Research reveals US Retail Banks slow on omnichannel uptake

New report: Retail Banking Services Index US 2016

Today, BookingBug releases the first ever research into how the top 10 US retail banks are creating a more competitive customer experience, and which areas they are falling behind on.

Sending mystery shoppers out to the branches, websites and call centres of each major bank, we ranked them on the marketing, attitude, accessibility and delivery of services.

So what did we find?

Accessing expertise wasn’t easy While 90% of the banks offered to book appointments with specialist advisors, 8 of the 10 did not have omnichannel systems in place to facilitate, automate or streamline the process.

Our reviewer was given telephone numbers for regional advisors, asked to wait in branch and even directed back to the bank’s website. Online, only Bank of America offered immediate access to bookings based on real-time availability.

Marketing was the biggest missed opportunity The lowest scores came in the marketing category, where only Bank of America showed evidence of a joined up, multichannel marketing campaign. It stood out from others by offering appointment scheduling in branch, online and over the phone – all connected through a centralised system and delivered with the same level of care.

US banks understand services better than the rest of main street Seven out of the top ten banks scored over 50% in our review, so they clearly recognise the potential of joining the dots between online and offline customers. By contrast, when we performed the same study with US retail in previous years, we found less than half scored as highly as retail banks.

For banks, it’s less about raising awareness of these services and more about increasing accessibility and delivering expertise in ways that are convenient to customers.

Branch design is where marketing meets delivery The banks doing a good job marketing services also seem to understand the value of branch design. Those ranking highest for marketing also ranked highest for delivery. Both Capital One’s cafe and TD Bank kids zone both demonstrated a definite effort to adapt to customer needs.
BookingBug Founder and CEO, Glenn Shoosmith, has witnessed much of this first hand in conversation with these banks:

“It’s clear that retail banking across the US has its own individual challenges that don’t match the rest of the retail playbook. This is especially apparent when it comes to bringing together various disparate technical systems and creating a single view of the customer. As our research and recent conversations with the industry have shown, there are real issues with legacy software and siloed ways of thinking.

However, in other areas, retail banking finds itself in something of an enviable position. If its goal is to create a fundamentally customer-centric experience, there are more positive examples to learn from than ever and more experienced teams and partners to help along the way.”

Download the full report to find uncover opportunities and insights to ensure your digital transformation stays on track and find out how the top retail banks are already approaching and delivering high-value services.

We also carried out this research in the UK. So if you’re interested in hearing how they measure up, get a copy of the report.