Banks and Omni-Channel Distribution
In our August 2012 TAS newsletter, we referenced the 2012 Ernst & Young Global Consumer Banking survey that outlines how consumer behavior and the expectation from banks is quickly evolving, important input into banks strategic thinking, operational planning, and day-to-day customer treatment. The report provides pointed advice for banks on delivering a more flexible customer experience as a means to keep and grow customer relationships, with a back-drop of increasing complex marketplace and regulatory environments.
One important conclusion from the report is banks must “move from multi-channel to omni-channel distribution”. Customers don’t just expect different channel choices (multi-channel) but now expect a seamless, cohesive experience regardless of which channel they choose to interact with banks (omni-channel). The most obvious example is that customers expect to research products in one channel while they may request the product in another. Gone are the days where banks can offer a particular product in only a particular channel. We wrote about some of the challenges banks are faced with in managing customer experience across various channels in a previous blog article as well.
To support an omni-channel customer experience, banks will need the varied channel technology platforms to work together to deliver a consistent user experience, including marketing, authentication, offers, and support to customers and prospects. Many of the banks we work with describe a systems inventory that includes disparate platforms in support of consumer retail lending, commercial and small business lending, credit card, and deposit account opening, most of which are not designed to work together and share information or components. Adding to the overall challenge is complexity due to different channels, such as different authentication solutions used for different channels.
Equifax understands that for banks to create an omni-channel customer experience simplification of their technology platform footprint is critical. We are helping banks simplify their application footprint by creating consolidated solutions for authentication, data access and integration, scoring and analytics, and risk decisioning and exception management. Simplification reduces support costs, normalizes best practices, increases the ability to respond to market changes, eases the burden of compliance and reporting, and enhances the user experience for customers.
Want to learn more? Send us an e-mail.
This post was contributed by: Lee Grice.
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