Delivering an Omnichannel Customer Experience: Why a Single Platform Is the Way Forward

by Bob Meara, June 8, 2017
Industry Trends
Global

Abstract

Most banks aren’t yet delivering omnichannel customer engagement.

Celent has released a new report titled Delivering an Omnichannel Customer Experience: Why a Single Platform Is the Way Forward. The report was written by Bob Meara, a Senior Analyst with Celent’s Banking practice.

Most banks aren’t yet delivering omnichannel customer engagement. The path forward need not be long and complex, but institutions seem slow to catch on.

Omnichannel delivery is a key component of what it means to be a digital bank; 50% of large banks are developing or refining omnichannel strategies, while smaller bank segments lag behind. Above all, institutions should begin with the end in mind, while prioritizing initiatives based on short-term business objectives. Omnichannel customer experience platforms (CXPs) offer an excellent way to do this.

“Omnichannel retail delivery is a vexing challenge, particularly for larger financial institutions. Many are chasing urgent priorities, such as digital customer acquisition without (in Celent's opinion) giving adequate consideration for a longer-term architecture,” commented Meara.

“Omnichannel CXPs represent an excellent architecture choice to accommodate both short-term and long-term objectives, without requiring the rip and replace of legacy channel platforms. More banks should be considering this option,” he added.

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

 

Key Research Questions

1

 

Recommendations

2

Defining Omnichannel

4

 

Banking in a Broader Ecosystem

6

 

Digital’s Ascendancy

6

The Promise of Omnichannel

9

 

The Promise for Customers

11

 

The Promise for Financial Institutions

14

State of Omnichannel Banking in North America

17

 

Baby Steps: Unified Digital Platforms

18

The Case for a Single Customer Experience Platform

21

 

Nominal Customer Experience Platform Capabilities

23

Recommendations

25

Leveraging Celent’s Expertise

26

 

Support for Financial Institutions

26

 

Support for Vendors

26

Related Celent Research

27

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