backbase omni channel banking report 2

8/16/2019 Backbase Omni Channel Banking Report 2

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Efma & Backbase present

Omni-channelbankingThe digital

transformationroadmap


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Efma & Backbase present

Omni-channelbankingThe digitaltransformationroadmap


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Preface Contents

Executive summary 05

01 _ Who is the innovation leader in banking? 07

02 _ New competitors in banking: 11 The disrupters

Recommendation:Beat them at their own game 14

03 _ Customer experience: 17 The key ingredients

Recommendation:

Start with the customer experience 18

04 _ Omni-channel and the changing channel mix 23 Recommendation:

Pursue an omni-channel delivery model 25

05 _ Mobile’s impact on online sales 31 and share of wallet Recommendation: Optimize for the omni-channel sale 32 _ Linking the channels: omni-channel journeys 33 _ Meet your customer halfway 34

06 _ Regaining control 37 in the era of digitization

Recommendation:Regain control over your digital strategy 39

07 _ Conclusion: 43 Banks need to start their journey now

Notes 44 About Backbase 45 About Efma 45 Backbase in the Forrester Wave™ 46

Customer behavior is changing. New challengersin the nancial space are ghting for a piece of themarket, and they’re ghting for customers of their

own. It’s clear for everyone that delivering a trulyomni-channel experience is more important andmore relevant than ever before. But how can nancialinstitutions achieve this and acquire the right toolsto effectively compete?

This report presents selected results from a surveyof more than a hundred C-level bankers from acrossthe globe, who agreed to answer a series of questionsabout the current state of the nancial services industry,

as well as what the future holds. We wanted to furtherunderstand the nancial landscape from a traditionalbanker’s point of view, and from new angles accordingto regional differences.

We believe this data will offer a revealing insight intowhat traditional banks think, and what they need to doto stem the tide of change and embrace innovation.


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The nancial services market is going throughmany changes. New challengers have appearedand are looking for a slice of the market. In addition,customers are more demanding and more informed,expecting convenience and simplicity when itcomes to nancial services, particularly onlineand via mobile devices. People love digital servicessuch as Net ix, Amazon, and Uber because they’reeasy to use and deliver great customer experiences.They deliver 10 times more convenience and bettercustomer experiences than the status quo, and aretherefore winning the market. It’s only a matter oftime before the 10-times-better bank is founded,

a thought that’s on the radar of every banker.

This brings us to this report by Backbase and Efma– Omni-channel banking: The digital transformationroadmap – which outlines the journey of creating the10-times-better bank, providing a detailed analysisof how banks can begin their digital journey.

The report is based on the Omni-Channel Banking

Survey conducted by Backbase and Efma, andcompleted by more than a hundred C-level bankersfrom across the globe. The report also contains the

ndings from more than 15 interviews with bankexecutives, as well as the 7 Habits of a Highly SuccessfulDigital Bank , written by Roberto Ferrari, general managerof CheBanca!, the No 1 digital bank in Italy. The reporthighlights ve important takeaways:

New competitors in banking: The disrupters

Discover how and why the market is changing –how it’s driven by customers, and by tech companies,startups, and neobanks.

Customer experience: The key ingredientsUnderstand how customer loyalty and retention isaffected by a mix of superior digital experiencesand human interaction, and how delivering thismix is the primary challenge.

Omni-channel and the changing channel mix100% of the banks in the survey results rate thecreation of a seamless omni-channel experience‘important’ to ‘extremely important’.

Mobile’s impact on online sales and share of walletCustomer behavior is affecting the channel mix andrevenue generation. The survey results reveal thatmobile channels record the highest increase inrevenue generation.

Regaining control in the era of digitizationTo succeed in the market and beat the disrupters,banks should regain control of business strategy,and be able to build and deliver unique experienceswith their customers.

Executive summary

/ 05

Throughout this report you will nd excerpts from‘7 Habits of a Highly Successful Digital Bank’ writtenby Roberto Ferrari , the CheBanca! general manager.

Launched from scratch in 2008, CheBanca! is a newgeneration of multi-channel and digital bank. In 2013,2014 and 2015, CheBanca! was recognized as being thebest digital bank in Italy. Roberto Ferrari has decided toshare the habits that make a successful digital bank.

‘7 Habits of a Highly Successful Digital Bank’ was rst published on The Financial Brand ( http://the nancialbrand.com/51854/digital-banking-success-strategies/ ).Some minor changes have been made to reflect this

report’s style considerations.


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1 _ How would yourate your bankwhen it comes toinnovation?

2 _ How is yourbank investingin 2015?

34% Followers

36% Leaders1% Don’t know

29% Fast followers

Digital channels

Customer Service &Experience

New Products & Services

Physical channelsdistribution

Core Systems & Processes

20 400 60 80 100

Increase No change Decrease

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CHAPTER_ 01

Who is theinnovation leaderin banking?

“You can only blame yourselfif someone else is smarter.”

Karlis Mikoss, branch channel manager, SEB Their answers reveal that most banks don’t see

themselves as leaders when it comes to innovation,with more than half of respondents classifying

themselves as ‘followers’ or ‘fast followers’.

Historically, banks have arguably felt more comfortablebeing second or third in regards to being innovative,but de nitely not rst. Times have changed. With thedigital-native customer, a younger demographic andvarious threats of digital disruption, banks are beginningto improve.

This is reflected in the results, which show that 36% of

respondents now classify themselves as a ‘leader’ whenit comes to innovation, which is a great leap forwardover previous years. This shift in self-perception reflectsa change in market economic conditions, a realizationof the importance of innovation in banking, knowledgeof the threat from technology rms, and the fast growthof banking innovation in developing countries. It alsoreflects an awareness of the increasing demands ofconsumers, who are banking more via digital channels.

We asked our survey respondents howthey would rate themselves with regardsto innovation.

1 _ Most banks are followerswhen it comes to innovation.Source: Efma and Backbase survey (2015).

2 _ Digital Channels, followed byCustomer Service & Experience toget more budget in 2015.Source: Efma and Backbase survey (2015).


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This con dence has led to increased budgets fordigital channels, as well as customer service andexperience (more than 90% of respondents chose

digital channels as a future area of budget increase).The survey reveals that budget increases for digitalendeavors, at least for most nancial institutions,will come from physical channels.

Incumbent banking organizations need to streamline their operationsand narrow business and product development focus. They can’t be allthings for all people, but instead need to cut oversized operating anddistribution costs.

