Multichannel versus Omnichannel Banking – Part Two

 Author(s): , Posted on September 16th, 2015

In my last blog I wrote about the differences between the Omnichannel and the Multichannel in banking. In this post, I explain how Multichannel banks can transform into Omnichannel banks to deliver the experience that bank clients have come to expect in an increasingly digital world.

Today, banks already have complex networks of systems that provide critical services such as accounting, transaction processing, customer information management, compliance, fraud detection, and the list goes on and on. These systems are highly functional, secure, scalable and available (24*7) – just what we need to provide a continuous customer experience. However, many of these functions are performed by legacy systems that are complex and tricky to maintain and change.

So, do we need to replace these systems in order to come up with Omnichannel banking?

The answer is No.

And it comes about through what some people call “two-speed” IT or others “bi-modal” IT. The key is to maintain the back end systems as “super servers” if you like, and provide a front end channel management system that provides the necessary agile framework for Omni channel processing. You can think of this as an application middleware, but it goes beyond connectivity that would be provided by network middleware, enterprise service bus or enterprise application integration systems.

The framework has several features and components that contribute to the Omni Channel Ecosystem:

  • Adaptors to integrate with multiple different host systems including legacy and non-legacy systems
  • Device framework to provide a common platform for financial devices and telephony
  • Customer interaction data mart that can (eventually) capture all channels (customer touch-points)
  • Business rules and logic that can be shared consistently across channels
  • Interfaces to import campaign management and analytics data
  • Ability to personalize customer interactions based on customer preferences and profile
  • Common user interfaces that are consistent for teller, CSR, call center, back office and other channel
  • Automation and consolidation of transactions across multiple back end systems

This allows the bank to make a quantum leap in its customer experience through the consistency and persistency I mentioned earlier, as well as:

  1. “Omnichannel – enable” existing bank channels such as mobile banking and internet banking
  2. Preserve complete contact history, leads and opportunities visible across channels
  3. Cross-channel knowledge of customer touch points
  4. Cross-channel process management
  5. Optimizing branch and channel model to reduce CapEx and OpEx
  6. Flexible branch format technology enabled
  7. Process re-engineering and automation

Every bank dreams of providing the consistent, persistent and intuitive experience for their customers. Yet most of them are unclear as how to and what to. This blog is an attempt to cut through the fog and help you start actualizing the Omnichannel vision.

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About the Author

Ian Selbie has been in the Information Services industry for more than 40 years in technology, consulting and management roles. He has helped numerous clients in the Asia Pacific region to re-engineer and automate their systems and processes through the innovative use of technology. Read all Posts





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