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Posted by Tiffani Montez on April 2, 2013
The rapid development of customer touchpoints and rising customer expectations turn up the pressure on eBusiness professionals at retail banks to continue investing in digital channels. Even with the rising pressure, few eBusiness executives report having the resources needed to execute a strategy that supports customers who use multiple channels. Forrester partnered with the Consumer Bankers Association for the second year to survey digital banking executives for the “The State Of North American Digital And Multichannel Banking 2013” report. The goal of the research was to better understand how digital banking teams are focusing their strategic energy, investing in digital channels, building multichannel capabilities, and measuring the digital business. We found that:
Despite the lack of funding, resources, or cross-channel analytics to build or manage multichannel capabilities, there is multichannel hope. Digital banking executives are optimistic about delivering a multichannel experience in the coming years; 48% report plans to build a multichannel application status tool, and 90% have plans to grow their full-time headcount dedicated to multichannel support and strategy in the next 12 months.
While optimism is high, even the best strategies can fall victim to poor execution. Many banks today still operate in channel silos and are burdened with legacy technology that hinders their ability to deliver compelling multichannel experiences. This problem will persist unless eBusiness executives secure the dedicated resources needed to deploy a multichannel strategy. For more insight, I encourage you to read the full report here. As always, I would love to hear your thoughts, questions, or comments.