There will continue to be smarter and faster players in a better positionto deliver state-of-the-art vertical solutions and user experiences …eating away at the edges of incumbent organizations. With regards tontech startups, it may be better to partner than to compete. In otherwords, part of the product/service development of a successful digitalbank should be outsourced.

As with many of the ‘7 habits’, this is a complete change of mindset.It’s not just about setting up an incubator or even a $100m VC fund.It’s about integrating third party customer solutions into your offering.Or, if you want and can, it’s about buying them entirely and havingtheir solution as a key part of your own business proposition. An example

of such a partnership in the US and overseas is Apple Pay.

#1 Work with ntech startups7 Habits of a Highly Successful Digital Bank _ By Roberto Ferrari, general manager at CheBanca!


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5

10

15

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25 25% Tech companies

22% Startups

19% Neobanks of existing players

12% Retailers

9% Telcos

7% I don’t see any threatof industry disruption

6% Others

3 _ When it comes toindustry disruption,who or what do yousee as the biggestthreat? Please

choose your top 3.

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Let’s use Uber as an example. Was the taxi marketready for disruption? Perhaps it was, but nobody wasarguing for it as strongly as those who are now chantingfor disruption to nancial services. Uber is booming,

and rumour has it that it’s moving into banking. Yet, thecurrent ‘Uber of banking’, Lending Club, is getting evenstronger. Lending Club went IPO in December 2014,opening with a 56% increase in share price, giving ita $9bn valuation, ‘lifting the company’s market valuehigher than all but 13 US banks’. [1]

Fintech companies in 2014 raised nearly $3bn, morethan tripling the $930m invested globally in ntechin 2008, and it’s growing for a reason. They see

opportunities to win from existing players, especiallyfrom traditional banks. This is because the new playerscan do digital 10 times better than the status quo.

Banks are increasing their innovation efforts and digitalinvestments because the market is moving, driven bycustomers, but also by outsiders entering the nancialspace. The biggest threat of industry disruption iscoming from tech companies, startups, and neobanks.However, Alex Jimenez’ quote at the top of this page

suggests a different threat.

CHAPTER_ 02

New competitorsin banking:The disrupters

“Neobanks, startups andtech companies are a threatto nancial companies,but they’re not the biggest.The biggest threat isourselves. Banks are notspending enough timeinnovating. We are makingourselves irrelevantto tech-savvy customers.”

Alex Jimenez,SVP, digital and innovation, Rockland Trust

Typically, industry disruption occurs fasterthan anyone anticipates.

3 _ Biggest threat of industrydisruption will be from tech companies,startups, and neobanks.Source: Efma and Backbase survey (2015).


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The survey results con rm that tech companies areleading the list of industry disrupters. Apple holdsthe most consumer credit cards, globally, and israpidly expanding its iTunes ecosystem and ApplePay payment network. Google continues to experimentwith its own mobile wallet and is making it easierto send money via Gmail. Meanwhile, PayPal ishandling more international transfers than the top

ve banks combined, and Facebook and Amazon

are also looking for a piece of the market.

Alongside these giants of technology, startups areflourishing. For every product and service from atraditional nancial institution, there are dozens(if not hundreds) of ntech startups competing fora share in their very own niche, and most of thetime with a digital-only focus. Non-bank challengersare operationally built for continuous innovation,and frequently upgrade their arsenal of IT tools,strategies, and skilled personnel.

Unbundling of a bank

This is a widely used image that brilliantly captures the

disruptive climate of banking, where new ntech companies

are taking business from traditional banks.


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players. To combat this shift, some institutions maytake a radically new approach to distribution, combininga simpler, yet more comprehensive branch offeringwith integrated digital services. Alternatively, some

rms may acquire some of these new technology

startups to improve agility and reduce risk.

According to Ernst & Young [4], the good news isthat consumer con dence in the banking industryis on the rise, with 93% of survey respondentsreporting moderate or complete trust in their banks.Likewise, 77% of customers are satis ed enoughwith their banking relationship to recommend theirprimary provider. Moreover, the global economicrecovery appears to be taking hold, and banks are

among the bene ciaries.

They leverage the existing banking and paymentsinfrastructure and maintain a narrow focus on theirvalue-added offerings by virtue of the marginal role theyplay within this infrastructure. They are often more agileand ef cient, launching updates with remarkable speed.

For example, Adyen, a payments technology companythat recently raised $250m at a $1.5bn valuation [2],releases updated payments software every two to threeweeks. Non-bank challengers also serve their customersmuch faster: Square and PayPal enable merchants tobegin accepting payments within a day, which is almosta week faster than most banks.

According to Accenture research [3], 35% of banks’market share in North America could be in play by 2020

as traditional branch banking gives way to new, digital

“I don’t consider disruptersas threats. I see these as

options for the consumersand it challenges the banks todo better. In this day and age,every new technology or ideais an innovation. We shouldapplaud such innovation, asit makes life more colorful.

Ultimately, it’s for the bene tof the consumer.”

Alain Boey SVP/head of transformation,Bank Simpanan Nasional

Chapter _ 02 New competitors in banking: The disrupters

A market up for grabs?TransferWise aggressively pushingits alternative in London, UK.


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Many ntech challengers offer viable alternatives toconsumers on speci c banking use cases, but theydon’t offer a one-stop-shop banking experience, whichis what most customers demand. Yet, challengersmove fast because they have the right tools to expandand invest in marketing, and they understand (and win)when it comes to digital.

Finally, neobanks. We see two categories: startupsthat truly want to become a bank (like Simple or Moven),or neobanks founded by traditional FIs. So far, thelikes of Simple and Moven have proved unsuccessfulin winning a signi cant number of customers. Simplehas been acquired and is now the digital part of BBVA,while Moven is moving towards a technology vendorrole in reselling to FIs around the world. Neobanks thatare founded by traditional FIs can innovate quicker thantheir counterparts and reach a new (mostly millennial)audience. Examples are Touch Bank by OTP Group, orHello bank by BNP Paribas.

1/ Start with the customer experience.2/ Pursue an omni-channel delivery model.

3/ Make mobile the key growth channel.4/ Regain control over digital strategy.

