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:
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.