1. Market Research

Omni-Channel Banking: Transforming the Customer Experience

  • April 2014
  • 25 pages
  • GlobalData
Report ID: 3375943

Summary

Summary
The improvement in customer experience in the retail industry has increased the expectations customers have in financial services. However, a major problem is that many providers are not meeting these expectations. This report looks at how banks can use omni-channel to improve the customer experience.


Synopsis
- Understand customer expectations of financial services providers are changing
- Learn how providers can benefit from omni-channel
- Discover best practice omni-channel strategies from around the world

Reasons To Buy
- How is omni-channel different to what has come before?
- What are the issues on which provides are not living up to customer expectations?
- How can omni-channel be used to improve the customer experience?

Key Highlights
Omni-channel allows customers to access the full product offering across all channels, offering greater choice and convenience. It saves the customer time with single journey per transaction rather than multiple starts/stops.

Banks can use omni-channel to increase revenue by better understanding their customers. For example, it allows a joined up, 360 degree view of customers' behaviors and activities. This knowledge can be applied to communicate more effectively with customers, increasing the likelihood of up- and cross-selling.

In a multi-screen world consumers have become accustomed to switching between devices when completing an activity. By supporting device switching banks can sell more products and services, reduce abandonment rates, and improve the customer experience.

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