The most important step is shifting the strategicfocus so that the customer is always the rst thingyou think about, not the channel. Traditional banksstill think in silos, but customers don’t. FIs shoulddeliver seamless, ubiquitous, instant experiences thatare transparent, personal and relevant. Successfuldigital transformation begins with an understanding

of digital consumer behavior, preferences, and choices

The challenge, however, is that an increasing number ofnancial service providers are competing for the same

customers. Emerging technology and the increasinguse of mobile devices for banking and paymentsare making it easier for new entrants to exploit areasof dissatisfaction and underinvestment. Customershave more options than ever and do not view banksas having a signi cant advantage over newer typesof banks and technology companies, even when itcomes to nancial advice.

The image [5] on page 12 was trending among ntechprofessionals at the end of 2014. It revealed how everyproduct line of a bank was under attack by startups.We often refer to these companies as ntech startups,but they’re growing quickly. Lending Club went IPO inDecember 2014 and the market cap is now $6.84bn [6].It’s the same for Wealthfront, with over two billionassets under management, making it the same sizeas a regular bank.

Fintech startups, technology companies, and neobanksare after a piece of the market, and their differentiator

operates at a digital level. ‘Going digital’ requires afundamental change in how banks and credit unionslearn about, interact with, and serve consumers.The key for existing FIs in retaining market share(and customers) is to beat the disrupters at theirown game, and they can achieve this by becoming adisrupter themselves, and by rethinking their digitalstrategy. This means focusing on four key points:

Recommendation:

Beat them at their own game


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Challenge your own business model and your traditional way of working.Firms that failed to challenge their incumbent businesses include Kodak,Blockbuster, Nokia, Blackberry and many others. Incumbent managersand organizations tend to defend their own prot sources, and theirwell-proven (in the past) business models.

Financial service barriers to entry are falling and newcomers are alreadymaking inroads, encroaching on traditional lines of business. While thesize of newcomers may look small and banking may still feel safe, youneed a long-term competitive perspective. This is a business revolution,not just a technological evolution.

It’s time to start thinking about ways to evolve your business model …speeding up innovation and behaving like new entrants. If you were antech, how would you behave? What business model would you buildto destroy an incumbent? How would you attack the most protable

sources of your business? Use a challenger mindset if you want tosurvive in the long-term.

#2 Be a challenger7 Habits of a Highly Successful Digital Bank _ By Roberto Ferrari, general manager at CheBanca!

Chapter _ 02 New competitors in banking: The disrupters

across channels and devices, complemented withan agile strategy and lean IT stack that enables

customer-centric innovation. A strong digital focusenables FIs to make digital a core competence,helping them to lower their cost-income ratio(less branch, more digital), and maximize their top-and bottom-line earning potential.

“Disrupters are a big threat because

they are a facilitator of the attention and

interests of the customers.They aremore capable of innovation, and better

at anticipating customer behavior.

These companies are putting banks in

the position of obsolete operators as far

as customer experience is concerned.”

Riccardo Becagli,head of customer development at Hello bank


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4 _ What are thebiggest roadblockswhen improvingcustomerexperience?

5 _ What are the mostimportant factorsto maintainingcustomer loyaltyand retention foryour bank?

25% Too many silos

13% Shortage of quality people

27% Projects take too much time

14% High costs

7% No support from senior management

10% No or low Customer Culture

4% Others

50 10 15 20 25 30

3% Others

7% Low or no transaction fees

24% Human Interaction

31% A superior digital experience 5% Good branch coverage

14% Great mobile applications

16% Good range of personalized products

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Banks need to improve customer experience, and

digital channels have remained their best opportunityto achieve this. Many FIs know this, but still nd itdif cult to seize the opportunity.

These survey results show that traditional banksencounter many roadblocks (see g 4), with lengthyproject timelines and multi-year IT projects cited ascommon issues. Having too many silos doesn’t help,nor does the maintenance of legacy applications, andthe high costs of long, dif cult projects. These hinder

the journey to digital transformation.

Postponing the digital transformation journey is no longeran option, and FIs know it. 56% of survey respondentsagree that a superior digital experience and humaninteraction are major factors for customer retention, andthat these are important areas to focus on when nurturingcustomer loyalty and retention rates. (see g 5)

In order to provide a seamless consumer experience,

banks should bear in mind that customers probably

“For a long time, the bankingindustry has been thinkingthat we can decide how thecustomer will interact with us.But the plans for human ordigital interaction should beoutside-in – the optimum mixwill be pushed by the customer.The customer will decide.”

Max Koszela,head of channel strategy, Swedbank

CHAPTER_ 03

Customer experience:The key ingredients

4 _ The top 3 roadblocks citedare long projects, organizationalsilos, and high costs.Source: Efma and Backbase survey (2015).

5 _ Customers want superiordigital experiences, plus humaninteraction. These impact moston loyalty and retention.Source: Efma and Backbase survey (2015).

Customer loyalty and retention, two of the most important considerations inmeasuring business success, are createdby combining superior digital experiencesand human interaction.


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The time that a customer is willing to wait for the deliveryof goods and services has shortened. We’ve been spoiledby social/mobile technology in terms of our expectationsof the service cycle, so people don’t necessarily wantthe cheapest product anymore – they want one that’sconsistent with the expected quality/price ratio.

Customers are increasingly asking for products andservices tailored to them. Banks should be able todeliver what they’re asking for, because they knowmore about their customers than ever before. They nowexpect to be part of the innovation cycle; the ability tocontribute to the development of a product becomingpart of the experience.

access their site through one of many different devices,so squeezing a full-size website into a mobile screenisn’t a good idea. A visitor on a mobile phone isprobably coming to the site for different reasons thansomeone on a regular web page on their PC, so banksshould adjust the information and give them whatthey need and when they need it. On a mobile device,this is more likely to be an app or widget that usesGPS location services, so that a customer can locatea nearby ATM. People on the move will also expectto be able to do their day-to-day chores, such as ndan account manager online and message them asneeded, making purchases or transactions quicklyand conveniently.

This is the only way to be able to truly start designingfor moments of truth in an iterative approach – anapproach that makes industry disrupters so successful.

Banks have a simplistic understanding of theircustomers and a vast, complex product set. Disruptersare turning this situation on its head, developing amore complete understanding of their customersand dramatically simplifying their product set, thusdelivering a signi cantly enhanced customer experiencewith lower levels of operational risk. To emulate thisapproach, begin by understanding your customers’needs, and not xate on products and pricing.

