The report ‘Evolutionary channel management – The next level’ found that only six per cent of financial institutions said that integration of their existing technology infrastructure was a key business priority. And 44 per cent of respondents said that keeping up with their rivals was the chief reason for investing in new channels.
The report comes at a time when many lenders are looking to diversify and expand their business channels into the intermediary market, and others are receiving criticism for poor service levels.
Mark Jenkinson, managing consultant in TCA Consulting’s retail financial services practice, said: "The shock of new competitors, channels and technologies has led to enormous confusion as to what the real business drivers are for banks today and what strategies will secure success. This confusion is having an impact on quality of customer service at the very moment in the economic cycle when strong levels of service are needed most."
