One third of banking executives participating in a study said that marketing owns the end-to-end customer relationship, but only 14% feel that marketing should own their institution's digital strategy. As financial institutions look at how best to adapt their current practices to meet the needs of customers across an expanding array of digital channels, banking executives look for insights to inform their digital transformation strategies. Digital transformation must begin with a cultural transformation within an organization, according to the study, in order to best lay the foundation for critical cross-department cooperation. This cooperation, freeing needed data and capabilities from departmental silos, is required to achieve seamless omnichannel service at each point along the customer lifecycle. With 87% of the financial institution respondents saying that technology is intrinsic to digital transformation and must be considered in tandem with strategy, it's a natural fit for CIOs to lead the way in vetting and implementing the technical platforms and solutions that will form the backbone of an organization's digital strategy.
BAI and the Digital Banking Report recently released "Humanizing the Digital Banking Experience" at BAI Beacon. Digital Banking Report owner and publisher Jim Marous discusses why banks lag behind and ways they can bring their experience up to speed via technologies such as AI. You can listen to the archive of the podcast on the apps above or visiting BAI's podcast page.
Amazon Prime is considered one of the most successful loyalty programs in retail history. While many believe the success of Amazon Prime revolves around free shipping, it is really the removal of friction and focus on experience that sets it apart. Banking can learn from Amazon Prime. There is no denying the explosive growth and competitive impact of Amazon to the retail industry. For their retail business, the foundation of this success is named Amazon Prime.
Digital is redefining retail experiences, and the banking industry is right in the middle of the disruption. Customers today expect more personalized services and simple and seamless interactions. To deliver on these increased expectations, the banking contact center as we know it will need to evolve into a digital banking relationship center of the future that can anticipate customers needs and improve interactions. It is no surprise that the cross-channel experience must improve for banks--the need extends across all industries. In fact, 58 percent of the business-to-consumer organizations (B2C) Accenture surveyed are taking actions to improve the customer cross-channel experience.