The world we live in is increasingly fast paced, with virtually everything becoming more advanced and seamless. People are now accustomed to and expect a high level of convenience and immediacy in all aspects of their lives. From the way we communicate with others to the way we conduct business and access information; everything is now done at a rapid pace. This is no different for the financial sector, where omnichannel banking has become an increasingly popular concept.
What Is Omnichannel Banking?
To put it simply, the term omnichannel refers to providing the same set of products and services to a customer on all channels, whether online or offline, through which they’re connected to a business. In the world of finance, omnichannel banking means providing users with a seamless banking experience, one that allows them to avail all of their needs from a bank’s branch, mobile website, app, call center, or any other channel.
Omnichannel Banking Examples
The great thing about omnichannel banking is that it’s prolific with opportunities and applications. There are lots of ways the approach can be applied, all of which aim to provide customers with a better experience. The following are top four examples of omnichannel banking.
1. Branchless Banking
Branchless banking is an excellent use case of an omnichannel banking structure. This is where banks rely on digital channels to provide users with the majority of their banking services, with brick-and-mortar branches playing a limited role, if any. The idea is that customers can use online and mobile channels to do everything from open an account and apply for a loan to transfer money and pay bills. This means they can bank whenever, wherever, and however they want.
2. Seamless Customer Onboarding
Another great application of omnichannel banking is in customer onboarding. This is the process through which new customers are introduced to a financial institution and given access to its products and services. In the past, this would generally happen in-branch, but with an omnichannel approach, it can now be done online or through a mobile app. This is extremely convenient for new customers as it allows them to get started with a new bank without having to visit a branch, and helps banks to acquire new business quickly and efficiently.
3. Omnichannel Lending
Omnichannel lending is another area where this approach can be extremely beneficial. In the past, if a customer wanted to apply for a loan, they would generally have to go into a branch and fill out an application. However, with an omnichannel approach, they can now do this through multiple channels such as branches, ATMs, call centers, and digital platforms. This makes the process far more convenient and helps to speed up the time it takes to get a loan approved. It’s a great example of how the omnichannel approach can be used to provide an enhanced customer experience, as well as reimagine the traditional processes of financing.
4. Improved Customer Service
Finally, omnichannel banking can also be used to improve customer service. In the past, if a customer had an issue with their account or needed help with a financial product, they would have to visit a branch or phone up a call center. With an omnichannel approach, banks can now provide customer support through multiple channels such as social media, chatbots, and digital channels. This allows customers to get the help they need quickly and easily, without having to visit a branch or wait on hold.
Omnichannel banking is a great way for banks to provide enhanced customer experiences and reimagine traditional banking processes.
Whether it’s providing customers with the ability to bank branchless, or offering customer support through multiple channels, there are plenty of ways this approach can be used to improve the way business is done in the finance sector.
Omnichannel banking offers numerous potential benefits, and is indicative of the direction in which the banking industry is moving. With more and more customers using digital channels to bank, it’s clear that this approach is here to stay.