SAN DIEGO — Digital experts from several big banks shared their thoughts on making the transition from brick and mortar to digital and why it's so important for financial institutions to measure their success in this area.
The panel discussion took place Wednesday at the NetFinance Interactive 2014 conference during a session titled, "Omni-Channel Measurement & Transformation Panel: Determining How to Effectively Use Dashboards, KPIs & What to Measure in an Omni-Channel World."
The moderator first asked Alex Carriles, EVP and director of digital channel development at BBVA Compass, how the bank actually measures the impact of the digital experience.
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"We have many metrics that we use. We of course monitor our NPS – net promoter score," Carriles said. "We monitor usage not only in terms of number of profiles accessing a particular channel, but the number of accounts and number of different devices."
He added, "We also go down to the level of each functionality – how many people are starting a particular transaction and how many people actually finish the transaction."
Carriles told the audience through this type of monitoring, BBVA Compass realized that its mobile remote deposit capture limits were too low. This became apparent based on how many people started mobile deposits but then abandoned them because the deposit amounts were too great.
BBVA Compass increased the RDC limit and as a result, usage jumped 50%, according to Carriles.
When asked about channel optimization, Patrick Reetz, managing director and head of the North American Multichannel Experience at BMO Harris Bank, told attendees that it's very important to monitor all channels equally to ensure that each one is optimized.
"With our Canadian presence for transactional services, number one is digital, including ATM," Reetz said. "However, branch is still number one in the U.S."
This realization led to a funded effort to optimize the digital channel in the U.S., which included a multi-faceted customer education program designed to showcase the benefits of digital, Reetz explained.
"We focused not only on the customers, but really, engaging our employees and helping them help the customers," he added.
In the first 90 days of the program, BMO Harris Bank saw a fourfold increase in RDC and ATM deposits, and a corresponding decrease in branch deposits, according to Reetz.
"When we talk about creating an omnichannel experience and measuring and [key performance indicators], I think that's managing in the short term," Michael Ma, SVP of digital banking & strategic planning at Bank of America, said when asked about attribution versus last touch.
Ma continued, "We know the contact center. We know the [interactive voice response]. We know what happens in the branches. How do we put all of that into a big model and figure out the attribution so we know the true value of each transaction?"
Financial institutions should embrace and leverage whatever data they have available, Ma said.
"Take your dirty data, take whatever data you have," he suggested. "There are plenty of data analytics providers that can take the data and start giving you solid hypotheses. That's the long-term game in all of this."
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