TECH BUYER May 2019 - IDC PeerScape - Doc # US44309819

IDC PeerScape: Practices to Improve Successful Omni-Engagement System Implementations and Upgrades

By: Marc DeCastroResearch Director, Consumer Banking


Upgrading or installing a brand new omni-engagement product is a complex undertaking that requires a high level of due diligence, documentation, and the right project team using modern techniques. Since most consumers interact with their financial institution more through digital self-service channels than they do in person, their perception of their institution is based on those digital channels. However, as this document will identify, omni-engagement goes beyond the self-service aspect and requires an eye to integration from all channels, including the branch and the call center. Strategically, organizations need to think long term about not only how they integrate the customer experience to follow them no matter what channel they are using but also how they get the enterprise solution to match the modern experience of the customer and provide the bank employee with a full picture of not just the relationships with that customer but also his or her overall journey and experiences across all channels.

This IDC PeerScape describes three practices for improving the success of your omni-engagement system implementation or upgrade: consolidate online and mobile banking on a single platform with the ability to add enterprise solution; use agile approach and external resources to streamline testing, training, and deployment; and ensure good documentation and analytics to measure KPIs for future success. This IDC PeerScape evaluates these approaches and provides actual examples used by financial institutions that have been successful in incorporating them into their overall strategy. The benefits are often tangible, and the overall customer experience is generally improved by simply following some of these key practices.

"A constant fear exists among bankers whenever they have to upgrade or completely replace any customer-facing system," according to Marc DeCastro, research director for IDC Financial Insight's Consumer Banking Engagement Strategies. "It is high risk yet should be high reward if the customers are ultimately provided with a modernized offering that provides them with more features and improved usability. This IDC PeerScape provides several practices for success based on actual best practices from banks and credit unions as they have gone through this journey."



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