Payments

How can your Bank help with the other 95% of a customers mindshare relative to their money

After the previous post, thought I’d check out Andera, the service provider for those online account openings.

The graphic below from their site is the classic view to which all Banks with an integrated multi channel strategy aspire … ie almost every Bank.

Andera Corporate Web Site

The Andera platform offers financial institutions an end-to-end solution for online account opening and funding.


The Andera platform is accessible everywhere – to tellers, call center representatives, Website visitors, and more – on an on-demand, as-needed basis.

It got me thinking about whats missing in the picture. This picture [sorry Andera] is what bankers expect to see, but is dead wrong.

Relevance to Bankwatch:
The view above is 100% bank centric. It accurately depicts the activities customers undertake at the Bank, but those activities only account for what … 5% of the customers interactions with their money?

A more complete view would require not just web, branch and call centre, but also:

  1. debit card purchases
  2. credit card purchases
  3. spending pattern analysis and advice
  4. account alerts to mobile
  5. messaging between bank and customer
  6. new service notifications, and sign up or opt out
  7. bill payment and management
  8. etc etc

These items and the ones I missed account for the other 95% of a customers mindshare relative to their money. How can your Bank offerring help with that experience?

3 thoughts on “How can your Bank help with the other 95% of a customers mindshare relative to their money”

  1. No offense taken regarding our diagram. I completely agree that a consumer-centric view would be oriented quite differently. However, our perspective is specific to the origination of a new account (the 5% you referenced), not the consumer’s interaction with the account once it’s open (the other 95% you referenced). And our diagram is intended simply to reflect a modular architecture in which both functionality (the modules) and deployment channels (Web, Branch, and Call Center) are configurable independently of each other. That’s specific to our application framework, and helps to illustrate for our bank customers how our system can be implemented – it’s not intended to be relevant as a more generalized consumer-centric view of a banking relationship.

    Charlie Kroll
    CEO, Andera

  2. Thanks for stopping by Charles. Much appreciated. I know my post kind of put you on the spot, but your diagram is quite consistent with those drawn up by Banks themselves, and it is with Banks and their internalised view that I take issue.

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