Celent Model Bank 2015, Part 2: Case Studies of Omnichannel Banking

by Bob Meara, March 23, 2015
Case Studies
Global

Abstract

The vision for Celent’s Model Bank research, now in its eighth year, is to spotlight effective uses of technology in banking. The approach that Celent takes is to seek examples of best practices in technology usage which, in aggregate, would answer these three questions.

These examples span a five-part report series:

In Part 2, Celent profiles four innovative initiatives in omnichannel banking.

  • Central Bancompany: Business Analyzer
  • Standard Bank of South Africa: Guided Sales Workbench
  • UMB Bank: Omnichannel Outbound Advisory Based Service Model
  • Westpac: Omnichannel Digital Platform

Omnichannel banking is in a state of transition, in terms of understanding, prioritization, and implementation. This should be expected, in part, because of the rapid state of change in both customer expectations and technology.

“None of these Celent Model Banks would assert that they’ve arrived,” says Bob Meara, a senior analyst with Celent’s Banking practice and author of the report. “Instead, each remains in hot pursuit of continual improvement in omnichannel delivery. They are all on a journey — one whose destination is in a continual state of change.”

Nominations were accepted in late 2014, and the Celent Banking team selected winners based on degree of innovation, degree of difficulty, and business benefits provided. Each Model Bank winning initiative is presented as a detailed case study within the report, including detailed descriptions of business drivers, technology environments, and quantitative success metrics. Lessons learned are proposed at the end of the report.

This 36-page report contains four Celent Model Bank case studies, six tables, and 20 figures.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

4

 

Summary of Model Bank Components

5

The Quest for Omnichannel Continues

9

Case Studies in Omnichannel Banking

13

 

Central Bancompany: Business Analyzer

14

 

Standard Bank of South Africa: Guided Sales Workbench

19

 

UMB: Omnichannel Outbound Advisory-Based Service Model

24

 

Westpac: Omnichannel Digital Platform

29

Lessons Learned

35

Leveraging Celent’s Expertise

37

 

Support for Financial Institutions

37

 

Support for Vendors

37

Related Celent Research

38

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