Phy-gital Roundtable: Breakfast Roundup from Germany and Netherlands

02 May '15 | Debjyoti Paul

German Shoppers: Meet Them in the Fast Lane to Phy-gital

15 January '15 | Ralf Reich

Shoppers Will Share Personal Information (But They Don’t Want to be “Friends”)

15 January '15 | Anil Venkat

Modernize or Perish: Property and Casualty Insurers and IT Solutions

14 January '15 | Manesh Rajendran

Benelux Reaches the Phy-gital Tipping Point: Omnichannel Readiness is Crucial

13 January '15 | Anil Gandharve

The New Omnichannel Dynamic: Finding Core Principles Across Industries

13 January '15 | Debjyoti Paul

Technology does not disrupt business – CIO day 2014 Roundup

02 December '14 | Anshuman Singh

Apple Pay – The Best Is Yet To Come

02 December '14 | Indy Sawhney

Digital transformation is a business transformation enabled by technology

01 December '14 | Amit Varma

3 Stages of FATCA Testing and Quality Assurance

06 October '14 | Raman Suprajarama

3 Reasons why Apple Pay could dominate the payments space

18 September '14 | Gaurav Johri

Beacon of Hope: Serving Growth and Customer Satisfaction

05 August '14 | Debjyoti Paul

The Dos and Don’ts of Emerging Technologies Like iBeacon

30 July '14 | Debjyoti Paul

What You Sold Us On – eCommerce Award Finalist Selections

17 July '14 | Anshuman Singh

3 Steps to Getting Started with Microsoft Azure Cloud Services

04 June '14 | Koushik Ramani

8 Steps to Building a Successful Self Service Portal

03 June '14 | Giridhar LV

Innovation outsourced – a myth or a mirage or a truth staring at us?

13 January '14 | Ramesh Hosahalli

What does a mobile user want?

03 January '14 | Gopikrishna Aravindan

Reinvent banking with Omni-Channel Experiences

Posted on: 05 February '16

A homebuyer browses a real-estate listing service on her smartphone. She’s opted-in to share information with her bank, and so the bank, using an API, automatically downloads her saved search criteria from the real-estate site: price range, desired location, proximity to schools, and so on.

A financial advisor reviews the output from an automated mortgage qualification system: She’s pre-qualified for her price range. He pings her car’s in-dash computer with an invitation to a meet her, which she accepts.

They have a consultation, where he relays the good news along with advice for how to lower closing costs. She makes a bid for the house, and it’s accepted by the seller. She completes the formal mortgage application online, and then tracks the loan’s progress on all of her devices up until the final closing at the branch.

The above example shouldn’t seem far-fetched, given that the scenario is based on technology providers and business models already existing in the marketplace. APIs to third-party services, automated decisioning, social media integration, group video chat, cloud-based document repositories, automated comparison sites, automotive computers, e-signed documents – these services already exist, and it’s just a matter of time before someone puts the various pieces together.

The ability to offer an Omni-Channel experience has become a prerequisite for banks that hope to thrive in the connected digital economy. For a bank to integrate with other service providers, or to embed products and services into the flow of digital commerce, an essential first step is making sure that transactions are built to support seamless connectivity within the bank’s own internal channels.

A focus on Omni-Channel offers the fastest path to surmounting these difficulties. Instead of trying independently to update each channel, each line-of-business and each customer segment, banks can take an enterprise approach to building comprehensive services for the emerging digital marketplace.

Omni-Channel includes four essential elements:

  1. Channel-specific experiences. Instead of cramming a PC web page onto a mobile device, banks should have an appropriate experience for each specific channel. For example, instead of trying to show a monthly statement on a small screen, create a mobile-ready visual interface to convey an intuitive understanding of spending patterns.
  2. Cross-channel state awareness. If a customer begins a transaction on one channel, they should be able to continue on another – whether moving from laptop to smartphone, or from tablet to branch. Bank staff should also be able to step in with full knowledge of the customer’s status.
  3. Personalization. Rather than show all customers the same menus and options, provide customers with appropriate functionality based on their market segment, past history, usage patterns and time of day. Make it easy for people to use the functions they’re most likely to use at any given time.
  4. Integrated bank capabilities. Provide customers with functionality from both inside and outside of the bank, delivered seamlessly without unnecessary re-authorizations and repetitive data entry.

These are the four essential elements of Omni-Channel that can yield significant benefits for your bank. Yet the biggest challenge with implementing Omni-Channel is figuring out where to start. Given the infinite possibilities for new services affecting virtually every area of the banking enterprise, the place to start is a thorough strategic review to assess the alternatives. By capturing the results of a maturity assessment in a comprehensive recommendation, banks can ensure that their Omni-Channel roadmap achieves the maximum strategic benefits for the organization.

Suggested reading

  1. A Vision of Omni-Channel for the Banking Industry
  2. Omni-Channel Far and Near: The State of Omni-Channel from Outside and Inside Banking
  3. Omni-Channel Banking: How to Get It Right

Raman Suprajarama

Raman Suprajarama is a marketing and communications leader. He has 12+ years of experience in both enterprise marketing and consumer marketing in BFSI and Retail Industries. He specializes in launching products, lead generation and nurturing, creating brand awareness, customer acquisition, engagement and retention, and improving conversions and sales.

  • saiprasadsomayajula

    Interesting reading Raman. Thank you for the suggested reading material too. Sounds very useful.