Banks need to create an omnichannel experience: PwC

PwC’s Global Digital Banking Survey provides perspective on where banks stand today and how they view their goals and progress in the short term.

May 21, 2014 4:47 IST | India Infoline News Service
Digital is undeniably everywhere, but according to PwCs Global Digital Banking Survey, more needs to be done in the banking sector to improve customer interaction and to create an omnichannel experience. PwCs Global Digital Banking Survey provides perspective on where banks stand today and how they view their goals and progress in the short term.

Thirty per cent of global respondents cite advancing customer experience as the most important factor driving their digital channels strategy for the next two years, second only to expanding market share.

Commenting on the report, PwC Indias leader banking and capital markets, Shinjini Kumar said, Many Indian banks, like their Asian counterparts, are geared to use the advantage of local talent and leapfrogging technology to create forward looking digital strategies. However, there is a lot of ground to cover on creating omnichannel experience and enhancing processes from the customers point of view.

PwCs Financial Services Technology Leader, Julien Courbe, says Were heading into the co- creation phase, where consumers help develop the personalised products and services they want. The ultimate goal is to establish communities of individuals, stakeholders and enterprises working together to produce value through engagement platforms designed to enable mutual collaboration.

Despite proliferation of digital, that goal has not been easy to achieve. In fact, banks also fall short of creating an omnichannel experience - allowing customers to interact with banks effortlessly across all channels regardless of transaction type- as less than half of survey respondents (43%) indicate that online and mobile channels are currently operating on a multi-channel platform.

Fewer banks have integrated social media, with only 19% reporting combining online, mobile and social on a common platform. According to the survey, a primary objective when connecting with customers via digital channels is currently to quote products and services; only nine per cent of those surveyed highlight capturing ideas and co-creating as their end goal.

AsiaPac leads the digital pack

The survey finds AsiaPac well positioned in the digital space, with leading practices, top-down views and holistic approaches well underway. In contrast, digital discussions appear less often on European and North American board agendas, which increase the chances of misalignment between corporate and digital strategies.

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