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Report: Omnichannel banking lessons learned

A new report from Mercator considers how implementation of the omnichannel model can be inhibited — or enabled — by data management and synchronization.

May 18, 2015

Omnichannel banking enables customers to do their banking and interact with their financial institutions however they like — at the branch, or via ATM, the Web, or mobile device.

However, according to Mercator Advisory Group, implementation of the omnichannel model can be inhibited by challenges of data management and synchronization.

A new report by Mercator, "Omnichannel Banking Is Taking Hold: Lessons Learned So Far," examines research identifying the need for robust data management that collects, categorizes, cleans up, and consolidates core and channels systems data to prepare for omnichannel banking.

The report suggests that these efforts are key to meeting the expectations of today's customers, and it describes solutions that FIs can use to implement omnichannel banking successfully.

Highlights of the report include:

• data on U.S. banking customers' current preferred methods for transacting and interacting with their primary FI;
• discussion of consumer expectations for omnichannel interaction with FIs, based on their experience with omnichannel retailers;
•  the need for FIs to find a balance between traditional and omnichannel methods;
• tasks an FI must complete to achieve a 360-degree view of the customer relationship;
• profiles of omnichannel banking solutions from four technology vendors; and
• a case study of a successful application of an omnichannel banking solution.

One of 8 exhibits in the 12-page report:

Companies mentioned in the report: ACI Worldwide; D+H; FIS; and SAP.