Financial institutions compete and excel across six common competencies: Distribution, Manufactory, Operations, Insight, Risk and Financial Management. The institutions are striving to deliver them faster, at lower cost, and with higher quality than the competitors. Channel applications are the IT systems that facilitate the Distribution.
The following diagram shows the six competencies:
A lack of channel integration can cause customer dissatisfaction as shown in the following figure:
Bank channel applications enable nearly all the customer interactions.
The ability to quickly enhance channel applications, while keeping them integrated and consistent can be the source of competitive advantage.