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Omnichannel Customer Behavior in Retail Banking

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Part of the Springer Series in Supply Chain Management book series (SSSCM,volume 8)

Abstract

Like retailers, banks are increasingly becoming omnichannel, providing products and services across brick-and-mortar (branches) and digital channels to their customers. Since banking products and services do not have physical attributes and can be completely defined digitally, one would assume that transition to digital channels would be relatively easier as opposed to retail where touch and feel are important aspects of decision-making. However, the omnichannel strategy for banks is complex as banking is a relationship-based industry, and many tacit features influence the customer behavior in this context. This leads to stark differences between consumer behaviors in e-commerce versus banking. In a series of three studies, we present how omnichannel banking is different or similar to omnichannel retail, focusing on cross-channel interactions, changes in customer behavior, and the changing demographics of customers ushered with the introduction of omnichannel banking.

Keywords

  • Omnichannel banking
  • Bank networks
  • Online banking
  • Mobile banking
  • Cross-channel effects
  • Retail banking

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Notes

  1. 1.

    The efficiency ratio is the amount of money a bank needs to spend to earn $1.

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Acknowledgements

Parts of this chapter are adapted from Zhou et al. (2019) and Liu et al. (2017). We would like to thanks Mi Zhou, Geng Dan, and Liu Jun for the being amazing co-authors on these papers and contributing extensively to the research.

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Correspondence to Vibhanshu Abhishek .

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Abhishek, V., Li, B. (2019). Omnichannel Customer Behavior in Retail Banking. In: Gallino, S., Moreno, A. (eds) Operations in an Omnichannel World. Springer Series in Supply Chain Management, vol 8. Springer, Cham. https://doi.org/10.1007/978-3-030-20119-7_11

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