In the Internet era, the evolution of banks has inexorably moved from the traditional banking value chain to the transformative “Anytime, Anywhere” business model. Personalization has become the inevitable force for banks to attract the new generation of customers who want customized products and services, tailored to their actual needs.
The unprecedented competition pressures the banks to improve their user experience, while the tech-savvy customers want their banks to respond to them through their preferred channels. The resulting mix of challenges is further complicated by a lack of a 360-degree view of customer behavior and inflexible legacy systems.
Today, modern customers use multiple banking channels for their transactions. By transitioning to the omnichannel approach, all these siloed, independent banking channels work together to offer seamless products, services and promotions. Rather than using a variety of touchpoints, customer interactions are seamlessly orchestrated and revitalized in an omnichannel ecosystem.
In short, the omnichannel model bridges the user experience gap by integrating the fragmented engagement by using several mobile apps, websites, and chatbots. Banks that fully embrace the omnichannel approach are positioned to impact the customer experience over any device.
Why multi-channel banking is not just enough?
Digital banking has enabled customers to connect with financial services through multiple digital and physical channels, making Delivery of niche products and services easier.
Despite its advantages, though, multi-channel banking has its drawbacks. Various banking touchpoints – physical branch, mobile, web apps, or ATM – operate in a silo and have independent databases. In that case, even in a technologically advanced multi-channel infrastructure, the operations remain disjointed. It becomes impossible for the banks to track customers in this siloed environment. For instance, a credit card offer may be unwittingly extended to a customer through e-mails and mobile channels, despite the fact that that customer might have expressed her disinterest to the bank through other channels.
However, when it comes to omnichannel, users can experience the bank’s services seamlessly, and be transferred from one channel to another in real time. It allows banks to consistently track customers’ transactions, their context, and expectations and rightly fulfill them.
Personalization is the key
Just a mobile-first approach is no longer enough. Operating in digitally integrated channels is inevitable to provide customers with personalized banking offerings.
For example, when provided with an omnichannel platform, a customer can initiate a transaction with a conversational chatbot, view it on a mobile device, and complete it on another channel such as online banking. This level of convenience enables banks to deliver personalized services and offer customized products.
Diversified customer experience
In order to engage deeply with customers, omnichannel banking streamlines, simplifies, and automates user experience. It reshapes the banking model by enlarging the product offerings and meets customers on their terms.
When a physical branch captures data of a loan application, the data is shared across the channels the user may prefer to use. The major advantage is, customers are not asked nagging questions when they switch channels and resume the loan process on a web chat or a contact center.
Data analytics in a more meaningful way
Harnessing the power of data with analytics allows banks to make informed operational decisions. It is helpful in identifying high-potential prospects and developing customer-centric products.
However, the channel silos have limited the ability of banks to apply data analytics. Back-office consolidations and transaction assessments have become immensely difficult. Now omnichannel model helps banks gain a complete picture by providing consistent and robust visibility into customer data. Analytics can be applied in all channels to uncover deeper insights anywhere.
Enlarge your banking offerings in Aspire way!
Aspire Systems helps banks to avoid over-reliance on physical banks and offers a fully integrated omnichannel experience that seamlessly transitions into digital domains. It is made possible by implementing Temenos Infinity in your core banking systems, enabling you to provide comprehensive and unique services to your customers.
We help banks to remain competitive and unleash the full potential by offering one-stop banking services. Banks can increase their capacity to offer a large panel of services beyond the traditional business and expand their source of revenues by reshaping their footprints.
Read more:- What’s really inside Temenos Infinity ?
- Find Out How Your Application Handles Unexpected User Loads With Real-Time Performance Testing Metrics - August 1, 2023
- Take Control Of Your Application’s Performance Testing Metrics - August 19, 2022
- Product Testing Vs Application Testing - January 16, 2022