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Banks can cover the cost of restructuring their legacy systems through the long-term benefits of omnichannel banking.
FREMONT, CA: In the context of banking, omnichannel refers to a wide range of integrated digital platforms offering an enhanced banking experience to the customers. In simpler terms, omnichannel allows the customers to perform various banking transactions irrespective of touchpoint, device, or channel. As simple it may sound, banks are finding it challenging to provide the customers with seamless integration of omnichannel services. However, there are certain considerations that will enable the financial institutions to accomplish the daunting task of establishing a smooth network of omnichannel platforms.
• Modern Legacy Systems
Various financial institutions are faced with an uphill task of modernizing their legacy systems. The legacy systems offer stiff resistance to the idea of developing a holistic network of integrated platforms for customers. Moreover, legacy systems tend to work in silos. A completely open structure that enables the banks to utilize the latest technology without the need for comprehensive restructuring will add to the cause of omnichannel banking.
• Big Data and Analytics
Data is an essential asset of financial institutions. Banks that are able to manage and utilize the available data will have the upper hand in the trade. Big data can be important incorporation that will allow the banks to gain a better understanding of customer needs. When coupled with analytics, big data can empower banks on various fronts. Big data and analytics can enable the banks to develop more targeted loyalty programs, minimize data and identity theft, and to gain an insight into the upcoming trends.
• Integrated Infrastructure
A truly integrated infrastructure will mean a successful integration of the three layers that are the core banking layer, the middleware layer, and the user-interface layer. The integration of the three layers will require a combination of public and private clouds. While the banks employ private clouds to ascertain maximum security, public clouds enable flexibility and wider access to data and services to the users.
Thus, an omnichannel platform can be realized by restructuring the existing legacy systems to gear up for technological innovations. Further integrating the varying levels of infrastructure assets would streamline the path for the banks towards omnichannel banking.
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