Celent Model Bank 2015, Part 1: Case Studies of Digital in Banking

by Jacob Jegher,  Stephen Greer, March 23, 2015
Case Studies
Global

Abstract

The vision for Celent’s Model Bank research, now in its eighth year, is to spotlight effective uses of technology in banking. The approach that Celent takes is to seek examples of best practices in technology usage which, in aggregate, would answer these three questions.

These examples span a five part report series:

In Part 1, Celent profiles three innovative initiatives in digital banking.

  • Bank of Montreal (BMO): Mobile App
  • Knab Bank
  • US Bank: Online Self-Servicing Platform

Digital reflects the rapidly growing importance of digital banking and its changing dimensions — from simply a delivery channel to a consistent brand experience across all channels and points of interaction, underpinned by analytics and automation and requiring changes in products, services, organization, culture, and skills.

“While adoption of online and mobile banking has grown steadily, there is still plenty of room for improvement,” says Jacob Jegher, a research director with Celent’s Banking practice and coauthor of the report. “It’s all about creating value for the customer and seeking win-win scenarios for the customer and the bank.”

“Banks have to move from providing basic transaction engines to offering value-driven interactive solutions,” says Stephen Greer, an analyst with Celent’s Banking practice and coauthor of the report. “These initiatives require banks to invest in improving interactions that may and likely will involve multiple channels.”

Nominations were accepted in late 2014, and the Celent Banking team selected winners based on degree of innovation, degree of difficulty, and business benefits provided. Each Model Bank winning initiative is presented as a detailed case study within the report, including detailed descriptions of business drivers, technology environments, and quantitative success metrics. Lessons learned are proposed at the end of the report.

This 36-page report contains three Celent Model Bank case studies, six tables, and 13 figures.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

4

 

Summary of Model Bank Components

5

Digital Theme Summary

9

 

Catalyzing Growth in Self-Service Channel Usage

9

Case Studies in Digital Banking

11

 

Bank of Montreal: Mobile Platform and iPad App

11

 

Knab Bank

18

 

US Bank: Online Self-Servicing Platform

25

Conclusion

29

Leveraging Celent’s Expertise

30

 

Support for Financial Institutions

30

 

Support for Vendors

30

Related Celent Research

31

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