Our ongoing research on innovations in banking channels has uncovered promising processes and methods to better understand banking customers’ wants and needs.
Boston, MA (PRWEB) May 15, 2015
Omnichannel banking enables customers to do their banking and interact with their financial institutions any way they want — at the branch, by ATM, online, or by mobile phone or tablet. Efforts toward this goal are under way at many banks and credit unions but still in the early stages of testing and deployment. Implementation is inhibited by challenges of data management and synchronization that the banking industry has experienced for a decade or more in seeking to attain a 360-view of the customer relationship across all business lines. Current thinking about omnichannel banking is being recalibrated with the realization that an increased emphasis on data management is needed to move forward efficiently and effectively.
In a new research report, Omnichannel Banking Is Taking Hold: Lessons Learned So Far, Mercator Advisory Group reviews research that identifies the need for robust data management that collects, categorizes, cleanses, and consolidates core and channels systems data to prepare for omnichannel banking. This effort is the precursor to integration or interoperability and analytics initiatives required for financial institutions seeking to achieve a 360-degree view of the customer. Many banks and credit unions are realizing that these seemingly basic tasks still require significant time and effort, even though they have been working on them for some time. This report suggests the efforts are necessary to meet the expectations of today’s customers and describes vendor solutions available to aid FIs implement omnichannel banking successfully.
“Our ongoing Mercator Advisory Group research on innovations in banking channels has uncovered promising processes and methods to better understand banking customers’ wants and needs, as well as identifying ways to better engage with them,” comments Ed O’Brien, director of Mercator Advisory Group’s Banking Channels Advisory Service and author of the report.
Highlights of this research report include:
- Data on U.S. banking customers’ current methods and preferences regarding transacting and interacting with their primary financial institutions
- Discussion of consumers’ expectations for omnichannel interaction with financial institutions based on their experience with omnichannel retailers and the need for FIs to find a balance between traditional and omnichannel methods
- Tasks required for a financial institution to achieve a 360-degree view of the customer relationship
- Profiles of solutions from four leading technology vendors in this market space
- A case study of one bank’s successful application of an omnichannel banking solution
This research report has 24 pages and 12 exhibits.
Companies mentioned in this research report include: ACI Worldwide, D+H, FIS, and SAP.
Members of Mercator Advisory Group Banking Channels Advisory Service have access to this research report as well as the upcoming research for the year ahead, presentations, analyst access and other membership benefits.
Please visit us online at http://www.mercatoradvisorygroup.com.
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About Mercator Advisory Group
Mercator Advisory Group is the leading, independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.