To make this happen, banks have to go through aparadigm shift. Traditional banks think inside-out; fromthe existing systems and processes that are mostlystatic and outdated. To truly deliver a superior customerexperience and revolve around the customer, banks have

Your customer comes rst, but is this mantra clearlyreflected in every department of your bank? For mostbanks, the concept of ‘customer rst’ is the mantramost popular in the customer contact center, butit’s not the focus when it comes to the rest of yourorganization. Too often, we see customer experiencemanagers focusing on call centers, and the trainingof branch employees, but who’s thinking about thetechnology side of things?

The shift in customer behavior reveals a more personal,relevant, ‘anytime’ customer journey, and it’s a journeythat begins more often on a mobile device. To deliverthe best mobile experience, you need to do a lot ofwork on back-end systems. You need to change thestack. Your focus on network and hardware (and verylittle data and UX) should switch, so that your focus isnow on UX and data (to deliver a personal experience).Hardware and network should become afterthoughts.

Recommendation:

Start with the customer experience


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to switch from inside-out thinking to outside-in thinking,which means more from a customer’s perspectiveinstead of a product- or system-based perspective.

One of the biggest challenges for banks to achievethis is that their existing applications and IT systemsare extremely fragmented and siloed, making themdif cult to change, hence hard to create the outside-in

experience. To overcome this challenge, FIs need to

apply a new customer experience platform on top oftheir existing systems, which can seamlessly combineingredients from different systems into an effective,omni-channel customer journey.

Another bene t of a separate customer experienceplatform on top of an existing system is the abilityto cater for a faster-moving customer, or digital

‘heartbeat’. The image shows a slow heartbeat for

A paradigm shift: the outside-in approach

Cater for two innovation ‘heartbeats’

Outside-InCustomer Enablement

Inside-OutWeb/Mobile Enablement

CustomerExperiencePlatform

ExistingLegacy Systems

Customer Oriented Functions

Back Of ce Functions


Existing Systems(product centric)

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By introducing the loosely coupled customerexperience platform on top of existing systems, thetwo ‘heartbeats’ can live next to each other. The bank’sexisting IT systems stay in place with their own changecycle and KPIs, while the customer experience platformdelivers a faster change cycle to deliver on the new,customer-focused KPIs.

existing systems and processes. Most FIs have too slowa heartbeat for keeping up with customer demands andexpectations, and this is no surprise.

KPIs for those teams responsible for back-end systemsrevolve around security, performance, and uptimeguarantees. KPIs for those teams in front-end systems(the customer side) focus on increasing customerretention, share of wallet and customer experience inthe form of a Net Promoter Score. Until now, it wasalmost impossible to mix the two worlds.

#4Continuously improve by balancing and renewing resources forlong-term well-being. Successful banks in the digital world need todo the same … striving for continuous improvement and renewal.In order to do so, organizations need to get much faster in the waythey learn, act and react.

Many recent presentations by large banks show their new innovationlabs, teams and work plans. While impressive, few are quickly producinggame-changing innovations. The standard approach to innovationcontinues to include internal debates, committees, small pilots, morecommittees, and so on.

Using traditional, new product development and approval processesis a non-starter in the new digital world. The innovation planning cycleis far too slow for today’s high-speed digital banking environment.

Today’s big digital players in other industries test and learn as part ofan iterative process. They’re not afraid of renewal and failure in doingso. They’re agile and experiment in real-time with their own customerbase. The decision-making process is much faster and the rollout is

fast … very fast!

Strive for a fasterinnovation planning cycle

7 Habits of a Highly Successful Digital Bank _ By Roberto Ferrari, general manager at CheBanca!

Chapter _ 03 Customer experience: The key ingredients


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8 _ How important isit for your bank tocreate a seamlessomni-channelexperience?

9 _ What is yourbank’s statuswith regardsto creatinga seamlessomni-channelexperience?

4% Not on our radar

22% Exploring

19% Expanding

61% Extremely important

25% Experimenting

6% Somewhat important

8% Important

25% Very important

30% Deploying

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100% of the banks in this survey rate the creation of aseamless omni-channel experience from ‘important’ to‘extremely important’, where 61% consider it ‘extremelyimportant’.

However, even though 100% of bankers indicatethat omni-channel is important, only 1 in 5 banks isexpanding its omni-channel strategy. The majority ofbanks are still in the exploration, experimentation ordeployment phase of their omni-channel strategy, whichreveals a clear mismatch or shortcoming betweenambition and actual execution.

A reason for this is existing channel delivery

architecture. The back-end is siloed, and the front-endisn’t much different. According to survey results, noteven half of banks manage their digital channels fromone single platform, let alone all of their customerchannels from one single platform (which is onlyhappening for 13% of banks, see g 10 ).

To be ready for the future, having a single platformthat manages most (if not all) channels is key, and thiswill bring banks on par with tech companies, startups

and neobanks.

CHAPTER_ 04

Omni-channeland the changingchannel mix

“The omni-channelexperience is an ongoingexperience, a continuousdialogue. There are numerousexamples of customers

emailing their complaintsand then going to a branchto nd that their bank has norecord of the issue. Creatingan optimal omni-channelexperience removes all ofthese break points.”

Warren Cammack head of innovation, Vietnam International Bank

According to the survey, omni-channel isno longer simply a marketing buzzword.

8 _ A seamless omni-channelexperience is ‘extremely important’for 61% of FIs.Source: Efma and Backbase survey (2015).

9 _ All FIs are working on theiromni-channel strategies, with manyalready deploying or expanding.Source: Efma and Backbase survey (2015).


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0 _ How are yourbank’s channelscurrently deliveredto the customer?

q _ How do youenvision yourbank’s channeldelivery in 2020?

31% Single platformfor every channel

41% Digital channels(online & mobile)are delivered fromone single platform

33% Most (online, mobile,call center) are deliveredfrom one single platform

53% All channels (online,mobile, ATMs, call

center, employee apps)are delivered from onesingle platform

15% Most (online, mobile,call center) are deliveredfrom one single platform

13% All channels (online,mobile, ATMs, callcenter, employee apps)are delivered from onesingle platform

8% Single platformfor every channel

6% Digital channels(online & mobile)are delivered fromone single platform

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One of the key components of a winning omni-channelpresence is communicating a strong, recognizablebrand across every touchpoint. A bank’s brand – thepromise it intends to deliver – should be reflectedvisually as well as experientially in the same way viaevery channel, whether it’s a branch, ATM or mobilebanking app.

To put it bluntly, a typical consumer isn’t able tounderstand the behind-the-scenes integration and thedifferent departments and various analytical tools thatvary by channel. They simply expect a certain level of

Even if omni-channel is a buzzword or not, the fact isthat customers are using multiple devices and multiplechannels to accomplish a task over time, and this isespecially true when purchasing new products andservices. The customer expects the same experienceon every device and on every channel, and they expectto be able to perform a seamless handover betweendevices and channels.

