2015 OUTLOOK: BANKING CHANNELS
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1 December OUTLOOK: BANKING CHANNELS Moving from theory to practice Changes in banking channels are talking hold, embodying a transition from theoretical ideas to actual implementations of such important concepts as omnichannel banking, hub-and-spoke branches, increased use of analytics, and an ability to offer banking customers a truly outstanding experience. by Ed O Brien, Director, Banking Channels Advisory Service 8 Clock Tower Place, Suite 420 Maynard, MA phone: 1(781) info@mercatoradvisorygroup.com Mercator Advisory Group, Inc. 1
2 Shifting Gears: Engaging Customers via Omnichannel Banking As banks, credit unions, and other financial institutions transition from the doldrums of the past few years, anticipating increased opportunities for 2015 and beyond, they are shifting into high gear, moving from pilot tests of new channel technologies and processes to beta or production versions of various systems. In this Mercator Advisory Group outlook on banking channels for 2015, we consider some of these innovations and other key themes seen in our research. Scanning the environment after several challenging years, banks and credit unions are reviewing their priorities and their ability to satisfy customers and members. Some institutions are undertaking systemic change in the way they service their clientele. They realize that besides meeting short-term, tactical challenges, they must look for strategic long-term opportunities to grow revenues and profitability creatively while offering an outstanding customer experience. This effort requires a balancing act: If a financial institution (FI) tries to differentiate itself from the competition by providing extraordinary customer service, its sales and operational costs are likely to increase. But if the institution tries to drive down costs by cutting expenses and seeking operational efficiencies, it risks creating a negative customer experience. Much of the reason for banks increased interest in innovative channels solutions and accelerated investments in omnichannel projects can be attributed to three main drivers: increased retained earnings by some FIs, a partial opening of the budget spigots for long-needed process improvement projects like omnichannel banking, and most important a strong business case for needed improvements in process and banking IT infrastructure to promote a better customer experience. While fewer and fewer banks and credit unions have siloed channels these days, many are still progressing from multichannel to omnichannel banking, with its real-time, 360-degree view of customers transactions and likely future banking needs. Omnichannel banking is a logical extension of omnichannel retailing, where customers experience a synchronized and coordinated experience no matter whether they are in a store or shopping via digital channels. While the journey to omnichannel banking has just begun for many FIs, it will allow them to better understand banking customers wants, needs, and behaviors through real-time (or near-real-time) views of accounts and transactions and the use of integration, interoperability, and predictive analytics. The end result will be increased customer satisfaction, loyalty, and significant improvements in the overall customer experience. For 2015, Mercator Advisory Group expects to see FIs continuing to evaluate the number and type of branches needed in various markets, as well as the number and capabilities of tellers and branch personnel. As the fundamental role of these associates is being analyzed and reclassified, sales and service training will be key to benefiting from cross-sell and up-sell opportunities and improving overall customer satisfaction, even while the number of branch-based transactions continues to decline. 2
3 Channeling Change Through Channels FIs are increasingly seeing the need to evaluate new business models based on a mixture of full-, self-, and assisted-service customer interaction. Often this includes reviews of branch configurations and reconfigurations that include the use of both traditional full service and ATM and digital banking methods. These models include pilot tests and test-and-learn environments of various branch configurations, which range from pop-up branches and minibranches to reconfigured traditional branches and flagship stores. These innovations are a natural extension of omnichannel retailing, and the resulting omnichannel banking experience offers great promise for banking customers and FIs alike. Even with the increased use of self-service channels, branches are still relevant and important. The branch remains the center of the banking world for most consumers since they need to be able to speak and interact with knowledgeable tellers and other personnel on important issues that can t easily be handled through self-service methods. Often, customers still visit branches to complete account-opening paperwork and speak with subject matter experts on a wide variety of topics. Since the branch remains relevant because it is the front line of interaction and engagement with banking customers, today s FIs can supplement traditional tellers with assistance that is less costly. They can equip individual branches with traditional tellers, remote tellers, and self- and assisted-service ATMs with two-way video and audio or personal teller machines with access to remote tellers to provide the high levels of customer experience needed to compete in today s marketplace. For 2015, Mercator Advisory Group anticipates a continued expansion of self-service banking, with kiosks and tablets as well as intelligent deposit ATMs and digital banking becoming desirable options for customers and members. We anticipate increasing convergence of ATMs and mobile banking with production versions of ATM prestaging (also known as cardless cash withdrawal or mobile cash access) and increasing use of ATMs and mobile banking for person-to-person (P2P) payments and other capabilities. We also expect to see kiosks and tablets being deployed in select markets as viable alternatives for customers to use instead of having to wait in teller lines. Some kiosks have computer-like features; others offer specific functions similar to those in other retail environments. Examples such as ATM and kiosk devices in supermarket self-service checkout lines, airline check-in staging areas, and interactive marketing platforms have proven themselves in other retail environments and will likely pave the way for increased adoption in retail banking. Leveraging Analytics to Better Understand Banking Customers As financial institutions continue striving to understand their banking customers needs to better serve them, many are seeing how powerful analytics can be for gaining insights. Behavioral analytics systems can help identify those customers who would be best served by richer conversations with branch personnel as well as those who might be better served by fewer branch visits and increased use of self-service or assisted self-service channels. An ongoing 3
