Some might argue that retail banking is known more for its inconveniences than its convenience. As an example, the common term ‘banker’s hours’ is synonymous with “being open for the shortest and most inconvenient amount of time”. Despite that legacy, retail banks have made a concerted effort and real progress to extend services through various delivery channels to improve the retail banking customer experience.
Banks may have closed the customer service gap with other industries, but like other industries, must stay ahead of the consumer to deliver an experience that provides profitable value and differentiation. According to a recent report, what most customers want from their banks is greater access and more personalized experiences (in the form of advice, products, and services).
It’s not a surprising conclusion especially to the banking industry which has adapted a retail industry term -- omnichannel -- to describe the needed capabilities to deliver a consistent customer experience across all channels.
The Cisco Connected Customer Experience Report for Retail Banking -- a global survey of consumers and bank professionals conducted in early 2013 -- highlights the opportunities and the challenges that banking institutions face in meeting current and future customer expectations. Globally, consumers ranked Read More »
Tags: branch, Cisco, customer, customerexperience, delivery channel, Financial Services, omnichannel, personalized service, retail banking
Increasingly over the past several months, I have been working with more and more retail banking clients. A common theme has emerged during these discussions that centers on video and collaboration in the branch. The top of mind question is, “how are banks using video in the branch to grow top line revenue in a very tightly regulated environment and with ever increasing downward pressure on fee revenues?”
As retail banks have slowly emerged from the global financial crisis of 2008, they are increasingly looking for ways to differentiate themselves with their products and services. Studies show that the branch is still relevant in the eyes of the retail bank consumer, but the role the branch will play in the future is beginning to change.
Cisco’s IBSG team published a white paper on this topic, which covers the transformation that banks are currently going through. Retail banks are wrestling with moving from a multichannel environment to an omnichannel environment. The difference is, instead of offering a different experience and set of products and services across various delivery channels, they offer a more integrated and consistent experience across delivery channels. These traditional delivery channels include: branch, Internet and contact center to name a few. Currently, the mobile channel is growing in popularity and use, especially with new applications like remote deposit capture right from a mobile phone or tablet. Read More »
Tags: branch, collaboration, delivery channel, Financial Services, multichannel, omnichannel, remote expert, retail banking, revenue, video
In my last few blogs I talked about the strategies that banks are currently taking to compete in the 21st century. Let’s prophesize a little and discuss what could become the ultimate retail delivery strategy in the future. Read More »
Tags: bank profitability, banking, banks, delivery channel, home banking, internet banking, mobile banking, retail banking, retail delivery