With digitization taking over the world, people have moved to a digital-first approach. Hence, businesses have also evolved with changing customer needs. This transition has already happened in all industries, including retail banks.
Retail banks have transitioned from brick-and-mortar and extended their presence digitally with multi-channel strategies. Retail Banks now have multiple touchpoints for customers to connect with them like a Mobile App, Website, Offline Branches, Kiosk, an e - lobby, Agents, WhatsApp, Chat agents, etc.
But in today’s day and age, a multi-channel strategy alone won’t help; retail banks need an omnichannel strategy.
What Is Omni Channel Banking?
An Omnichannel Banking strategy involves seamlessly integrating multiple channels to deliver an uninterrupted experience. These solutions are also equipped with capabilities to record user insights and suggest intuitive solutions using AI.
Suppose somebody opens up your bank’s website with the intent to apply for a credit card. Still, for some reason, they leave the process halfway through after giving their basic details.
The omnichannel banking solution will create a temporary profile with their name and keep a record of it.
And, if after a couple of days, they make up their mind and visit the bank’s branch to apply for a credit card. The bank employee can immediately retrieve their half-filled form once they share their basic details and finish the process from there.
Or even if they don’t come back to you, since your omnichannel solution has recorded their activity, it will drop in a reminder to your sales and marketing team to check back on them. You can further automate this process.
What Is An Example Of Omnichannel Banking Platform?
PayNet Systems is a White-label neo banking platform that stands as the perfect example of software that can break the innate barriers of a multi-channel approach, required for smoothly building an omnichannel banking platform. PayNet offers super-customizable omnichannel banking platform solutions and has saved valuable time for clients:
Mobile Banking: Enabling banks to take a mobile-first stance by giving ways for client Onboarding, Usage, Engagement, and Advice.
Conversational Banking: From easy customer onboarding, handling queries, and capturing sales leads, to booking quick appointments and sending alerts, PayNet Systems makes everything easy.
Corporate Banking: PayNet Systems helps you build a fully digital experience for your Corporate Clients, using our Market-Ready Corporate Banking Solutions.
Eager to know Who we are? Let us help you get started with a customized omnichannel banking platform.
How To Select An Omnichannel Banking Solution?
Knowing how crucial an omnichannel banking solution can be, it is essential to understand how to select one. PayNet System ensures to tick all the checkboxes required for our clients to customize our omnichannel banking platform solutions, according to their needs.
Now, some parameters on which you can judge them are:
1. Multi-Channel Experience:
The point of such a solution is to give users a seamless multi-channel experience. It should support your retail bank’s mobile application, website, social messengers, and every other possible touchpoint.
The customer should effectively be able to switch between channels without any disturbance.
The Omnichannel banking solution should be scalable to all your channels and provide a seamless switchover.
2. Secure:
Undoubtedly, this is one of the most important factors to consider before you go ahead and implement any solution. The platform will have full access to your customer’s data; thus, security can never be compromised.
You must thoroughly understand the security protocols the solution follows to keep your data safe.
For example, PayNet’s omnichannel banking solution is compliant with certified security guidelines like OWASP. It provides multilayered security and regular third-party audits like PCI DSS to maintain the best possible data security standards.
3. Ease of Integration:
How convenient it is for you to integrate this solution into your existing platform. How long will it take to implement it fully and get the process up and running? How cooperative is the team that will help you in the integration process?
These are some essential questions that you should ask before committing to a solution.
For instance, you can smoothly integrate multiple systems and services with PayNet’s Open APIs and enterprise-ready connectors for all significant CBS, CRM, and BPM systems.
4. Customizable:
You would not want to implement a rigid solution that can’t be customized as per your expectations.
Ensure the solution you are looking at can be fully customized as per your needs. Once implemented, the platform should not look disconnected; it should perfectly gel with your brand’s look and feel.
PayNet is fully customizable. You can collaborate with our App design consultants to design a tailor-made experience for your customers. Or you can create one on your own.
Why Is An Omnichannel Banking Solution Important?
Let’s have a look at some data to understand better how omnichannel can help retail banks.
If you look at the below chart, you will find that most customer interactions occur online, contributing to a tiny sales percentage.
It is because, though, for day-to-day activities like withdrawals, payments, etc., people will use any one of the touch points and complete their actions. When they have to make complex decisions like taking a loan, making an investment, etc., they will likely browse your services online; however, they need a nudge to take the plunge.
With the help of an omnichannel strategy, you can identify such potential customers and help them decide.
It will provide your sales and marketing team with information about such leads and make the process easier.
Also, one of Mc Kinsey’s other researches found that customers who use multiple channels are likely to buy more products from you.
These solutions also collect data about your existing customers and share insights for your team to upsell with personalized communications.
Conclusion
Retail banks leave much money on the table by not keeping track of active leads, recording customer insights, and delivering a smooth switch-over between online and offline channels.
An omnichannel banking solution can be instrumental in helping you improve your customer experience while also increasing your revenue.
FAQ's
What are some of the best omnichannel banking platforms?
Some of the best omnichannel banking platforms include: PayNet Systems, Temenos, Infosys, and Backbase
What are the benefits of an omnichannel banking platform?
What are some constraints of an omnichannel banking platform?
Ankur Mishra is the COO of PayNet Systems, one of the leading digital banking and payments solutions. He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.
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