Are today’s financial services customers increasingly frustrated by banks
that are unable to meet their shifting requirements? Definitely. Growth in the
use of smartphones and tablet computers opens up greater expectations of more
personalised services for people on the move, at work or at home. Did you know
that banking by tablet is most executed between 9 p.m. and 11 p.m.? That trend
can only grow as mobile devices become more commoditised and available to
everyone.

The frustrated customer?

Only 57% of banks in a survey
by The Banker and SAP say that they’re geared up to allow a customer to start
a transaction in one channel, such as the Internet, and finish it in another,
for example, by walking into a branch. On the whole, banking today is still not
able to offer the real-time, 360-degree view across channels to meet the needs
of a fully digitised world.

The future is here to stay

Omnichannel is far more than just the current new trend or hot topic. Banks
will need to raise their game to meet customer expectations, retain their
loyalty and deliver a seamless experience over any device. The worry for
established players is that they will lose out to more agile rivals as
deregulation continues. So, my message is: modernise now; don’t wait until it’s
too late!

For the banks, omnichannel is a major opportunity to really understand
their customers – their transactions and the channels they like – so they can
better serve them and suggest the next best offer in a more personalised way.
This will help retain their loyalty and deepen relationships, something all
banks desire.

The Banker/SAP report: Customer
Engagement in the Digital Age