For example, with Netflix, we can start watching amovie on our way to work, on a tablet. We can pick upwhere we left off at any time and on any other device,seamlessly. On the same experience level, why couldn’t

we start to ll out an online loan application on asmartphone, and then later on pick up from where weleft off at home on a desktop computer?

To make this possible, banks have to move the flexiblecustomer experience layer that runs independentlyfrom the main stack. Banks should have flexible APIsfor their main processes and core systems, and anorchestration layer in between to ensure handover andsession persistency. This is key for creating a seamless

switch between devices.

Recommendation:

Pursue anomni-channeldelivery model

“I have always wanted simplicity

in my projects: everything at

the touch of a button, everything

to be done through mobile. It’s

all about a one-stop, seamless

customer experience, no matter

what or how many channels

used. I want a single platform

that delivers to all channels,

putting me in control. This will

make my life easier.”

Alain Boey SVP/head of transformation,

Bank Simpanan Nasional

0 _ Omni-channel delivery is stillvery much siloed, where only digitalis managed from one platform.Source: Efma and Backbase survey (2015).

q _ The future is in having onesingle platform that managesmost (if not all) channels.Source: Efma and Backbase survey (2015).

Chapter _ 04 Omni-channel and the changing channel mix


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mobile app should enable the customer to intuitivelyunderstand and use internet banking, or the bank’stablet app. To establish this, banks need to clearlyunderstand customer expectations, usage habits andstreamline their systems using this information.

Research from Google has shown that 98% ofAmericans switch between devices in the same day.For the 46% [7] of the population managing their nancesonline, this means switching between devices beforecompleting a nancial activity. Banks need to deliverthe same feel and structure to make sure that theseinterrupted transactions are completed as seamlesslyas possible on whatever device is used next.

service, and it’s a matter of whether you’re able to meettheir expectations or not. So, it’s up to the bank to createa uni ed experience regardless of its internal operations.

It’s not enough to simply create a solid strategy for eachchannel. It’s essential that you embrace a holistic viewof all of them, which is an approach that will createa stronger brand in customers’ minds – essential forimproving marketing and service levels.

However, each touchpoint has unique characteristics.This means that banks need to make their services easyto use, regardless of how their customers access them.In an omni-channel approach done right, using a bank’s

This is organizationally key for a digital bank. This is not just importantfrom a legal or risk perspective – it must be extended to the wholeorganization. Some keys to eliminating silos:

Eliminate business and staff departments. From the most obscureback office department to state-of-the-art front office deployment,it’s important to deploy agile across functional teams. Cross-fertilizationand mutual understanding of the agile concept will help to achieve yourbusiness goals.

Build objectives and incentives from a multi-channel customerperspective . Find a way to align objectives across channelsand neutralize organizationally driven internal competition. Breakthe conicts.

Make IT the center of your strategy. Put your COO and CIO at theheart of your business, working alongside nance, marketing, andso on. Since IT organizations are usually built in silos, break these silos,making them work agile in teams. Make sure innovation teams are not

logistically miles away from who runs the daily business.

#5Eliminate silos



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net pro ts by increasing addressable market shareand enabling the creation of new business models.

APIs can enable CIOs to reduce costs through fastertime to market, lower delivery costs and easier partnerintegration (eg BBVA substantially reduced internaldevelopment costs as part of its Innova Challenge,or one large US bank is bringing 15 new apps from arecent hackathon to market within a 6-9 month period,for a fraction of the time and cost to do so internally.MasterCard, Visa and American Express are usingAPIs to reduce partner integration complexity).

Banking APIs allow CIOs to improve internal andexternal user experience by enabling mobility,creating new ecosystems, crowdsourcing newideas, and attracting modern development talent.APIs are important in a horizontal delivery modelthat enables a horizontal customer journey that’snot burdened by silos.

Most banks will need to switch from a legacy, verticalsiloed approach to a horizontal approach where no

silos exist. Instead, there are different layers eachtaking care of one speci c system function. If we startfrom top to bottom, this will begin with a strong userexperience (UX) and marketing layer that will work onany channel and on any device. This is to guaranteethat no matter how the customer interacts with thebank, they get the same brand experience and service.There are no more silos, so it’s one uni ed experience,also across channels and devices.

To handle this omni-channel orchestration, includinghandover, and making sure the right data is availableat the right time, a strong banking API layer isnecessary to facilitate this. This banking API layer willact as the bridge between front-end (UX, marketing)and the core infrastructure and nancial rails.

A strong, open API strategy is essential to deliver onthe omni-channel concept. APIs will be essential for ITagility in the overall digital transformation roadmap.

According to Gartner [8], APIs enable banks to improve

From vertical silos to a horizontal customer journey

Chapter _ 04 Omni-channel and the changing channel mix

UX & Marketing

Banking APIs

Banking Infrastructure

Rails

orchestration

api api api api api

Traditional Bank = Legacy Approach Disrupters = Flexible CX Layer + API’s


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If you want to build your competitiveness on agile web-scale innovationand open up your offering to partners and third parties, you need tocompletely rethink your IT architecture. Openness is the key word.You need an open, programmable, agile architecture.

You need an API-centric platform capable of delivering:

• Consistent omni-channel experiences.• Dialogue in a plug-and-play, scalable manner with

third-party software solutions.• Hosting for new, outsourced marketplaces.• A new digital CRM that will enable you to interact

and learn in real-time with your customers.

There are already new digital banks set in this way. Fidor Bank is agood example, as is the way Moven is building its network outside the

US. This will become the norm in the next 5-10 years. There won’t bean option for traditional banking organizations wanting to becomedigital banks.

#6 Build an open IT architecture7 Habits of a Highly Successful Digital Bank _ By Roberto Ferrari, general manager at CheBanca!


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w _ From whichchannel do youcurrently see thehighest increasein revenue?

_ From whichchannel do youexpect to seethe highestrevenue in 2020?

30

35

25

20

15

10

5

0

Mobile/Tablet 31%

Physical channels 28%

Online (Regular web) 24%

Others 7%Agents 5%

Customer Contact Center 5%

Mobile/Tablet 50%

Physical channels(Branches, ATM, Kiosks) 32%

Others 10%Online (Regular web) 6%

Agents 1%

Customer Contact Center 1%

30

40

50

20

10

0

30


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“We are seeing the averageuser spending 30% moretime on mobile than ontelevision. From a bankingperspective, we’re seeing adrastic increase in the volumeand value of transactionsconducted via mobile.”

