Omnichannel Banking Is Taking Hold: Lessons Learned So Far

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1 Brochure More information from Omnichannel Banking Is Taking Hold: Lessons Learned So Far Description: 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 re-calibrated 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, The report 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. 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 Contents: - Executive Summary - Introduction - Market Overview The Path Toward True Omnichannel Banking Early Headwinds Today s Banking Customers Use Various Communications Methods Banking Customers Can Be Fickle Banking Customers Still Value Service When Assessing Financial Institutions

2 Access to Subject Matter Experts Is Increasingly Important to Consumers Understanding Customers Needs Is a Critical Success Factor in Omnichannel Banking - Market Overview The Road to Omnichannel Banking Data Management Is the Foundation of Effective Omnichannel Banking Technology Plays an Important Role in Crafting an Omnichannel Banking Solution Using Market Segmentation Data to Grow Banking Customer Relationships - Typical Vendor Solutions - Select Vendor Profiles ACI Worldwide D+H FIS SAP - Conclusions and Strategic Implications List of Figures: Figure 1: More U.S. Consumers, Especially Young and Mobile Banking Users, Are Using Both Self-Service and Branches Figure 2: More Consumers Visit All Types of Specialists at the Branch as Branches Become Advice Centers Figure 3: Consumers Increasingly Want FI to Present Offers Based on Their Account History Figure 4: Evolution from Monochannel to Omnichannel Banking Table 1: Key Data Tasks Within Omnichannel Banking Figure 5: Key Components of Data Stewardship Figure 6: Building an Enterprise-wide Omnichannel Technology Stack Figure 7: Delivery Sequence of Main Vendor Solution Categories for Omnichannel Banking Figure 8: ACI Worldwide s UP Platform Figure 9: Insights Available with D+H Touché Analyzer Figure 10: Using Key Lifestyle Indicators with FIS Active Analytics Suite and Pinpoint Marketing Figure 11: SAP Unified Architecture for Omnichannel Banking Ordering: Order Online -

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