Omnichannel, The New Normal for the Banking Fraternity

by Edward O'Brien 0

“With customers expecting consistent service across all channels, banks must step up to the plate and streamline their processes when it comes to customer interaction. Using the omnichannel approach, they’ll also reap the rewards of better customer intelligence and a clear idea of how best to spend precious budgets.

Is ‘multi-channel banking’ old hat? When it comes to retail banking, ‘omnichannel’ is the new thing. Omnichannel is far more than just flavour of the month: banks need to raise their game to meet customer expectations, keep them on-board and be able to deliver a seamless experience over any device. Omnichannel is not the latest buzzword, it is a serious business-focused solution that will deliver bottom line benefits.”

Ongoing Mercator Advisory Group research reinforces the point that movement from multichannel banking to omnichannel banking continues to march forward. And most financial institutions we speak with indicate that it’s not just the process efficiencies that attract them to this approach, but the added banking customer satisfaction and an improved overall customer experience make a strong case for omnichannel banking implementations in the next few years. For more information on this topic, see the forthcoming Mercator report “Omnichannel Banking is Taking Hold: Lessons Learned So Far.”

Overview by Edward O’Brien, Director, banking Channels Advisory Service at Mercator Advisory Group

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