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Introduction

Rising customer expectations, coupled with declining branch traffic (caused by increasing use of digital channels), pose a danger to many banks' sales, creating the need to develop stronger sales capabilities and an enhanced customer experience.

Highlights

  • Increased self-service on digital channels is endangering sales in banks. Filling the sales generation and customer experience gaps on digital channels is a challenge for the industry.
  • Delivering a next-generation channel offering requires the use of a number of technologies. Data and analytics are key to personalized and insightful digital service delivery in the future of banking.

Features and Benefits

  • Understand how banks can overcome the threat to sales posed by digitalization.
  • Learn about the technologies required for customer-centric service delivery.

Key questions answered

  • How can a bank bridge the sales generation gaps in its digital channels?
  • What is omnichannel and how is it relevant for retail banking?

Table of contents

Summary

  • Catalyst
  • Ovum view
  • Key messages

Recommendations

  • Recommendations for enterprises
  • Recommendations for vendors

Market context

  • Increased self-service on digital channels is endangering sales in banks
  • Filling the gaps in sales generation and customer experience on digital channels is a challenge for the industry

Business focus

  • Customer-centricity – a strategy for differentiation and survival
  • Two case studies of customer-centric innovation
  • The concept of omnichannel embodies the ideal for customer-centric service delivery
  • Contextual marketing is at the heart of how banks can drive product sales from channel investments

Technology focus

  • Delivering a next-generation channel offering requires the use of a number of technologies
  • Data and analytics are key to personalized and insightful digital service delivery in the future of banking
  • Superior customer experience on digital channels requires upgrading of front- and back-office systems

Appendix

  • Methodology
  • Further reading
  • Author

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