As we continue to integrate disruptive technologies into our daily lives, more and more devices are being used to access banking services. Most often, we do not spare time for online banking “activities” as the lines between online and real-life activities are fading. Thus, the digitally “empowered” consumers feel the need to have consistent services anywhere, anytime, and in a way, they feel is convenient.
And these changing behaviors are causing the banking systems to reinvent their digital interaction with the consumers. Those who do it will establish long-lasting relationships with their consumers.
But how are banks striving to achieve these Omnichannel solutions?
Omnichannel Solutions Decoded
Omnichannel solutions refer to a multichannel approach to marketing, selling, and interacting with consumers, leading to a seamless and cohesive way of transacting, irrespective of the consumer touchpoint or device.
However, let’s not use the term Omnichannel solutions interchangeably for Multichannel solutions. The major difference between the two is that the multichannel approach helps you sell on different channels including online and offline. Whereas, the Omnichannel solutions connect all the channels seamlessly to improve the “entire” customers’ and users’ experience rather than giving a “fragmented” customer experience on different channels.
In simple words, Omnichannel solutions integrate customer interactions across all the channels such as social media, email, SMS, video, web forms, brick and mortar visit, and so on and present it as a single view to the sales representatives.
To Achieve This, Banks Need:
- Impeccable customer targeting- With advanced data analytics
- Personalization of sales offers across the channels- Guided by customer activity and sales history
- Motivated sales team–Equipped with intelligent Omnichannel solution tools
Top 10 Omnichannel Solution Providers For Banks
Backbase helps banks develop services and distribute them to all the customer touchpoints like mobile and social channels.
The robust Omnichannel software services include integrated content management and data analytics, intelligent forms-based dialogs, application integration with utmost security, cross-device delivery, smart customer targeting, digital marketing tools, mobile wallet, and gamification support.
Another feature worth mentioning is the robust application integration technology that ensures easy coupling with the existing system, making it possible for the banks to leverage their past investment in IT infrastructure.
This Omnichannel solution is the amalgamation of elements like Finacle solutions and a digital marketing platform called ‘Brandedge’. It promises to support seamless unification of a high number of channels, social channels, mobile channels, mobile wallets, and gamifying experience with impeccable sophistication.
Its highly flexible customer experience results from solid product architecture and robust product strategy with no gaps.
Omnichannel service by this provider is built on eight Sopra banking platform modules. As far as the support goes, mobile channels and mobile wallets are more strongly supported compared to gamification and social media channels.
Another force behind the powerful performance of this banking solution is its well-defined product strategy based on Cloud-ASP services and SaaS.
It is touted as the best-in-class Omnichannel customer service provider for banks characterized by a seamless and consistent customer experience across several touchpoints and channels of interactions.
It maximizes the reuse of components and backend integration in the form of mobile apps, web apps, chatbots, conversational apps, smart wearables, etc.
SAP’s Omnichannel solutions, with over 500 microservices, helps banks build responsive desktop, mobile, and tab apps with a unique customer experience and simplify digital banking.
Various customer engagement and commerce in the SAP Hybris portfolio help to achieve rich customer interaction. Application programming interfaces among these components across different touchpoints assist banks to get an extensive insight into customer behavior.
Thanks to its modular architecture, banks can now roll out new products and services without disturbing the existing systems. The open architecture supports innovation and collaboration.
6. IBM Industries
IBM’S integrated Omnichannel customer experience, built on multi-channel architecture and strong data analytics, delivers a highly personalized digital experience across every touchpoint.
Faster innovation and superior experience in multiple channels, like online and mobile banking, ATM, Bank branches, and contact centers, is due to its solid infrastructure.
Wipro’s Omnichannel solution aligns with the banks’ vision and optimizes customer journey mapping by an all-inclusive approach to architecture and design of solutions.
Frictionless channel security and analytics characterize the solutions. Also, its ready-to-implement features like digital account opening, digital ID-based customer verification in real-time, biometrics, and notification on wearables indeed fasten the solution implementation.
8. Tata Consultancy Services
TCS BaNCS Digital, built on the hybrid platform, has a unique ability to allow the end-user to shuttle seamlessly between banking and trading apps without an extra step of authentication. Its remote check deposit facility is digital and proof of customer convenience offered by the solution.
Also, the mobile application is secured with binary protection, APIs, anti-tampering, and anti-jacking.
Omnichannel customer services by mFino support banks to connect existing siloed channels and deliver superior digital banking experience at all customer touchpoints such as web, mobile, wearables, IVR, ATMs, and branches. This helps banks gain important insights and actionable analytics to power personalized banking offers.
10. Digital Edge by Asseco
Consistent digital banking experience across all channels is what this Omnichannel customer service delivers. Self-service, assisted touchpoints, cross channel integration, secure access, responsive web design, consistent web, mobile, and ATM apps are other notable features.
Omnichannel solutions have become indispensable to modern banking. While the consumers might not know all the concepts, they do know what to expect while using their bank’s digital banking systems and online platforms.
Thus, offering a robust Omnichannel technology should be the next–step for the banks wanting to give a par-excellence experience to their customers.