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New study examines trend toward omnichannel banking

September 5, 2013

In a newly released report from Mercator Advisory Group, the payments industry analysts examine the trend away from traditional core banking systems to an omnichannel banking environment.  

"Anticipating Omnichannel Banking: Channels and Core Systems Interoperability," reviews fundamental changes in the traditional branch mission and the roles of each of the constituent banking channels.  

According to Ed O'Brien, author of the report and director of the Mercator Advisory Group banking channels advisory service, the pathway for future channel growth and efficiencies lies in the omnichannel banking paradigm that's now under development at financial institutions.  

"Many FIs — with large banks leading the charge — are seeking ways to provide 360-degree views of their customer needs and behaviors, the ultimate goal being superior customer engagement." 

The report examines factors that include:

• the shift in the primary mission of banks and other FIs from that of a transaction-oriented relationship with customers to one that involves much more engagement and interaction;
• significant alterations in the way FIs must organize and manage operations in order to achieve change — including revamped processes, systems and organizational structures;
• continuous, real-time updates of customer behaviors and account data that help nurture the new mode of customer relationship; and
• new strategies and improved processes needed to understand customers and support the transition to omnichannel banking.

One of 13 exhibits in the report:

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