Being successful in banking will be determined by how well institutions manage the transformation in both digital and physical channels. Customers have seemingly ubiquitous access to their accounts on their terms and on their devices as banks continue to strategize about the future of the branch network. Unfortunately, many banks are still looking at their channel strategy in a silo without fully understanding that customer engagement is the key to a profitable relationship. The technology available has changed to address this customer-led revolution, yet there are many more changes yet to be realized. All this new technology has also created perpetual growth in transaction volumes and is pushing the limits and skill sets of business units, marketers, and IT personnel.
The Consumer Banking Engagement Strategies provides critical analysis of the opportunities and options facing banks as they wrestle with their technology plans and investment decisions in alignment with their strategic goals. This research delivers key insights regarding the business drivers of and value delivered from customer-facing banking technology investments.
Throughout the year, this service will address the following topics:
- Engagement strategies: Financial institutions are realizing that the number of engagements a customer has is an important factor in profitability. Using big data and analytics to properly measure the number of engagements is a start, but most institutions need to go beyond a prescriptive approach to customer behavior to a more cognitive approach.
- Omni-experience: Customer life-cycle process offers multiple channels that define the experience and dictate current and future relationships.
- Customer trends and strategies: This includes topics from level of interaction today to what is likely to be future behavior.
- Delivery channel investments: Developing strategies on the digital and physical platforms, such as online banking, electronic bank account management, financial dashboards, branch, mobile, ATM, call center, onboarding, decisioning, and social business, are all channels that banks need to implement, support, and upgrade.
Our research addresses the following issues that are critical to your success:
- What are the IT strategies that are most relevant to increase customer engagement for banks and credit unions?
- Who are the major vendors of customer-facing banking solutions, and what differentiates them?
- What tools are banks using to service customers and to manage and develop customer relationships?
- How are banks balancing customer behavior and social media activity as it relates to consumer privacy concerns?
- What do customers want from their banks? How do they choose to interact with banks, and which delivery strategies are banks employing?
- What is the maturity model used to dictate where banks and credit unions are when looking at their delivery model?
- What is the level of satisfaction customers have with their bank, and what are the experiences that foster a more positive level of satisfaction?
- What are the trends impacting short-term and long-term customer-facing decisions in the industry?
- What strategies are banks using to enhance consumer delivery channels?
- How should banks prioritize investments in channels as they build a foundation for the bank of the future?
- How will new devices drive new product development?
- What is the best way to integrate the digital experience within the physical branch without alienating the personal touch?
- How does the macroeconomic state of the economy and the banking system impact investments in the IT and consumer banking strategies?
Financial institutions and technology vendors that support them use our research to guide their internal investment decisions, help them plan for future technology needs, benchmark the competition, and stay current on solutions offerings. We also provide clients an open dialog with our expert analysts to support key fintech investment strategies.