bankingciooutlook

How can Banks Overcome the Omnichannel Challenge?

By: Banking CIO Outlook | Friday, January 08, 2021

Banking clients are no different when it comes to managing their money. They expect to have access to their information and to carry out an ever-expanding list of banking actions anywhere, at any time and on any device.

Fremont, CA: Technology has never accelerated changes in consumer behaviour so quickly that whatever the vanguard is today will become tomorrow's status quo. And consumers' expectations of digital services and platforms are changing even faster.

For example, consumers are no longer completely satisfied with having content available digitally and on demand; they want personalised suggestions specifically tailored for them. And why shouldn’t they? They expect the same from their social media platforms, where personalised ads are as familiar now as they were once disconcerting.Top Omnichannel Solution Companies

In fact, today's mobile-first society enables customization on a scale never seen before that has transformed consumer habits – from how they spend their free time to how they plan vacations, where and when they shop, and even how they manage their homes.

Banking clients are no different when it comes to managing their money. They expect to have access to their information and to carry out an ever-expanding list of banking actions anywhere, at any time and on any device.

They expect their bank to meet their individual needs and preferences in the 

same way as their media streaming service or their favourite large tech company does. 

With these expectations, they challenge what the banks do, 

why they do it, and how they do it.

Large changes in the banking landscape mean that consumers are spoiled for choice, and recent studies suggest that many would even consider switching to competition – including to non-traditional players – if their current service providers fell behind and did not meet their expectations.

Customer expectations no longer depend on a multichannel strategy per se. Although multichannel banking has been around for years, it is no longer ground-breaking and certainly does not offer a competitive advantage. What can give banks the edge, however, is to take stock of their different channels and strategically consider how their customers use them and what their preferences reveal.

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