In a previous blog titled, “What is Omnichannel Banking?” we tried to describe what our customers, analyst friends and partners think omnichannel banking is all about. Besides moving towards customer centricity, dealing with rapid technology disruption and taking on more infrastructure change, here are some further observations that I think are worth sharing:
- Implementing an omnichannel banking framework is synonymous with digital transformation
- Omnichannel is not on a timeline – it is an ever-evolving strategy that morphs around the customer
- Omnichannel requires ongoing adjustment to new technologies as they are introduced into the market
- Omnichannel spend needs to result in profit rather than purely a customer retention strategy
And last, but certainly not least:
- Omnichannel requires an overhaul in the way we think about, and manage, self-service banking ecosystems
Well earlier this month, INETCO released a whitepaper that focuses on this last point – aligning new performance management requirements with what we called “the building blocks” of digital transformation. These are various initiatives aimed at:
- Delivering the right products and services to the right customer segments– Using advanced market segmentation and personalization to engage customers across all channels.
- Transaction streamlining – Supporting the behavior of digitally driven customer segments through more convenient self-service options and branch transformation
- Interoperability – Minimizing risk and supporting faster integration of legacy banking systems, third party applications and technology advancements
The paper discusses why leading banks and credit unions are choosing to manage customer experience and banking operations infrastructure from a real-time, multi-channel perspective. It also outlines some of the new performance management requirements emerging out of bank technology and infrastructure projects such as payments modernization, cross-channel service delivery, branch transformation, digital banking channel development and customer analytics – all high priority omnichannel and digital transformation initiatives that can open new revenue streams, deepen the customer relationship and lower the cost-to-serve.
If you want to explore how a strong portfolio of omnichannel management tools will help you manage the real-time performance of their omnichannel banking projects, or would like to better leverage operational data and customer data across all channels, please take a few minutes to read this paper.
And as always, your comments and feedback are warmly welcomed. Wishing you a successful omnichannel journey!