How to Build an Omnichannel Digital Banking Solution

Banking like many other industries has been undergoing a continuous digitization process for some time already. Digitization in the banking sector triggered massive transformations, encouraging banks to search for custom finance software development services to build digital banking solutions. With all this, banks have started adopting digital marketing strategies from e-Commerce to improve their level of services and keep their customers’ satisfaction at a high level. One of these strategies was to adopt a multi-channel approach to provide customer service across various channels.

The multi-channel model has become a good foundation for further digital ecosystem development – the omnichannel approach. Omnichannel banking solutions allow financial institutions to interconnect their selling and communication channels, providing a comprehensive banking experience to their customers. In the post-pandemics times, when businesses increasingly rely on digital solutions, banks have to rapidly consider the possibility of shifting their customer service models from multi to omnichannel.

In this article, we’ll look into the details of omnichannel banking and its advantages, and explain why banks need to consider its adoption right away.

What Is Omnichannel Banking?

Omnichannel banking is a set of services with a seamless experience offered by banks to their customers via diverse online and offline channels. Bank customers can perform various banking operations by using mobile banking apps, websites, call centers, bank branches, and other banking channels. They are united into one digital ecosystem and synchronized among each other. This way, customers receive an uninterrupted banking experience anywhere and anytime.

For example, a bank customer can issue a credit on a website, though finish document processing via a call center without the necessity to repeat all the data all over again.

The adoption of the omnichannel approach in service provision is becoming a widespread strategy for many businesses, including banking institutions. It represents an enhanced multi-channel service provision model and includes the following features:

• a client-centric view – when banks move from a bank-centric to a client-centric view. It means that they care about the experience their customers obtain when interacting with the brand, e.g. a well-build customer journey map, understanding and optimization of customer touchpoints, and other;
• interaction via multiple channels over transaction – when banks attempt to connect with their clients rather than provide automated services, e.g. using a personalized approach, instant issue solving, etc.;
• understanding the client want and need through analytics – when banks strive to exceed expectations of their clients by anticipating their wants and needs with the help of detailed customer data analysis;
• reliance on systems of engagement – when banking institutions use FinTech instruments designed for their clients, e.g. mobile apps built for customers or business partners for effective interaction with the banks;
• reliance on big data – big data is a source of valuable insights on how to improve customer services as well as streamline inner workflow for financial institutions.

Key Benefits of Omnichannel Approach in Banking

When adopting an omnichannel model, banks obtain an integrated infrastructure of all promotion channels. It allows switching between the channels without any disruption in customer journeys, leading to more convenient and personalized services.

Let’s have a closer look at the advantages that an omnichannel model can offer to banks and their customers.

• Fast problem resolution 

Omnichannel banking allows customers to use different channels to solve their ongoing banking problems. Therefore, they can switch from digital tools to face-to-face interaction with bank managers and back, resolving their issues faster. Moreover, the interconnected system makes customer issues more visible to different banking departments which helps to exchange the data or find a specialist who can solve the problem more quickly.

• Cost-effective

Omnichannel digital tools often include chatbots and digital assistants which help resolve simple customer inquiries without the necessity to refer to banking personnel. It reduces the operational costs allocated for customer service as well as allows bank workers to better focus on more complex issues.

• Personalized approach

Advanced analytics is a part of the omnichannel model. The model requires banks to deeply analyze the data they gather from their customers, learning more about their habits and preferences. As a result, banks can create and provide the best offers to their customers and better learn about each of their customers’ needs.

• Improved communication

With omnichannel digital tools, banks can establish effective communication with their clients and potential customers by tracking all the touchpoints and using various communication channels.

• Enhanced security

Omnichannel banking involves strong security tools such as multi-factor authentication, SMS verification, mobile banking app verification, and many others. This way, banks can keep their customers’ personal data safe while providing effective services.

Why Use Omnichannel in Retail Banking?

Digital transformation has heavily influenced the banking sphere. Many banks have already established their online pre