Self-service channel integration no longer an option

Software-as-a-service (SaaS) will become more important in providing organizations with cost-effective, secure and highly available applications for online and mobile channels via hosting. SaaS enables banks to keep pace with the latest innovations and consumer needs while executing transactions at a fraction of a bank's start-up investment.

Online and mobile banking, supported by the expansion of broadband communication access, are becoming more than mainstream; they are becoming a mainstay. Mobile devices and applications and their always-on convenience represent the biggest opportunity to reach a permanently alerted mobile and global consumer.

Environmental responsibilities will need to be addressed through existing technological improvements and new innovation, such as two-sided thermal printing. Near-field communications (NFC) will help merge the experiences of branch banking, online banking, mobile banking and beyond, into the retail environment as a payment device.

Industries everywhere are rising to the challenge of serving customers when, where and how they want to be served. But simply providing alternative channels is not enough; consumers expect those channels to work together. Whether buying an airline ticket or paying their bills, consumers now move through their daily lives purchasing products, services and information through a variety of channels. More often than not, they will begin a transaction on one channel and complete it using another. Increasingly, people now have flexibility and expect it in whichever channel they use, based on personal preference, the nature of the transaction and the time and location of the service they need.   Consumers will choose financial services providers that empower them to manage their lives through such options. Customers want a faster, easier and more personalized interaction with their bank. They want to bank when and where it's convenient for them — whether at noon or midnight. Home or branch. ATM or mobile. Call-center or kiosk.   For financial institutions, this means their mobile banking experience must look and feel like their online banking experience, with applications that offer critical services on the go. Targeted product offers that are provided online must be in concert with offers delivered via the ATM channel. Consumers are moving too quickly and have too many other inputs in their lives to deal with fragmented marketing experiences that have no relationship to their needs.   The upside for financial institutions that do respond to more integrated approaches is enormous. The downside to those who do not is a future of reduced loyalty and a declining customer base. Banks that do not offer a rich merged-channel capability will fall behind the competition and risk their own relevance. We already know that the more touchpoints consumers have with their banks, the more likely they are to stay with those banks.

 

A study carried out by Opinion Research Corp. found that 43 percent of consumers are more likely to choose a financial institution that offers multi-channel self-service. The uniformity of experiences and communications will make it easier and faster to interact with customers, whom no one can afford to lose. Institutions also can use channels to reach new customers that have been excluded from financial services through the traditional channel approach — an important opportunity in the current economic downturn to create new relationships and core-deposit growth.   As consumers turn to financial institutions for more choice in how they connect, interact and transact with a myriad of companies, the future is how banks will deliver a powerful, integrated consumer experience that builds customer loyalty.   William (Bill) Nuti is chairman and chief executive of NCR Corp. To submit a comment, contact the editor, Tracy Kitten.