Keep up or perish – Multi-channel communication in retail banking

Technology is progressing faster and faster bringing with it new methods and channels of communication and interaction for all businesses everywhere and this does on exclude retail banks. This communication revolution also delivers more and more touch points for consumers as we can all now interact with our banks and accounts in a totally digital, virtual environment at home or on the move, writes David James Pickering

Technology is progressing faster and faster bringing with it new methods and channels of communication and interaction for all businesses everywhere and this does on exclude retail banks. This communication revolution also delivers more and more touch points for consumers as we can all now interact with our banks and accounts in a totally digital, virtual environment at home or on the move, writes David James Pickering

So the pressure is on for banks to deliver strategies that can provide a multi-channel user experience while consolidating the data from the channels into a single customer view which will allow them to maintain a single version of the truth!

The truth to me being the history of a customer, their contact preferences, account history, time in the month, year or quarter that they typically spend on products and services and so on providing a full 360 view of any particular customer.

It helps to personalize the experience for both the customer and the bank allowing for stronger relationships.

This in turn means that many of the Banking institutions will have to update their back office systems to be able to provide this now widely expected resource or face the consequences.

Customer expectation is currently at an all-time high. With all the marvelous devices at our disposal and the incredible myriad of applications available banks will need to invest in facilitating new forms of communication just to stay current let alone thinking about the future.

The past five years have been awful for most European retail banks.

The social zeitgeist is changing and so must our companies, banks included. The financial crisis and the resulting recessions in most of Europe’s economies nearly destroyed some banks and crushed the profitability of many of the remainder while simultaneously destroying

I believe those banks embracing this new format of doing business will thrive and power through to the future while those slow on the uptake will be left by the proverbial wayside.