4 challenge for institutions of all sizes is to better understand their data (or even begin to understand it), especially big data with its many sources and unstructured data, in order to better manage their business. For 2015, we anticipate that FIs will continue their quest to better understand banking customer wants, needs, and anticipated behaviors. They will increasingly recognize the power of analytics for understanding not only customers stated wants and needs but also those that are unspoken or even unknown to the customers themselves. EMV Awareness of the card networks impending EMV liability shift deadlines is increasing. The U.S. banking and payments industry is following a migration path to the issuance and use of credit and debit cards embedded with an EMV smart chip (called EMV cards, for Europay, MasterCard, and Visa) that will eventually replace today s counterfeit-prone magnetic-stripe cards. MasterCard announced in 2013 that it would shift liability for any subsequent fraud to U.S. ATM acquirers and subprocessors that are unable to fully process transactions initiated with Maestro EMV cards issued outside the U.S. and continue to rely instead on the cards magnetic stripe. Under MasterCard s EMV road map, ATM operators will have to assume liability for counterfeit card activity related to their noncompliance starting in October On April 1, 2015, a similar Visa liability-shift deadline kicks in that requires U.S. third-party ATM acquirers, processors, and subprocessors to be able to support EMV chip data. Under Visa s road map, ATM owners liability for counterfeit card losses stemming from noncompliance takes effect on October 1, EMV ATM compliance will remain a vexing issue for most financial institutions in 2015 as they wrestle with understanding the various networks timetables and technical requirements for compliance and try to understand the ramifications of their actions (or inactions). FIs must determine their course of action regarding the liability shifts being created by the networks and decide when and how they will incorporate solutions for deadlines pending for American Express, Discover, MasterCard, and Visa. Increasing Reach Across Promising Lines of Business FIs are increasingly looking to expand their reach for greater penetration in promising lines of business. Many are leveraging their small business and wealth management lines of business through existing and expanded channel strategies. Others are expanding credit and lending in small business, mortgages, and mortgage refinance or offering attractive rates for auto loans and auto refinance. The objective of such efforts is to grow revenues across various lines of business while spreading fixed costs across various channels and lines of business. We envision FIs expanding this outreach in 2015 to a wider range of lines of business, resulting in reduced costs (or at least an ability to spread costs across a broader base) and expanding business opportunities in some of the least served yet most promising and profitable lines of business, most notably wealth management and small business banking. 4
5 Conclusion: 2015 Will Be a Year of Transition 2015 promises be an exciting year for the banking industry and its delivery channels. Perhaps we should call it the year of the customer. Projects that were important but unfunded or underfunded are now moving forward at banks, credit unions, and other financial institutions. This activity is possible in part because of the reallocation of budgets from legal and compliance efforts now nearing completion, but mostly because of the compelling business cases being made to woo banking customers and find ways to provide an outstanding customer experience. Copyright Notice External publication terms for Mercator Advisory Group information and data: Any Mercator Advisory Group information that is to be used in advertising, press releases, or promotional materials requires prior written approval from the appropriate Mercator Advisory Group research director. A draft of the proposed document should accompany any such request. Mercator Advisory Group reserves the right to deny approval of external usage for any reason. Copyright 2014, Mercator Advisory Group, Inc. Reproduction without written permission is completely forbidden. For more information about this report, please contact: Ed O Brien, Director, Banking Channels Advisory Service eobrien@mercatoradvisorygroup.com Mercator Advisory Group is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver a unique blend of services designed to help clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Advisory Services. Unparalleled independent and objective analysis in research documents and advice provided by our Banking Channels, Credit, Commercial and Enterprise Payments, Debit, Emerging Technologies, International, and Prepaid practices. CustomerMonitor Survey Series. Eight annual Insight reports based on primary data from Mercator Advisory Group s bi-annual surveys of 3,000 U.S. adult consumers to determine their behavior, use, preferences, and adoption of current and emerging payment methods and banking channels to help our clients identify and evaluate business opportunities and make critical business decisions. Consulting Services. Services enabling clients to gain actionable insights, implement more effective strategies, and accelerate go-to-market plans. Offerings include tailored project-based expertise, customized primary research, goto-market collateral, market sizing, competitive intelligence, and payments industry training. PaymentsJournal.com. The industry s only free online payments and banking news information portal delivering focused content, expert insights, and timely news. For additional copies of this report or any questions, contact Mercator Advisory Group at
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