While it's been contemplated in boardrooms for years, an increasingly savvy user base now demands it: 2007 is the year when banks will be forced to perfect the customer experience by integrating contact points to create a seamless environment. Progressive institutions will optimize technology to provide a holistic view of their customers, better understand their needs and, ultimately, create long-lasting, profitable relationships. Conversely, banks should further refine the customer experience by better connecting their channels to present a consistent end-user view.
Channel integration offers a significant opportunity for better customer service through on-boarding. Attrition doubles during the first 90 days of a relationship, eroding profitability. Additionally, 43 percent of cross-sales occur at account opening (Source: BAI/Harte-Hanks). With so much at stake, it will be more critical than ever this year to understand the on-boarding best practices and technology tools available to maximize opportunities.