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Customer Data Integration
Multi-Channel Delivery / Customer Data IntegrationMulti-Channel Delivery / Customer Data Integration
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Over the last several years banks have introduced a variety of new delivery channels to their retail and commercial customers, and it is essential for banks to address two important goals:
- Multi-Channel Delivery (MCD): Provide an integrated and consistent banking experience to retail and commercial customers across all delivery channels.
- Customer Data Integration (CDI): Obtain complete, cross-channel and cross-product customer view, and deliver it to customer touch points in real time, enabling effective, just-in-time marketing strategies.
However, achieving these seemingly trivial goals in real life is a major challenge for most banks, due to the high complexity of integration associated with the traditional "point-to-point integration link" approach:
Traditional point-to-point integration approach
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Avantek targets the Multi-Channel Delivery and Customer Data Integration challenges through its Banking Services Integration solution, Avanta Banking Services Hub
, which provides banks with complete, actionable, cross-channel view of customers, interactions, accounts, transactions, and products, by converging isolated back-office systems into a single, consistent data and services hub.
Avanta Banking Services Hub
A Celent survey indicates that over 80% of major banks worldwide are currently engaged in or planning channel integration projects. Many top tier institutions aim to achieve full integration by 2007.
Multichannel Integration: A Global Survey
Remus Brett, senior analyst at Forrester, estimates that over the next three years large European banks will have to invest a further £50m to £300m in IT to support multi-channel banking. However, if done properly, this should reduce transaction costs by 30%.
Banks Wasted Millions on New Channels.