Omnichannel banking is here to stay. Banking customers want a seamless experience across all platforms without disruption. Worldwide, banks are racing to implement the client driven system, adopting technology to adapt to the growing variety of platform payments and transaction methods clients have adopted.
However, the Omnichannel banking experience does come with challenges that banks need to address to ensure customer satisfaction and security.
Personalisation of banking
In spite of a huge uptake of digital banking processes, customers still respond to meaningful human contact. Over-reliance on digital tools often results in frustration. Banks need to provide a variety of communication platforms which can include live-chat, video and messaging, as well as actual face to face opportunities. Few banks currently keep integrated records of their customer interactions, which misses the opportunity to provide a personal service for each client.
Having client services integrated into omnichannel banking can leave accounts open to cybersecurity attacks. Banks need to apply high level security to mobile banking apps as well as ATMs and other established channels. It is vital to keep abreast of all future trends and possible threats. Employing advanced monitoring software allows financial institutions to be instantly aware of suspicious changes in customers behaviour detecting unusual transactions, denials and refusals. Close transaction monitoring and immediate action builds trust and provides the customer centric service that clients expect.
Moving on from SAO
Banks have traditionally used an SAO (Service Oriented Architecture) model as the standard interaction tool of banking components. Omnichannel banking instead utilises Big Data where data is analysed in multiple ways. This analysis extracts intricate details from the large quantities of information taken across the many channels and platforms customers engage with. Financial institutions receive detailed information about the transaction journey from start to finish and deep insights into customer behaviour.
Understanding the difference between Multichannel and Omnichannel banking
For banks to truly embrace the advantages of Omnichannel banking and retain their customers trust and business, it is important to be aware of how omnichannel differs from the previous multichannel approach.
The key comparisons to Omnichannel banking can be summarised as:
- Takes a client centred instead of bank centred view.
- Clients interact rather than transact with the bank over many channels.
- Banks learn what the client wants through analytics instead of deciding what they need.
- Analytics is applied to client engagements instead of customer records
- Omnichannel banking relies on Big Data rather than using SOA.
The challenges of omnichannel banking are more than balanced by the benefits for both the bank and the client. Omnichannel banking provides seamless interaction between the bank and client allowing issues to be quickly identified and solved. Support costs are drastically lowered allowing more investment in other areas, such as client specialists. With a more personalised experience, clients are more satisfied, with all the benefits that delivers.