Omnichannel: the retail bank's new sweetheart

Multi-channel banking is old hat. When it comes to retail banking, 'omnichannel' is the new darling of the industry. Omnichannel is far more than a fleeting infatuation. It's an approach that can deliver serious benefits to banks' bottom lines. In order to tap into these results, banks need to raise their game to meet customer expectations and keep them on-board. Key to this is the ability to deliver a seamless experience over any device.

The multi-channel approach meant more customer touchpoints with the bank. But with that came mounting IT complexity. By implementing a unified omnichannel strategy, banks can reap the rewards of a 360 degree view of customer activities. This will provide them with a detailed profile for each customer. As a result, banks will be able to better determine how to allocate budgets to providing targeted services to customers across the entire suite of channels.

Research from Google has shown that 46 per cent of people managing their finances online switch between devices before completing the activity. Often customers will start research on a smartphone before migrating to a PC or tablet to dig deeper into the information they need. Customers expect consistent service across all channels. A joined-up omnichannel approach to banking services will introduce a smooth customer experience through several changes in device.

So will banks give omnichannel the attention it deserves? Streamlined, linked up systems, a single customer view and optimal customer experience should go straight through the heart. Banks must change their approach now or risk competing with industry newcomers for customer affection.

The author is Alison Wilkes, GM - EMEA, banking division, FIS Global. Reprinted with permission. Link: http://www.finextra.com/blogs/fullblog.aspx?blogid=8249