Channel Integration, Omni-Channel Strategy, AI Financial Services

Channel Integration for Financial Services

December 2019 | Omni-Channel Strategies | Traditional and Digital | Role of AI

Today’s world of digital banking and financial services is both exciting and challenging. Consumers can conduct financial activities using a variety of traditional and innovative channels. Branches, telephone options, mail, and ATMs have been available for many years. Consumers have embraced online channels, including computers and mobile devices. Social media networks, financial apps, and new video options are available and make banking and financial services activities more interesting for consumers. Now, the latest innovations are incorporating AI.

The consumer journey can involve a mix of channels for all types of financial activities—from transactions and customer service to shopping and purchasing financial products and services. Customers may start an activity online and then complete the activity in a branch or office. This makes it essential that the information provided and the customer experience is consistent across all channels.

Providers face numerous challenges in developing integrated channel strategies. The number of channels keeps expanding, and consumers typically do not abandon their current methods as they adopt new ones. New channels often include sophisticated and complex technologies. Consumers’ usage can vary based on the type of financial product and service involved. In order to develop an integrated omni-channel strategy, it is essential to examine consumer behavior, needs, and expectations.


Research Topics

  • Financial Channel Activity
  • Customer Service and Problem Resolution
  • Marketing and Sales
  • Channel Satisfaction and Preferences
  • Social Media, Apps, and Innovations

Research Design

  • National survey – The survey includes 2,000 online interviews with consumers age 18 or older.

Strategic Objectives

  • Profile the current channel activity of consumers related to accessing their financial accounts and services for information and conducting transactions. Detail aspects such as frequency of usage, types of activities performed, and primary channels preferred by function or activity.
  • Measure the degree of satisfaction among consumers with the channels available from their main financial institution for accessing their household accounts and services. Capture customer loyalty measures—such as NPS—and relate this to channel experience.
  • Determine reasons for any consumer dissatisfaction with the number of methods or channels available to them for financial activities. Identify perceived problems or issues that may exist in how customers use various channels.
  • Assess the ongoing role of the branch in relation to other channels. Determine the situations, if any, for which the branch still has a dominant position.
  • Examine the impact of mobile banking activity on channel behavior. Identify the types of mobile apps valued by consumers. Explore the potential for personal-banker access via a mobile platform. Measure experience with and potential for online and video chat via mobile devices.
  • Detail the usage of various channels in the account-acquisition process. Examine the extent to which consumers are reactive or proactive in obtaining new product information. Determine how channel patterns vary in terms of customer service and problem resolution.
  • Connect consumers’ channel activity and patterns to other behavioral and demographic variables that may be useful for segmentation and targeting. Explore if the number or variety of channels used is reflective of financial complexity and desirability as a customer.

Key Dates

  • December 2019 – Project report available.


Email sent!