The viewson what ‘digital’ and ‘omnichannel’ mean in banking are diverse, and there islittle consensus in the industry. These definitions are important, however, asthe concepts are fundamentally reshaping financial institutions and require astructural change in banking.
Everybody (almost everybody) agrees that digital is importantin financial services. However, the views on what digital means for banking arediverse, and there is little consensus in the industry. When we ask bankingexecutives what ‘digital’ means for them, we get a diverse, and sometimesinconsistent, set of answers. We have observed this first-hand when runningroundtable discussions with financial services clients.
While the industry isawash in buzzwords today, such terms as ‘digital’ and ‘omnichannel’ offer anopportunity to highlight new industry innovations. For example, our research at MercatorAdvisory Group shows that digital banking not only includes online andphone-based mobile banking, but also tablet banking. These solutions can include access via mobileweb and downloadable mobile apps. Additionally, Mercator sees omnichannel banking as being more than a newterm for multichannel banking, and including such important capabilities asintegration and native operability and the use of predictive analytics ascritical success factors for financial institutions.
Overview by Ed O’Brien, Director, Banking Channels, Mercator Advisory Group
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