Warren Cammack,head of innovation at Vietnam International Bank

We see the shift in custom behavior determining notonly a shift in the channel mix, but also in revenuegeneration. Currently, we see the highest increase in

revenue generation from the mobile channel, followedby physical channels and online (web).

Yet, in interviews with multiple banks, there are situationsin which the new digital campaigns are actually behindthe revenue spurt, so digital is fueling offline revenue.However, the survey reveals a uni ed view for the future:mobile will be, by far, the biggest revenue generator by

CHAPTER_ 05

Mobile’s impacton online salesand share of wallet

Research that starts on

smartphones leads topurchases across channels

w _ Mobile, followed by physicalchannels and online, is currently showingthe highest increase in revenue.Source: Efma and Backbase survey (2015).

_ Mobile will remain revenue leader,signi cantly diminishing the role of online,customer contact centers and agents.Source: Efma and Backbase survey (2015).

37%

32%then purchasedit offline

then purchasedvia computer

We see the shift in custom behaviordetermining not only a shift in the channelmix, but also in revenue generation.


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2020. Mobile will be solely in the lead, fully diminishingthe role of online, customer contact centers and agents.

Of course, mobile adoption and mobile banking adoptionhas grown over the years, mostly driven by mobile self-service. Now, the future will also provide mobile with animportant part of the revenue mix.

A solid mobile strategy is becoming essential for all banksand credit unions. Google already predicted this in 2013when it showed that, usually, product research thatstarts on a smartphone leads to purchases via otherchannels.

“Mobile will become thepreferred way to interact

with the bank. It’s alreadythe second channel in thenumber of interactionsand is the fastest growingsales channel.”

Riccardo Becagli head of customer development at Hello bank

However, when building these apps, banks need tostop thinking about them as the ‘smartphone-optimizedversion of our regular internet banking platform’.Instead, banks should build an app that helps peopleperform simple transactions fast and easy, and insituations where they are most likely in a hurry or onthe road.

One of the biggest mistakes most banks make withregards to their omni-channel strategy is ‘faking theexperience’ by focusing on creating identical appsand websites for different devices, which is the sameinside-out mistake they made when building for the web.If you take the outside-in approach, the end-customer’sperspective on omni-channel, it will become clear thatit’s not about the different devices per se, but about thedifferent behaviors on those different devices.

Step one in a successful omni-channel bankingexperience is to make sure that different apps andwebsites are optimized for different attitudes:the quick, the casual, the focused, and the physical.We can then relate these behaviors to speci c devices:quick to smartphones, casual to tablets, focused tolaptops and desktops, and physical to branches.

Recommendation:

Optimize forthe omni-channelsale


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situation from the beginning if calling the call center orvisiting the branch. For banks to become successfulacross multiple channels, they need to build speci capps according to the customer’s speci c attitudes:quick, casual, focused, and physical.

Yet, the real game-changers are linking those appsinto one uni ed journey, bringing ‘service, design -likethinking’ to the banking sector. Exchanging information,processes and data between different applicationsand making the switch between channels becomesseamless and intuitive. This signi cantly increasesthe likelihood of completing an application or sale,and makes it a truly superior omni-channel bankingexperience.

The second step is to link the different apps together,making a seamless cross-channel journey. Usually, thecustomer uses different channels at different times: it’slikely they will start one task on one device (eg checkout mortgage rates on their smartphone) and will takethe process further on a different device (eg applyingfor the mortgage on their laptop), or channel (eg askingfor further information via the call center). It’s notenough to have different apps for different channels.Apps have to be linked and integrated in one platformto deliver one seamless, cross-channel journey.

Let’s take the loan application example above. Differentactions can be completed using different channels(called ‘user touchpoints’). The (potentially new)customer doesn’t want to restart the process and haveto ll in their information a second time, nor explain the

Check rates

Select Products

Apply

Get Help

Sign Contract

View status

S m a r t p

h o n e

T a

b l e t

D e s k t o p

C a

l l C e n t e r

B r a n c

h

Focused• apply for mortgages

• buy stocks• set budget goals

• pay bills• compare 401ks

Quick• view account balance

• view stock prices• payments

Casual• view stock portfolio

• compare mortgage rates• see spending patterns

Physical• sign 401ks

• sign mortgage agreements

Loan applicationthe cross-channel journey

Omni-channel banking: preferences per channel and cross-channel journeys

Chapter _ 05 Mobile’s impact on online sales and share of wallet

Linking the channels: omni-channel journeys


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Mobile traf c has more than doubled over onlinebanking. Clearly, customers are on mobile. Banksshould ensure their marketing is also active on mobile.The most successful campaigns are those seenby the right customer at the right time. Mobile

presents huge marketing opportunities, with theright technology capabilities to be able to providethe right context to the marketing campaigns.

Finally, market where the customer is. Most banksare still investing their complete digital marketingbudget in the online channel, while at the same timelooking at their analytics software, which showsthat most traf c is in the mobile channel.

Meet your customer halfway

2012 2013

Internet Banking Mobile Banking

More mobile logins

January February March April May June July August September Oktober November December January February March April May June July August September

Share mobile 46,5% Share mobile 69%

Double the logins on mobile compared to Internet Banking

MobileCustomers

have 11x

more contact

In a recent presentation,ABN AMRO revealed that mobileusers contact their bank11x more than other customers.


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_ What does yourbank see as thebiggest bene t ofdigitization?

_ Which channelsare available forbusiness teams tomanage withoutIT support?

30% PublicMarketingWebsite

25% Special Campaign Pages7% Closed InternetBanking Platform

30% Social media

18% Reduce costs

40% Customer centric

24% New ways of revenue generation

14% Personalized services

4% Others

1% Others

7% Mobile Apps

36


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A digital- rst mindset allows the customer experienceto be developed holistically across channels. Sincecustomers are accessing content across multiple

devices and from multiple destinations, an integratedapproach has become imperative. This not onlyenhances consistency when engaging with customers,it also reduces overhead in creating content to publishacross multiple channels. It also helps marketersfocus on the relevant media (bought, earned, owned)and customer experience to improve engagement(for instance, realizing the signi cance of integratedexperience design in delivering a seamless multi-channel customer experience).

