Celent Model Bank 2016, Part II: Case Studies in Omnichannel Banking
The vision for Celent’s Model Bank research, now in its ninth year, is to spotlight effective uses of technology in banking. The approach that Celent takes is to seek examples of best practices in technology usage which, in aggregate, would answer three questions below.
Every year Celent suggests five to eight categories and invite banks to nominate their technology initiatives. Celent analysts review all nominations and recognize a number of them, up to four per category, with a Model Bank award.
In 2016, Celent accepted nominations in seven categories and awarded 18 initiatives. The case studies of winning initiatives are profiled in a seven part report series published today:
- Digital Banking Transformation
- Omnichannel Banking
- Digital Payments and Cards
- Corporate Payments and Infrastructure Modernization
- Cash Management and Trade Finance
- Security, Fraud, and Risk Management
- Legacy and Ecosystem Transformation
In Part 2, Celent profiles three award-winning initiatives in omnichannel banking.
- Beyond Bank (Australia): Omnichannel Customer Acquisition Platform
- BECU (US): Omnichannel Customer Analytics
- Standard Chartered Bank (Korea): Retail Operating Model Reinvention
Omnichannel banking remains aspirational for most institutions. It is for this reason that Celent chose to examine digital banking and omnichannel banking separately again in this year’s Celent Model Bank report series.
“The case studies presented in this report offer compelling evidence that, done well, omnichannel initiatives can produce significant topline benefits,” says Bob Meara, a senior analyst with Celent’s Banking practice and author of the report. “This will be particularly encouraging to banks that have struggled to monetize digital banking initiatives.”
Nominations for Model Bank awards were accepted in late 2015. The Celent Banking team selected winners based on business benefits, degree of innovation, and technology or implementation excellence. Each Model Bank winning initiative is presented as a detailed case study within the report, including descriptions of business drivers, solutions, success metrics, and future plans.
This 36-page report contains three Celent Model Bank case studies, five tables, and 12 figures.