Today, a consumer applies for a pre-approved car loan on his way to the office, snaps pictures of the required documents and loan signature requirements through his desktop system, and transfers funds to the car dealer through an NFC enabled smartwatch. Consumers expect a unified experience across all the devices and also the flexibility to use multiple devices to complete the process on the go. Consumers enjoy a seamless and real-time experience on all touchpoints when it comes to accessing banking services as well. Owing to the threat of digital disruption and the evolving needs of consumers, banks need to take a step further towards the path of digitalization and invest in improving digital channel design and engagement. By implementing an effective omnichannel strategy, banks can win customers who demand convenience and simplicity irrespective of the kind of electronic devices or physical channels they use.
The omnichannel approach gives banks the flexibility to capture the customers intent and derive the pattern of conversations by leveraging all the channels where consumers interact, namely, online, branch office, or through an app. By personalizing these conversations, organizations can gather insights by using speech analytics and manage data collected in various forms such as video, audio, and text. To develop a customer-centric transformation requires financial institutions to understand customers buying behavior, their performance, and choices across different devices or channels. The omnichannel strategy allows banks and credit unions to deliver their products and services to targeted consumers across multiple devices such as a smartphone, tablet, desktop, thereby unlocking many avenues of profitability.
Banks and credit unions must enhance the impact of every channel in terms of investment and revenue optimization. Streamlining the interactions, products, and relationships across channels will help financial institutions reduce time to market for new products and services, allowing for enhanced agility. Banks must raise brand awareness, drive loyalty and ultimately provide value to their customers by obtaining data from every transaction, generating new revenue streams, targeting specific audiences, improving sales, empowering consumers with self-servicing banking, monetizing the value of customer analytics, and enhancing the brand value. Whether the customer walks into a bank branch, does banking on a desktop or through a mobile phone, uses an ATM or a smartwatch, financial services organizations must enable each channel to serve consumers at the time and place desired. Currently, most financial organizations are focusing on improving an omnichannel strategy. Developing a unified and single platform, with the capability to manage all channels can enable banks and credit unions to be in tune with new-age fintech startups and tech giants on the innovation and service delivery front.
This edition of CIO Outlook brings you the “Top 10 OmniChannel Solution Providers 2019.” This list gives you some of the most prominent organizations in the industry. The proposed list envisions assisting companies to gain from the services of Banking Technology Solution Providers who suit their specific requirements and help them enhance their expertise.