Although some banks have begun incorporating Web 2.0 technologies into their customer offerings, few have succeeded in integrating all their various channels into a seamless customer experience. Indeed, providing customers with a fully integrated experience will not be easy; it means designing a new operating model along with the IT and operational capabilities needed to implement it. Too often, new modes of online communication seem like ad hoc add-ons that are poorly integrated with other online and mobile banking offerings or with branches and contact centers. A consistent user experience must be created across all channels, together with seamless customer contact across channels. This experience must be enhanced by the development of suitable products and service levels for different customer segments. And the entire effort must be tied together through powerful customer analytics, a clear understanding of the key drivers of value, and the ability to measure success.
As the world becomes more and more digitized, new technologies will become particularly attractive to the next generation of “prosumers” — those professional, productive, and proactive consumers who typically offer the most long-term value to retail banks. In their determination to seek out sound advice and good deals, these individuals are especially likely to turn to financial institutions with a strong Web 2.0 presence.
Reprint No. 11202
- Johannes Bussmann is a Booz & Company partner based in Munich. He leads the firm’s financial-services and IT efforts in Germany, Austria, and Switzerland, and focuses on business strategy, sales channel optimization, and IT innovation.
- Paul Hyde is a Booz & Company partner based in New York. He consults with senior executives in the U.S., Asia, and Australia on a range of strategic and organizational issues, primarily serving the financial-services industry.
- Jörg Sandrock is a Booz & Company principal based in Munich. He specializes in IT-driven strategy in the financial-services industry, next-generation distribution, go-to-market strategies, and operating model/transformation programs.