and other countries. For additional information on Tal Solutions, contact Marcia Tal or visit http://talsolutions.com.
About Tal Solutions:
Tal Solutions offers consulting for data analytics solutions to help an organization profit from the hidden value in their own data – an asset that organizations may not even know they have. Using proven analytic strategies and frameworks, Tal Solutions transforms data into insight, smarter decisions and measureable growth for financial institutions, data corporations, startups and C-Suite partners.
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