To compete in the digital age, retail banking leaders must foster a companywide obsession with serving customers. It’s imperative that banks transform their business — from deploying systems of engagement to making operational changes — in order to win in the age of the customer.
The cost of not undergoing this transformation is high. Banks that fail to shift to a customer-focused strategy risk loss of revenue, customers, and competitive advantage. But for those that successfully transform their business around the customer and provide exceptional customer experiences, the payoff is significant: increases in loyalty, retention, acquisition, and the added benefit of revenue growth.
In March 2016, IBM and Microsoft commissioned Forrester Consulting to survey 100 technology and business professionals involved with making decisions around systems of engagement at midsize and
large retail/commercial banks in order to examine the business drivers, challenges, and technologies associated with building a customer-focused strategy.
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