November 02, 2016
This paper demonstrates a logical series of approaches that collectively form the basis of an omnichannel blueprint for financial institutions. Financial institutions must move to omnichannel interactions in order to contend with nontraditional banking establishments. Long-term success becomes more realistic when banks begin with a plan that accomplishes initial financial benefit and designs a comprehensive customer assessment.
Customers continue to want more from all of the financial service channels they use to manage banking transactions. Their interactions with retailers who offer seamless online and in-store transactions raise the bar for financial services providers. To accommodate these growing expectations, bank executives need to create a concentrated, comprehensive strategy for all their distribution channels. Bank executives need to understand the channel desires of their customers and targeted market segments, the bank’s present technology and developing technological capabilities and, most essentially, how to bridge the gap into a multichannel or even an omnichannel world. Now more than ever, executives must evaluate their customers’ expectations and offer innovation and channel assimilation, although on realistic terms. Banks who are on the ball will offer the appropriate channel with the applicable banking functions to the right customers. While attaining that goal, they justify both legacy branches and distribution channels while seamlessly leveraging new technologies such as mobile banking and remote deposit capture.