Omnichannel banking is being used by financial institutions across the globe. It primarily helps them to minimize costs via automating processes, driving revenues – all a result of enhanced customer experiences.
Moreover, all of this happens at the same. Sounds too good to be true, right? Let’s deep dive to get a better understanding.
What Does Omnichannel Banking Really Mean?
A number of studies highlight that the rise of usage of digital channels in banking year on year. That said, there are customers who still want to be able to have access to a branch occasionally. What this really implies is that the institution needs to be focused on both delivering customer service across all offline and online channels.
Simply put, SAP Consulting defines omnichannel banking as “a business model where the customer engagement adopts the perspective of the customer by delivering a seamless and consistent message across all channels, allowing a customer to begin a transaction on one channel or one device and move to another seamlessly without losing a quality experience.”[MS1]
Clients too can participate in the omnichannel banking experience by operating their accounts via a website, a mobile app, a call center, a bank’s branch, or any other available channels.
But that’s not all.
The perfect omnichannel banking platform will enable data synchronization in real-time between multiple channels. This involves customers initiating their onboarding process through one channel and wrapping up the process on a completely different channel without having to feed in their data repeatedly.
What are the Key Benefits of Omnichannel Banking?
MDSap is a recognized SAP Partner in the UAE that offers the following benefits of omnichannel banking to its clients in the Middle East.
Moreover, going for a cloud data warehouse architecture from a service provider like SAP Partners ensures easy implementation and scalability.
- Digital Operations: SAP offers a digital first approach that enables financial institutions to adopt omnichannel banking as a means to provide customers access to both digital and offline services.
- Better Communication: Implementation of omnichannel banking allows monitoring and tracking of all communication touchpoints for both existing and prospective clients.
- New Revenue Streams: Omnichannel banking provides access to new features like online onboarding, complex data analytics and marketing that facilitates better decision making.
- Reduced Costs: Omnichannel banking platform automates mundane and repetitive tasks minimizing operations expenditures, leaving human resources to execute more complex jobs.
- Enhanced Security: All omnichannel banking platforms come secured with multi-factor authentication protocols that keep user data safe from unauthorized access.
What Are the Major Challenges of Omnichannel Banking?
Despite the great benefits that SAP Partners provide clients in terms of omnichannel banking solutions, why does a hesitancy towards adoption still exist? The fundamental reason behind the lack of implementation is that migration from legacy software architecture to an omnichannel digital ecosystem can be a very challenging experience.
- Massive Investment: Omnichannel banking platform deployment requires significant monetary investment.
- 360 Degree IT Redesign: Deploying omnichannel banking means a complete redesign of your technology and IT systems.
- Change in Corporate Culture: There is a tectonic shift in corporate culture when financial institutions decide to drive digital transformation at this level.
Even though challenges exist, the waiting strategy in the adoption of omnichannel banking can prove to be a costly mistake in the long run. On the other hand, if you are indeed convinced that this is the way forward then it’s time to find the right partner for your journey.
MDSap, one of the SAP Companies in Dubai can help you with a range of omnichannel banking services that will offer your customers a more connected, always-on experience.