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:
This allows the bank to make a quantum leap in its customer experience through the consistency and persistency I mentioned earlier, as well as:
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.
Tags- Difference between multichannel and omnichannel banking Digital Banking Multichannel Omnichannel Retail Bank Transformation Retail Banking