Deriving A Seamless Banking Experience with Omnichannel Banking Softwareand Mobile Banking Solutions
The omnichannel approach first appeared in retail in 2010 and has since made its way into many other industries, including media, telecommunications, and banking. With omnichannel banking software that supports process automation, financial institutions can cut costs while boosting revenues as the software allows them to enhance client experiences.
What exactly is omnichannel banking?
Omnichannel banking software makes the same set of services accessible and available to banking clients across all channels—both offline and digital—so that they can perform the same banking operations regardless of whether they’re using the bank’s mobile app or website, transacting via the bank’s call center, or transacting in one of the bank’s physical branches.
A comprehensive mobile banking solution also allows simultaneous synchronization between different channels. This means that clients can start a process using one channel then use another channel to finish it, without having to input the same information repeatedly.
Additionally, the omnichannel approach offers many advantages for back-office operations. It can dramatically simplify onboarding processes, improve marketing performance, and boost client retention rates.
Why is it important in retail banking?
Studies repeatedly show that digital banking channels become more widely used every year. However, nearly 50% of banking clients still want in-person services as well. This makes it imperative for banks to deliver the same service quality across online and offline channels if they want to improve customer service.
Choosing the right omnichannel banking software
Financial institutions need to invest in a robust omnichannel banking solution that allows them to serve their clients across the full banking life cycle through any channel. The right system reduces operating costs, decreases time to market, and increases customer satisfaction. It should offer:
- 24×7 banking 365 days of the year for better customer engagement
- PCI-DSS compliance
- Enhanced security via biometric authentication and multi-factor authentication
- SLA support
- Proprietary middleware
- Cloud deployment
Be sure to choose omnichannel banking software that is device, platform, and form-factor agnostic. It should be easy to integrate with the bank’s legacy core systems. Some of the best platforms are single frameworks, with a multi-play approach.
- About the Author:
Ducont Systems FZ LLC is a global technology integrator and IT solutions provider that simplifies digital transformation and induces digital capabilities. We have diversified clientele in various industries including Banking, Insurance, Telecom, E-Governance, Consumer Electronics, Manufacturing, and Utilities & Logistics. We have expertise in Mobile banking solutions, Field service management solutions, Enterprise mobility solutions, and Microsoft and IBM solutions.