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  5. Celent Model Bank 2015, Part 1: Case Studies of Digital in Banking

Celent Model Bank 2015, Part 1: Case Studies of Digital in Banking

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23 March 2015
Stephen Greer Jacob Jegher

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 1, Celent profiles three innovative initiatives in digital banking.

  • Bank of Montreal (BMO): Mobile App
  • Knab Bank
  • US Bank: Online Self-Servicing Platform

Digital reflects the rapidly growing importance of digital banking and its changing dimensions — from simply a delivery channel to a consistent brand experience across all channels and points of interaction, underpinned by analytics and automation and requiring changes in products, services, organization, culture, and skills.

“While adoption of online and mobile banking has grown steadily, there is still plenty of room for improvement,” says Jacob Jegher, a research director with Celent’s Banking practice and coauthor of the report. “It’s all about creating value for the customer and seeking win-win scenarios for the customer and the bank.”

“Banks have to move from providing basic transaction engines to offering value-driven interactive solutions,” says Stephen Greer, an analyst with Celent’s Banking practice and coauthor of the report. “These initiatives require banks to invest in improving interactions that may and likely will involve multiple channels.”

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 three Celent Model Bank case studies, six tables, and 13 figures.

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