The emergence of mobile and social media has resulted in a very high level of channel integration and customization across platforms. This transition from the web based banking applications with lower channel integration, broad product offering across channels has presented both opportunities and challenges with the rapidly evolving digital channels.
With more customers relying upon DIGITAL channels like mobile and internet for product research, transactions, other banking activities, it is vital for Banks to provide best-in-class and seamless channel experience to the new age customers and drive higher revenue growth.
Trends
- Multichannel users buy 3x products vs. single channel users
- 1 in 4 customers switching banks cite customer experience as the primary reason for switching
- 70% of customers use digital access for research on banking products
- 54% of banking touch points are digital (mobile/internet)
- By 2020, 66% of banking transactions will be through mobile or internet
- Multi-channel users are >1.6x more profitable than single channel users