In addition to regulatory pressures and the loss of previously lucrative revenue streams that pose threats to bottom-line performance, banks are forced to operate in a world driven by rapid technology changes. During the past several years, technology has paved the way for multichannel banking, which has helped banks streamline transactions by migrating customers to a less expensive interaction channel.
Furthermore, many banks have begun to embrace the idea of omnichannel banking, which seeks to provide a consistent experience across all customer touch points. The omnichannel approach is also meant to deepen the level of engagement via improved customer service. However, findings of the 2014 U.S. Retail Banking Satisfaction Study find multiple opportunities for banks to improve their multichannel delivery.