Driven by increased competition and more demanding customers, in the last five years a large number of banks have diversified theiroffer, offering multi-channel banking services.
Is multi-channel banking the best strategy?
The customer can compare the different offers from one bank to another,since the piece of information travels fast and easier! So it results difficult for the firms building consumer loyalty
lack of coordination for the information available on all the channels.It's difficult for large well-established institutions to perform well in all channels, and to compete with specialists that have chosen to build their offering to excel in one or twochannels.
risk of annoying the customer by sending him numerous messages. This one could feel pestered, and would not be able to get the message.
A threat for the primary channels (retail channel),for the banks the primary channel is the agency where there is a physical relationship with the customer. The opening of a new channel threatens the "physical channels". The number of clientsattending bank's agencies has been decreasing. However, the customers still need advice on differents products, so the other channels are not going to make the agencies disappear.
risk ofdissatisfaction from the customers because of inadapted channels (pbs for getting sb on the phone, hotlines ..)
Is it time banks started placing bets on one channel over another?
Are customersreally ready to trust in all the banking channels such as on line banking, mobile banking.. ? ( pbs of security of internet transactions )
Protect your bank and brand reputation against growingand more targeted security threats across all channels is still a challenge.
Some security issues still need to be addressed to offer a secure infrastructure for financial transaction.