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Integrated, multichannel banking is a customer’s dream—and a bank’s nightmare. Legacy IT systems, including aging core banking platforms, make it tricky and costly to turn this vision into a reality.
In an ideal world, banking would be a rich and interactive experience, available 24/7 and delivered seamlessly across channels. Customers would have convenient access to personalized products and services, on any device, from anywhere and at anytime. Banks would have a single, complete view of customers and their preferences.
In reality, legacy IT systems, including aging core banking systems, hinder business agility and make multichannel integration tricky and costly. In this report, Accenture explores how a new approach to technical architecture can help banks cut costs and boost profitability.
Download the full report [PDF, 1.4MB]
The recent financial crisis dealt a harsh blow to consumer trust. As banks’ reputations suffered, so too did customer loyalty.
Winning people back will require banks to meet growing expectations for an integrated experience that allows customers to:
Since banking channels have evolved considerably over time, many organizations are operating with a wide array of disconnected systems. Even the simplest of activities, such as opening a new account, can trigger multiple processes.
A truly integrated, multichannel approach standardizes information and processes across all channels, helping banks:
Improve the consistency and quality of activities such as account opening and loan processing.
Reduce IT dependency by empowering non-IT experts to configure business processes themselves.
Rapidly replicate process changes across multiple channels.
Develop, test and market new products and services faster.
Accenture has also found that an integrated approach can increase customer loyalty and create new sales opportunities. In fact, our research suggests that the cross-selling ratios of banks with integrated, multichannel environments are often more than twice those of competitors with siloed channels.
Achieving a truly integrated, multichannel environment requires organizations to:
Break down channel and product silos to streamline operations, remove duplication and improve flexibility.
Establish multichannel distribution to increase efficiency, provide a seamless experience across channels and achieve a single view of each customer.
Simplify manufacturing by focusing product silos on what they do best—managing products.
Become customer centric by developing services and processes that meet consumer needs and satisfy customers.
Put business owners in control of change by adopting business processes that can be adapted and tailored without IT intervention.
Consolidate and integrate offerings across channels to allow customers to personalize their shopping experience.
Prepare for the future by strengthening the organization’s ability to change and adapt.
March 30, 2012
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