Consumer Banking in Canada: Omnichannel Strategy

REPORT PREVIOUSLY PUBLISHED BY OLIVER WYMAN
June 15, 2017
Industry Trends
North America

Abstract

To further understanding of these trends from the customer’s perspective, Oliver Wyman conducted a survey of ~4,000 Canadian consumers focusing on their digital banking needs, attitudes, and behaviors. They supplemented this research with targeted mystery shopping of leading Canadian banks to determine how they are positioning and explaining their digital capabilities during the account opening process.

This research led to four key takeaways:

  • Banks need a behavior-based segmentation approach to understanding and supporting clients who are at varying stages of transition
  • Banks must take a proactive approach to digital education focused on showcasing the value of embracing digital to heavy branch users
  • Further digital migration will improve customer experience as customers of all stripes exhibit greater delight in using digital channels
  • The role of human channels will shift to a focus on advice and support of complex needs

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 operating unit 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

1. Incorporate Behavior-Based Segmentation

2

2. Proactive Approach to Digital Education

4

3. Digital Migration and Customer Experience

7

4. Evolution of Physical Channels

8

Conclusion

10

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