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Omnichannel Banking- The Customer-friendly Way of Banking

By Ashutosh Jha → Last Updated on Tuesday, September 5, 2017
Today’s discerning consumers demand services which are suited to their customized preferences. It is true that those who are able to meet these expectations will be able to maintain a long-lasting relationship with their clients and it is possible with bringing about changes with omnichannel banking.

The importance of Omnichannel Banking System Use of devices is rampant now. Customers access banking services via these apps. So now they can access their accounts anytime and from anywhere.

This sudden growth of customer interaction touch points is setting it apart from traditional channels. The realization has now hit home for banks as they have realized that now there is a distinct way of building and managing a channel.

While it is important to build a reliable, convenient, and accurate transaction processing ability. It is still more important for banks to take a cue from the retailer's book to see the customer chart the journey via an omnichannel route.

When customers touch a computer, they search for a store or product on their devices and they intimate a customer service department, they provide an information trail. This digital trail is a medium to understand the customer better.

Important features of Omnichannel Systems

Omnichannel provides myriad ways for customers to transact. But it is not only about that, it is about ensuring a consistent interaction between the customers and their financial institutions across different channels.

The difference between the multichannel and omnichannels are that while multichannel focusses on transactions while omnichannel focusses on interactions. The omnichannel as a medium allows the customers to shop till you drop with the help of devices like smartphones, tablets, and laptops and also in stores as if attended by a single salesman who can attend to your needs as if he/she has an uncanny intuition about the preferences of the customers.

• Choosing client-centric over bank-centric view- When the customer experience is designed, banks must pay heed to the client-centric view in favor for a bank-centric view. The multichannel system is on the bank-centric view whereas the omnichannel system is based on the client-centric view.

• Transact with financial institutions: A multichannel experience ensures that customers use a number of media enter into transactions with their financial institutions. The shift from multichannel to omnichannel has been gradual and it means there is a marked shift of attention to the interactions with customers.

• Banks must go beyond fulfilling the basic requirements of customers: It is true that today customers would hardly sing paens about such common services of the bank such as the deposition of checks and the payment of bill on time. They are expected to be done with ease. Banks must go beyond these basic needs and what customers expect them to fulfil.

• The importance of the systems of engagements: Only customer interactions may not be able to give the kind of complete and accurate data which may provide the bank valuable insights. They would need accurate system of records to work upon. Though the system of engagement can be inaccurate it can provide valuable insights on customers.

• Omnichannel uses big data technology: The multichannel environment has been built till now with the help of Service-oriented architecture (SOA). Omnichannel uses the technology of Big Data that ensures the proper management analysation of different kinds of data.

Conclusion

Today banks are changing and since nowadays customers are technology conversant, they are finding various ways of interacting with the bank.

Today customers are empowered and enlightened and they expect to be treated like that and not taken for granted. They have a certain preference and they expect the banks are supposed to abide by that. Based on a solid multichannel infrastructure and with that providing an omnichannel experience can help the customer enjoy a seamless experience.

For banks, there is no dearth of information available on customers, so it now makes sense to capitalize on this information wealth. The changes with Omnichannel banking system can steer the bank to the required direction and help them whizz past their immediate competitors.

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Ashutosh Jha

Ashutosh Jha is a professional blogger, Blog and IT Consultant. He writes about Blogging, SEO, Making Money, Internet Marketing and Web Design.
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