What is Omnichannel Banking & How it Impacts the Future of Digital Banking

The financial industry works totally differently from what it used to be a few years ago and digital banking remains at the forefront for the banks to adopt the evolving changes. This technology disruption leads to new customer expectations but also offers new opportunities for banks. Online and mobile banking have become the primary channels of interaction for most consumers. The surging trends of online banking increased the demand for intuitive self-help and instant access to other online channels.

Recently, banks have moved toward Omnichannel Banking Solutions for smoother and seamless transactions. What customers expect is convenience and simplicity in their banking transactions irrespective of any digital channel of communication they use. This is exactly what Omnichannel Banking promises to deliver for both banks and customers. However, a good omnichannel strategy is one that combines the digital as well as physical channels to provide a seamless customer experience.

For instance, to win over customer’s trust banks can deploy Verified Call or Truecaller Verified Business Solution with Voice Broadcasting to send payment reminders, account balance updates, and any other bank updates. Once the customers can see the verified badge, brand name, and logo this eventually leads to an increase in call answering rates. Post-call email can also be sent to customers with the payment link and other relevant information, resulting in higher customer engagement.

Here’s how Omnichannel Banking Solutions is redefining the banking experience-

Provides a Personalized User Experience-

Customers keep on changing from one to another and expect an integrated and seamless customer experience throughout in a synchronized way. Omnichannel banking experience is all about allowing your users to browse your bank website and connect with your bank wherever they are. Nowadays banks offer a dynamic experience across multiple channels the users can deposit checks in banks and if required cancel payments from WhatsApp Business Solutions with minimal messaging to a virtual chatbot as effortlessly as possible.

Remote On-boarding-

Though digital banking and mobile banking are becoming important for customers we never thought that the shift of remote onboarding will take place at this pace. Today most banks offer remote onboarding due to the COVID-19 pandemic and the social distancing norms and that in turn allowed banks to onboard new customers remotely. The bank’s onboarding process used to be lengthy and manual where a customer was made to visit a branch location, printing the document, verifying them all would require a lot of manual work, but with Omnichannel Banking Solution are able to open accounts easily with any of the Enhanced Business Messaging solutions that bank has to offer.

Automated Chatbots-

Automated chatbots open up the door for better customer engagement, increased trust, and long-lasting relationships with their customers. The automated query resolution, it overall reduces the customer service cost by enhancing the customer experience by answering the most FAQs on the bank working hours, nearby ATM locations, the interest rates on loan and deposits and many more. Every transaction that takes place on Chatbots is secured with multi-layered data security and two-factor authentication to avoid fraud and make sure that the user id password is known to the account holder only.

Advanced Analytics and Reporting-

Route Mobile’s Omnichannel Banking Solution comes with advanced analytics and reporting and the banks get access to a wide range of performance statistics. This can be further utilized to develop insights into the customer segments and behavior and thus increase the effectiveness of omnichannel sales. As it is interlinked with each channel the system is also properly maintained and the data which is collected is centrally collated enabling the banks to focus on the right customer at the right time.

As the concept of banking is changing with the booming digital transformations, Omnichannel Banking Solutions is pivotal for the banking and fintech industry. Switching to the omnichannel experience will allow for better personalization, help businesses to grow faster, and target more audiences.

Want to build an Omnichannel banking strategy that has the capability to deliver the right digital experience across all the channels? Contact us NOW!