Turning on Omnichannel: Why Banks need to Rethink?

Banking CIO Outlook | Wednesday, December 11, 2019

A unified platform with the capability to manage all channels can enable banks to be at par with new-age fintechs on the innovation and service delivery front.  

FREMONT, CA: While digital banking has become the default for many customers, there are still people who value the personal touch. As banks continue to make strides in digitizing the customer experience, they must recognize that omnichannel includes the critical human side of the equation. To maximize customer base, banks must effectively combine online and offline channels and create seamless omnichannel offerings. For this, it is necessary for banks to understand the key focus areas they need to pay attention to and the advantages these areas can provide. Read on to know more.

The omnichannel approach is now at the heart of most banks’ strategies as new customer behaviors are strongly influenced by innovation, ease, and accessibility of financial services. While on the other hand, it is clear that there are still physical branches, and they should not be eliminated completely. If they are digitized and automated, they can be much more efficient and create an excellent opportunity to attract new customers and retain existing ones by offering them highly personalized services. Digitized branches are a very effective way to create an omnichannel banking strategy. 

With the increased threat of digital disruption and evolving customer needs, banks also need to take a step further towards the path of increasing investments to power digital channel tailoring and engagement. Implementing an effective omnichannel strategy is a potent tool for banks to win customers who demand convenience irrespective of channels they use. Providing seamless services on multiple channels or devices requires a combination of digital and physical channels. The explosive growth of digital touchpoints has overshadowed conventional banking channels, thereby forcing banks to redefine the way channels are managed. For this, banks need to use technologies and gather data in various forms to make insights at each step.

Implementing video conferencing will be a cost-effective approach for banks to serve consumers who demand face-to-face interaction with banking professionals. Undoubtedly, the next-generation banking services will integrate video for multi-purposes. Financial organizations should also deploy an effective CRM solution that can offer visibility into customer data across multiple touchpoints. This is the only way banks can achieve a seamless omnichannel experience. Finally, customizing the channels, products, and services according to the needs of the consumer will lead to delivering seamless and personalized omnichannel banking experiences.    

See also: Top 20 Payment and Card Solution Companies  

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