For 24% of survey respondents, another bene t ofdigitization is the possibility of exploring new ways togenerate revenue (see g 17). However, one point is stillunclear: we talk a lot about an increase in customerretention, mobile as the biggest revenue channel, andthe importance of omni-channel, but what is the role ofmarketing and IT in this new strategy?

For almost every bank, marketing is of cially ‘in control’

over the complete customer experience, but it’s not

“Leave it to IT to ‘keep thelights on’. Marketing should‘make the lights sexy’.”

Alain Boey,head of digital transformation,National Savings Bank of Malaysia

CHAPTER_ 06

Regainingcontrol in the eraof digitization

Becoming a ‘digital bank’ brings numerousbenefts, and they all start with customer-centricity.

_ Bene ts include improvedcustomer-centricity, and new waysof revenue generation.Source: Efma and Backbase survey (2015).

_ Marketing never controls theprimary customer self-servicechannels, only promotional channels.Source: Efma and Backbase survey (2015).


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_ What do you seeas the mostimportant factorsfor successful digitaltransformation?Please chooseyour top 3.

32% Customer experience focus

18% Executive commitment

17% Digital execution

16% Agile IT platform

7% Inclusive digital teams

6% New role for branches

4% Open innovation ecosystem

38


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real, hands-on control. According to the survey results,business teams can only manage the public marketingsite, social media channels and campaign pages. However,the channels with the most traf c, those that take care ofthe true customer relationships, are the (closed) internetbanking platform and mobile apps. These are essentialchannels, yet the marketing team lacks direct controland is dependent on the IT team or external vendor.Vice versa, IT departments can often lack the ‘biggerpicture’ when it comes to an essential marketing plan or

philosophy. The key is in employing a business strategythat embraces collaboration, but also one that doesn’tfocus purely on either IT or marketing.

Becoming a truly digital bank isn’t just about IT orsystems. It’s about the customer. Without a customerexperience focus, plus commitment at executive level,and a robust digital execution strategy, the journey willbe dif cult and may fail.

To succeed at customer experience (CX), omni-channel

and mobile, and to beat the disrupters, you have toregain control and be able to drive a unique experiencewith your customer. The focus should be on channeldelivery – you need a digital banking platform where youare in control. It needs to be a platform where business,marketing and IT teams can work together on the sameinnovation strategy. It should also be flexible enoughto mix and match best-of-breed third-party systems forPFM, Bill Pay, Remote Check Deposit, and so on.

Yet, regaining control isn’t the only challenge you’refacing. You need to cater for the two differentheartbeats we discussed earlier in this report: thefast-moving marketing/customer heartbeat, and the

Recommendation:

Regain control overyour digital strategy

“The Tier 3 and 4 FIs in the US all

look the same when it comes toonline and mobile. Why? Becausethe three core banking vendorsthat dominate the market arealso in control of the onlineexperience. As a small bank orcredit union, this means they can

change the logo, maybe color ofthe text. For the rest, the bank orCU will look exactly the same asall the other banks on the market.This cannot be the way forwardin the age of digital disruption.”

Alex Jimenez,SVP digital and innovation, Rockland Trust

Chapter _ 06 Regaining control in the era of digitization

_ Customer experience is crucialfor a successful digital transformation.Source: Efma and Backbase survey (2015).


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more steady IT heartbeat. More technically, we’retalking about two ‘life cycles’: a development life cycleand an editor/marketing life cycle.

In the development life cycle, the bank’s IT team is incontrol and works in strict and planned release cyclesthat go through a full development, testing and releaseprocess. Normally, this has a heartbeat of three to sixreleases every year, which isn’t enough to keep up with

fast-moving customer demand and short campaign

cycles. Introducing the second, the editorial/marketingcycle, marketing can now release updates to the digitalchannels, from online to mobile apps, whenever theywant, and without being dependent on a more strict ITcycle. In this way, the marketing side of business focuseson new content publishing, new functionality and newmarketing campaigns. This division will dramaticallyincrease business agility and take pressure away from IT,so they can focus on true innovation in the systems.

Keeping pace with your customer

Using our earlier analogy, here

we’re demonstrating that you

need to cater for two different

heartbeats: the fast-moving

marketing/customer heartbeat

and the more steady IT heartbeat.


Existing Systems(Product Centric)

Functionalitydevelopment



App life cycle

Developerin control

update update update

Businessin control

Content

publish

Content

publish

Content

publish

Content

publish

Content

publish

Development life cycle and

editorial life cycle

The IT team works in 3-6

development cycles a year,

while marketing works

independently and releases

updates whenever they want.

Customer Oriented Functions

Back Of ce Functions


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It’s time for a complete rethink of the banking business model,IT architecture and systems, since digital banks will mainly serveas IT companies dealing with customers’ money in the future.Banks will need to be much more open and ready culturally andinfrastructurally to share business, clients’ platforms and solutionswith external partners.

The time where banks could run their business in isolation, withvery little sharing of cross-industry platforms is over. Banking isunder a massive attack from internet giants and legacy-freentech startups, creating the need for systematic, cross-industryalternative digital solutions.

One very good example of how the banking future should be

reshaped is given by the UK-based Paym P2P payment network.Forced by the Payments Council, it has reached a coverage of nineout of 10 current accounts, and has processed nearly £44m inless than a year. As a result, banks and building societies in theUK have been able to work together to develop a new, fast paymentsolution that will make life harder for new entrants.

This is the new way forward: building new, digital, common platforms,with competition based on customer preferences around branding,customer experience, value propositions and add-on value propositions.This is what’s happening in the auto industry and will eventually

happen in banking.

Embrace cooperationand competition

Chapter _ 06 Regaining control in the era of digitization


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they should be at the core of your business – and anyoutdated, siloed thinking fueled by legacy systems andprocesses should be eradicated.

Traditional banks still have a siloed mentality, butcustomers don’t. You should be able to deliver aseamless experience that’s instant, transparent,personal, relevant, and ubiquitous. ‘Going digital’ is afundamental change in how banks and credit unionslearn about, interact with, and serve consumers. Bankshave to undergo a drastic paradigm shift. Successfuldigital transformation begins with an understandingof digital consumer behavior, preferences, and choicesacross channels and devices, complemented with anagile strategy and lean IT stack that enables customer-centric innovation. You must think from the perspectiveof a new customer experience platform vision that willlay on top of existing systems, enabling you to breakfrom the past and truly innovate.

