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On-boarding the Mobile Channel in the Context of Multichannel Integration

21 August 2013 by HCL Technologies

The mobile channel has the potential to revolutionize customer experience in retail banking, provided banks approach "going mobile" in a strategic and structured manner.

Furthermore, the approach must have cross channel consistency at its core. The task can be overwhelming, but failure would mean increased customer dissatisfaction - something that no bank can risk.

As global economies try to emerge from the shadows of recession, what seems certain is the dent in consumer confidence and the general wane of optimism among global consumers.

According to an E&Y Global Consumer Banking Survey, conducted in 2011, 44% of customers said that their confidence in the banking industry has declined. Customer experience brings in a sustainable differentiator in an atmosphere of low confidence, and is thus the tune being chanted by organizations across the world.

Organizations will try to retain and acquire customers as well as win their confidence, since customer experience is a factor that is seen as "controllable" in light of other "extraneous" factors, such as economy and government policy.

A great vehicle that has cropped up in recent years to enhance customer experience is "mobile" technology. The multitude of smartphones and tablets with touch technologies, has taken customer experience to a whole new level that is limited only by imagination.

With so much hype surrounding the mobile channel, the biggest mistake that banks can make is to rush into on-boarding the mobile channel without a strategic assessment, especially in the context of customer experience and multichannel integration.

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