Transforming Banks for a Digital Future: The Winners, The Losers, and the Strategies to Beat the Odds
Conclusion 05: Customer Gains
Mobile offerings for customers are important to the companies we surveyed, with 65% reporting their efforts as somewhat or extremely important. Smaller and larger companies were similar in their attitudes. But expected gains from these services usually far outstripped actual results.
Companies have had somewhat high expectations for their customer mobility offerings, but expectations were not nearly as often realized, though some came close. Larger companies said they developed new business models or strategies 50% of the time, about what they'd anticipated. Fifty-eight percent of these companies reported goals for more efficient logistics; those goals were met at the same pace. But in several other areas, such as reducing customer acquisition costs and support costs, and increasing sales per customer, expectations and results were vastly different.
As a result, the jury's still out on the value of mobility offerings for customers. Only 17% said that their mobility services were highly valuable, with proven return on investment. Yet only 2% said their efforts had been a waste of time. Fully half of our respondents believe that ROI still isn't completely clear, with the remaining 30% saying their efforts weren't valuable yet, with ROI still hoped for.
Spending trends seem to map to these concerns. In the past year, 61% have spent at least $100,000 on their mobile offerings. That number falls to 40% for next year.
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