Having a strong digital focus will enable you to makedigital a core competence, helping you to lower yourcost-income ratio (less branch, more digital) andmaximize top- and bottom-line earning potential. All ofthis delivered, managed and optimized from a singlecustomer experience platform.

The way forward is to start the digital journey today.

We’ve explored in this report how important it is fortraditional nancial institutions to win back share ofmarket. The key is in beating industry disrupters attheir own game by becoming one of them, rethinkingyour entire digital strategy. To achieve this, your digitaltransformation journey needs to start now.

To put a new digital strategy center stage, a mindsetand vision should be clearly set out (and continuouslycommunicated) at board level. This needs to be a digitaltransformation strategy that cascades from the topdown, circumnavigating silos. Your customers’ needsshould be the focus of your digital transformation –

“Some banks are not hungryenough to change, and it’s nota lack of ideas that preventsthem pushing further, but a lackof execution.”Karlis Mikosshead of digital transformation, National Savings

Bank of Malaysia

CHAPTER_ 07

Conclusion:Banks need to starttheir journey now


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[1] LendingClub Surges in Debut After $870 Million U.SIPO (Bloomberg) http://bloom.bg/1VaOgK0

[2] Adyen Raises $250M from General Atlantic toExpand its International Payments Platform(TechCrunch) http://tcrn.ch/1QAiq2K

[3] Traditional Banks At Risk Due to Digital Disruption(The Financial Brand) http://bit.ly/1VcmfMW

[4] Global Consumer Banking Survey 2014,Winning through customer experience (EY)http://bit.ly/1PwBL4N

[5] Disrupting Banking: The FinTech StartupsThat Are Unbundling Wells Fargo, Citi and Bank ofAmerica (CB Insights) http://bit.ly/1KBqzPL

[6] Lendingclub Moves Up in Market Cap Rank,Passing Pepco Holdings (Forbes)http://onforb.es/1KDBCcb

[7] The new multi-screen world (Google)http://bit.ly/1KSYUyh

[8] ‘The Business Value of Banking APIs’ byKristin R Moyer (Gartner) http://gtnr.it/1gQOEum

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Notes


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Backbase is a software company. We are on a missionto help nancial institutions create, manage, andoptimize secure omni-channel customer interactions.

We have created the world’s leading lean customerexperience platform, Backbase CXP. It has beendesigned to help you organize, create, and managedeeply relevant customer experiences across allchannels, on any device, to delight your customersand deliver measurable business results. We believethat customer experience management is essentialfor nancial institutions to stand out from thecrowd, stay relevant to their customers, and growtheir business.

Next to Backbase CXP, we’ve created Backbase DBP,our digital banking solution, optimized for retailbanking, commercial banking and wealth managementscenarios. Backbase DBP includes the omni-channeland customer experience power provided by BackbaseCXP, enriched with out-of-the-box Digital BankingApps (from account opening, to transactions, money

movement, and so on) and our Digital Banking Services,making it possible to use Backbase DBP as a digitalbanking solution on top of any core or back-end system.

Global nancials such as ABN AMRO Bank,Al Rajhi Bank, CheBanca!, Fidelity, Goldman Sachs,Hapoalim, Hiscox, Keybank, Legal & General,Nationwide, OTP Bank, PostFinance, PZU, Sberbank,Swiss Re, and SwissCard have all improved theironline customer interactions and maximized online

customer experience, retention and conversion,by leveraging Backbase technology.

Backbase was founded in 2003 and is privatelyfunded with operations in New York, Atlanta,Amsterdam, and London. For more information,visit www.backbase.com

As a global not-for-pro t organization, Efma bringstogether more than 3,300 retail nancial servicescompanies from more than 130 countries. With amembership base of almost a third of all large retailbanks worldwide, Efma has proven to be a valuableresource for the global industry, offering membersexclusive access to a multitude of resources, data-bases, studies, articles, news feeds and publications.Efma also provides numerous networking opportunitiesthrough working groups, online communities, andinternational meetings. For more information, visitwww.efma.com

For more information, permission to reprint ortranslate this work, and all other correspondence,please email: [email protected]

© 2015, Backbase B.V. All rights reserved.

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About Backbase About Efma


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Market presence

Backbase is named a leader in the

Forrester Wave for omni-channel digital banking


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Backbase was among a group of select vendorsthat Forrester invited to participate in the report.The Backbase Digital Banking Platform is listedas leader and received the highest score in theCurrent Offering category. Being named a leaderin the Forrester Wave gives the market yet anothervalidation of Backbase being at the forefront of digitalinnovation. We are very happy with this recognitionand are energized to help our customers acceleratetheir digital transformation. Our software is usedby leading banks around the world and we are 100%committed to enabling them to create superior digitalcustomer experiences, anytime, anyplace, any device.

“Backbase offers broad business capabilities,

rich support of customer experience, and

very solid technology and architecture.With Backbase being a pure-play vendor,it is not a surprise that its commitment toits omnichannel banking solution is high.”

Forrester Wave ™,Omni-Channel Digital Banking Solutions, September 2015.

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1 Omni-channel: putting your end-customers frst

Today’s customers expect seamless customer journeys – any time, any place, and on any device.The Backbase Digital Banking Platform (DBP)helps you to modernize and orchestrate all of yourcustomer touchpoints, transforming multiple siloedbanking channels and legacy applications into aconsistent brand experience that’s easy to use andalways available.

2 Cost-e cient: reuse your core banking systems

With Backbase, there’s no need to replace or rebuildyour core systems from scratch. Backbase enablesyou to repurpose them by incorporating theircontent, data, and functionality into a new digitalcustomer experience layer. This layer is optimizedfor easy integration with your existing businessapplications, and the delivery of a uni ed andseamless customer experience across any device.

3 Ready to go: jumpstart your digital transformation

Backbase has developed out-of-the-box digitalbanking solutions optimized for retail banking,commercial banking, wealth management andinsurance-speci c scenarios. Kickstart your projectand dramatically decrease your time-to-market byleveraging industry best practices and ready-to-goimplementation accelerators.

4 Growth: control your digital strategy Backbase puts you in control of your digital

strategy, enabling you to create, manage, andoptimize the end-to-end customer experienceacross every device. We have invested in manyyears of R&D to give you exactly the right editingand digital marketing tools you need to take fullcontrol of optimizing the customer experience,resulting in more sales conversions, and greatercustomer satisfaction.

Why is Backbase a leader in omni-channel digital banking?


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backbase omni channel banking report 2

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