Celent Model Bank 2016, Part II: Case Studies in Omnichannel Banking

by Bob Meara, April 13, 2016
Case Studies
Global

Abstract

The vision for Celent’s Model Bank research, now in its ninth 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 three questions below.

Every year Celent suggests five to eight categories and invite banks to nominate their technology initiatives. Celent analysts review all nominations and recognize a number of them, up to four per category, with a Model Bank award.

In 2016, Celent accepted nominations in seven categories and awarded 18 initiatives. The case studies of winning initiatives are profiled in a seven part report series published today:

  1. Digital Banking Transformation
  2. Omnichannel Banking
  3. Digital Payments and Cards
  4. Corporate Payments and Infrastructure Modernization
  5. Cash Management and Trade Finance
  6. Security, Fraud, and Risk Management
  7. Legacy and Ecosystem Transformation

In Part 2, Celent profiles three award-winning initiatives in omnichannel banking.

  • Beyond Bank (Australia): Omnichannel Customer Acquisition Platform
  • BECU (US): Omnichannel Customer Analytics
  • Standard Chartered Bank (Korea): Retail Operating Model Reinvention

Omnichannel banking remains aspirational for most institutions. It is for this reason that Celent chose to examine digital banking and omnichannel banking separately again in this year’s Celent Model Bank report series.

“The case studies presented in this report offer compelling evidence that, done well, omnichannel initiatives can produce significant topline benefits,” says Bob Meara, a senior analyst with Celent’s Banking practice and author of the report. “This will be particularly encouraging to banks that have struggled to monetize digital banking initiatives.”

Nominations for Model Bank awards were accepted in late 2015. The Celent Banking team selected winners based on business benefits, degree of innovation, and technology or implementation excellence. Each Model Bank winning initiative is presented as a detailed case study within the report, including descriptions of business drivers, solutions, success metrics, and future plans.

This 36-page report contains three Celent Model Bank case studies, five tables, and 12 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

3

 

Model Bank Overview

3

 

Summary of Model Bank Award Winning Initiatives

5

Key Themes in Omnichannel Banking

9

Beyond Bank: Omnichannel Customer Acquisition Program

12

BECU: Omnichannel Customer Analytics

17

Standard Chartered Bank: Retail Operating Model Reinvention

22

Conclusion

28

Leveraging Celent’s Expertise

30

 

Support for Financial Institutions

30

 

Support for Vendors

30

Related Celent Research

31

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