For any retail bank facing mobile disruption and customers’ expectations for cross-channel convenience, supporting omnichannel banking with a multi-channel digital business platform removes the high cost of custom development and introduces digital banking innovations. It connects and integrates the needs and goals on both sides of a transaction, such as registration for a loan application or credit card opening, by addressing the full transaction process and moving an organization from siloed touchpoints to one seamless customer experience.
The Rise of Omni-Channel Banking
Just a few years ago, organizations could confidently plan for future devices and platforms. Blackberry® ruled the corporate world. Adoption of smartphones had yet to happen and the tablet was just a rumor. Consumers engaged banking institutions from a few limited mediums: desktop browser, email client, print and mail, call center, or in-person.
That is until April 3, 2010, and the release of the Apple® iPad®. Where the iPhone® had captured the smartphone market and transformed the way people thought about using their phone to interact with friends and families, make everyday purchases, and do their jobs, the iPad deepened and broadened the ‘problem’.
Fast forward to the present day. Now consumers use multiple devices throughout the day, moving rapidly from smartphone, tablet, browser, and even interacting with call centers or dropping by the physical store. When opening a new account, for instance, they expect a seamless or omnichannel account opening experience and grow frustrated when old siloes mean repeating information, re-filling forms, and re-explaining what stage they were at when they changed devices.
Starting over is not the experience they expect. Failing to deliver a seamless experience, such as for an account opening, means losing business. Banks must embrace digital banking innovations to give their customers the experience they expect.
What is a Multi-Channel Digital Business Platform
One example of a digital banking innovation is implementing a multi-channel digital business platform. This type of solution gives financial organizations the tools to create a consistent omnichannel banking experience which offers customers a consistent look and feel as they transact across multiple channels.
With a digital business platform, financial institutions can manage every aspect of an omnichannel banking transaction—from form creation and multi-channel deployment, to data collection and back-end integration, to business processes and the analytics that complete the cycle.
The Revolution Solution
A multi-channel digital business platform enables organizations to manage and optimize all aspects of transactions so they’re offering a truly an omnichannel banking experience.
The two primary business drivers shaping this type of digital banking innovation are:
- Increase sales and improve market position: Delivering the omnichannel banking experience that customers seek enables organizations to attract new customers, increase the loyalty, satisfaction, and retention rates of existing customers, and generate more revenue.
- Improve operating performance: Eliminating non-digital activities from customer-facing business processes, such as account openings, has been shown to decrease operating costs, increase data quality, and provide opportunities to reduce cycle By offering support for omnichannel account opening, banks can streamline the transaction for customers and their employees.
Increasing enterprise growth and attracting and retaining more customers, while reducing operating costs, matters. The rapid adoption of mobile devices has changed how banks need to engage with their customers. Customers want and expect immediate satisfaction and convenience on the device of their choice.
For retail banks worldwide, a multi-channel digital business platform can make an immediate positive change because:
- It engages customers with a convenient and easy to use omnichannel banking experience and meets their expectations.
- It helps organizations achieve their corporate goals to sell more products and An example is supporting omnichannel account openings, which increases customer acquisition rates and revenues.
- It improves efficiency and operating performance by replacing manual and expensive paper or over the counter services with all digital transactions.
Omnichannel Banking: The Time is Now
The omnichannel revolution demands that banks deliver a seamless customer experience across multiple devices or lose business. Banks looking to deliver omnichannel banking do have a solution: adopting a multi-channel digital business platform can result in effective and engaging customer experience. A digital business platform helps financial organizations react with speed to market changes and capitalize on the omnichannel banking revolution. The opportunities for success exist.