Responding to the growing number of consumers who interact with their bank regularly via more than one channel, retail banks are developing new strategies and planning to invest more resources toward meeting these multi-channel demands.
This is according to the second annual survey of Consumer Bankers Association (CBA) members conducted by Forrester Research, in collaboration with CBA’s Digital Channels Committee.
The joint CBA/Forrester research project surveyed digital executives at 21 leading banks, primarily in the US and Canada. Twenty of these 21 executives reported that their bank has a digital strategy, but the bulk do not believe they currently have the budget needed to support multi-channel initiatives.
However, while the majority of respondents agree that multi-channel customer profitability is hard to measure, the banks surveyed are generally optimistic about delivering a compelling multi-channel experience in the coming years.
Some 48% reported plans to build a multi-channel application status tool, and 90% indicated plans to grow their full-time headcount dedicated to multi-channel support and strategy in the next 12 months.
“Multi-channel customers comprise 88% of today’s customer base, according to Forrester’s Consumer Technographics data, and this number is expected to grow as mobile and tablet banking adoption increases,” says Tiffani Montez, Forrester Research principal analyst serving e-business and channel strategy professionals.
“Yet few banks have connected their multiple channels to create an integrated multi-channel experience.
“To move multi-channel strategies from dream to reality, banks will need to optimise their multi-channel services and develop tools that support seamless cross-channel interactions among branches, ATMs, call centres and the Web.”
Survey respondents reported that banks are still investing most heavily in the online channel, but mobile investment is increasing year by year. Top digital investment priorities for 2013 are reported to be infrastructure upgrades and online sales and service upgrades.
The joint CBA/Forrester research project surveyed digital executives at 21 leading banks, primarily in the US and Canada. Twenty of these 21 executives reported that their bank has a digital strategy, but the bulk do not believe they currently have the budget needed to support multi-channel initiatives.
However, while the majority of respondents agree that multi-channel customer profitability is hard to measure, the banks surveyed are generally optimistic about delivering a compelling multi-channel experience in the coming years.
Some 48% reported plans to build a multi-channel application status tool, and 90% indicated plans to grow their full-time headcount dedicated to multi-channel support and strategy in the next 12 months.
“Multi-channel customers comprise 88% of today’s customer base, according to Forrester’s Consumer Technographics data, and this number is expected to grow as mobile and tablet banking adoption increases,” says Tiffani Montez, Forrester Research principal analyst serving e-business and channel strategy professionals.
“Yet few banks have connected their multiple channels to create an integrated multi-channel experience.
“To move multi-channel strategies from dream to reality, banks will need to optimise their multi-channel services and develop tools that support seamless cross-channel interactions among branches, ATMs, call centres and the Web.”
Survey respondents reported that banks are still investing most heavily in the online channel, but mobile investment is increasing year by year. Top digital investment priorities for 2013 are reported to be infrastructure upgrades and online sales and service upgrades.