Omni-channel banking – Delivering easy accessibility across all digital platforms!

by Calvin on November 19, 2021

in Articles

When was the last time you were able to memorize a mobile number you saved on your mobile phone? Not in the recent past, isn’t it? Similarly, do you remember your account details by heart? Imagine if the banking infrastructure required you to fill in your bank details as well as details of your beneficiaries each time you used their services from a different channel. Life wouldn’t be so easy. This is how Omni-channel banking came into existence. Its purpose: Improve customer experience.

What is Omni-channel banking?

In simple terms, Omni-channel banking offers the same service to a customer across all channels whether it be digital or offline. For example, a user can start the onboarding process via a mobile banking app and continue later through another channel such as Netbanking using a laptop without having to key in the same details.

How does it work?

The most important aspect of Omni-channel banking is to have real-time synchronization across all channels. Through this, users would find the whole experience seamless. 

Another essential part would be advanced analytics. By tracking customer behaviors and gathering data on their spending patterns, creating a more personalized experience would result in retaining customers. 

While tracking the transactions and understanding the customer’s behavior, there comes an interesting question… How is it different from multi-channel banking?

Omni-channel vs Multi-channel Banking

We’ve seen both terms used interchangeably but the key differentiator between the two is integration. Simply put, Omni-channel banking looks at interactions of the customer while multi-channel delves into the transactions.

In terms of multi-channel banking, it holds a bank-centric view while allowing the customer to transact with the bank using multiple channels. It is able to understand the needs of the customer using analytics and system records.

Omni-channel banking holds a customer-centric view and allows the client to interact with the bank. It tries to understand the wants and likes of the customer using analytics and the customer’s spending patterns. 

So, in a nutshell, multi-channel banking focuses on the bank while Omni-channel banking looks to enhance the customer experience and increase customer satisfaction in the process.

What are digital customer expectations from a bank?

Seeing the impact that good customer experience has on the digital banking space, banks are ensuring their digital customers have a seamless experience. Digital customers expect the following: 

  • Easy Access – Customers use their smartphones for a lot of their banking and banks need to provide an easy use of their digital platforms. Customers are looking for an easy way to connect with the banks using their smartphones while having a rich banking experience.
  • 24/7 Support – When there’s an issue being faced, customers are expecting the bank to provide real-time assistance to support them. This support can be provided through the effective use of video-chat, chatbots, etc.
  • Proactive Financial Management – Customers prefer to be educated about the bank’s products and services to improve their financial management. When banks take the initiative to notify customers about various opportunities, schemes and plans, the customer would feel inclined to building a healthy relationship with the bank.
  • Data Security – This is probably the most important factor that could make or break the relationship between the customer and a bank. With reports of many accounts getting hacked, customers need reassurance from banks that their information is safe and it isn’t being compromised on any front. Banks are required to take extra measures to provide digital security of information and finances.
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