Multichannel users buy 3 times more products than single channel users. 1 in 4 customers switching banks, cite customer experience as the primary reason for switching. 54% of banking customer touch points are through emerging channels. Channels matter.
The corporation really needs support for the financial elements of its core value chain – the exchange of goods and assets. This banking exchange can be complex and is not directly aligned to traditional banking products. So the channel solution must be able to orchestrate the components of the back office product set into solutions that can be presented to the client in the client’s terms, meeting the client’s needs, when the client needs it.
To be competitive, banks must respond quickly, to clients’ changing needs, to new RFPs, to new opportunities. New solutions can be created quickly by adapting old ones or from scratch very quickly, and without the same dependencies. Solutions that may be unique to your bank. Or unique to an industry sector. Or to the way the client’s treasury is organized. Not only should the customer experience have the capability of being unique to one client, it might need to differ for just one subsidiary of the client. And that the client can itself safely tailor – now that’s a way to reduce bank cost.
Though some would say there is little really new about banking products in the last three hundred years, the way they are delivered has indeed changed. 70% of customers use digital access to research banking products, while 66% of banking transactions will happen through mobile devices or the internet by 2021. The customer used to have to go to the bank, now the bank has to come to the customer. And there are different ways that can happen, but all must show the same reality, in real time, all the time. The portal solution, for example, must offer a uniform experience across channels, requiring seamless extraction of data from abank's existing systems to provide intelligent analysis to give the corporate treasurer insight.
Corporations now expect banks to offer a highly flexible, role-based interface that aggregates multi-bank information, performs analysis, enables informed decision making and initiates transactions, all on single page.
93% of commercial banking executives identified their bank’s website as a channel of growing importance, second only to mobile banking platforms. The imperative of improving clients’ experience of using a bank’s products – let’s not forget some banks have some slight reputation issues right now – is driving up investment in new online banking technology. One bank. One product. One customer. One experience. Banks even have posters made of this mantra pasted on the office wall.
The issue is that the back office is necessarily a complex collection of highly efficient product processing factories. So banks must offer channel-agnostic access so that corporations can consume its services, but the solution needs to co-exist with the bank's various other front end and back end systems as well as the corporation's ERP system, to give them comprehensive reporting, a detailed transaction view and real time analytics on the fly.
Offering best in class and seamless channel experience will drive higher revenue growth for banks through higher cross selling and up selling.
