attempting to turn their website into a digital self-service channel. The
BY WADE ARNOLD
goal is to lower operational cost and allow users to fulfill almost any
task without visiting a branch.
There is a downside to this approach, however. If the digital channel becomes a self-service gateway
with little or no interaction between the customer and the bank, the financial institution is missing a huge
opportunity to create dynamic, cross-channel marketing that is relevant and personalized to each visitor.
Sure, you can (and should) continue to improve online banking, bill pay, account opening and other
self-service tools. However, are these additional capabilities going to determine the success of your digital
The website today is the frontline of communication through the digital channel; it is the primary place
visited by both customers and prospects. Your Web presence sits at the intersection between the reduction
in branch traffic and increase in digital access to a consumer’s finances. It maintains the rare ability to be
marketing? Not even close.
visited weekly, daily and sometimes hourly. Websites have the added benefit of having the least vendor
dependency and minimum long-term cost of any channel to reach consumers.