Pub. 9 2018 Issue 1

www.wvbankers.org 16 West Virginia Banker Steve DuPerrieu is vice president of channels and analytics for CSI. In his role, he provides leadership for CSI’s delivery channel strategy, which includes digital banking, payment services, business and analytics software, and branch/retail delivery solutions. Steve is also a board member for the Association for Financial Technology (AFT). focused on how they deliver products and services to their customers in a new era, where digital is the primary channel. They’re undertaking various projects that help them stream- line their service delivery, accomplishing two feats: giving better products and services to their customers, and doing so in a more efficient and cost-effective manner that drives customer profitability. Albertazzi agrees: “It makes a lot of sense that digital banking is at the top of the list, especially for community financial in- stitutions. They’re looking at bridging any feature or function- ality gaps that they have within their digital banking offerings, and that’s providing that more consistent experience and advanced functionality. “We know that a lot of the transactions have migrated to the digital channels; and it’s a never-ending process around cus- tomer experience improvement, not a beginning and an end. I think you’ll be seeing that year over year.” According to CSI’s poll, digital innovations for this year will center on: • 39%: Branch transformation • 35%: Mobile banking adoption • 24%: Mobile wallet/tokenization Digital enhancements, though vital to the success of financial institutions, cannot be isolated. They must interact and collaborate with other banking initiatives to formulate an omnichannel strategy. A Concrete Omnichannel Strategy At 48%, reaching new customers through an om- nichannel strategy took the second spot for greatest opportunities in 2018 The idea behind omnichannel banking is consistency: creat- ing a singular customer experience across all channels. For example, a feature-rich mobile app, though initially enticing, falls flat as a standalone innovation. If a functionality of that app—say, opening a new account—doesn’t integrate with other channels, the customer experience takes a hit. Banks’ increased interest in omnichannel strategies indicates that the industry is moving away from an early adopter phase and toward implementation, as omnichannel initiatives gather steam throughout the market. Aite’s Albertazzi concurs: “This is in line with what we’re seeing; everything surrounds the customer experience, so pursuing omnichannel is obvi- ously rising in importance. It’s all about providing a consistent experience between channels, so if I start a transaction in one channel I can complete it in another, and so on.” But how will banks realize an omnichannel strategy? Although each institution must take stock of their unique customer base, CSI’s survey unearthed the three most sought-after omnichannel tactics: • 53%: Customer relationship management (CRM) tools • 50%: Online account opening/funding • 39%: Interactive ATMs and self-service kiosks (combined) Each on their own, these items cannot provide maximize value to your bank. However, use them in conjunction with other functionalities across your institution, and you have the ability to greatly enhance a customer’s experience—and thus, their loyalty. To read the full results of this year’s survey, download CSI’s Banking Priorities Executive Report 2018.  “This is in line with what we’re seeing; everything surrounds the customer experience, so pursuing omnichannel is obviously rising in importance. It’s all about providing a consistent experience between channels, so if I start a transaction in one channel I can complete it in another, and so on.”  Customer Experience Continued from Page 15