The future is omnichannel
The consensus from our Omnichannel Banking Webinar panel is that omnichannel is an important element of a superior customer experience. Omnichannel will enable banks to keep pace with changing customer behaviour and expectations. Channel integration will also unlock data from across the bank – improving banks’ ability to analyse this data to feed better customer insight.
As retail entrants to the banking sector threaten to eat banks lunch, the ability to move quickly to implement a consistent user experience across channels will be a competitive differentiator. But is there a fundamental difference between banking customers and retail customers?
‘Absolutely not –the biggest threat is coming from new entrants from the retail space.’
- Nic Parmaksizian, Director of Global Banking Practice, Capco
Retailers are brilliant at providing omnichannel experiences and banks need to keep up. The ‘new consumer doesn’t want to be pigeon holed in to being a banking customer or a retail customer – they are an individual with a set of needs’. But banks themselves as organisations do have one advantage over the retail sector.
In consumer surveys, Daoud Fakhri, a senior analyst from Datamonitor observes that banks do still retain a degree of trust with the public and are seen as the safest places for people’s money. If banks can capitalise on these core, traditional values whilst embracing new opportunities to improve the customer experience, then banks can stay ahead of the game. But they must act quickly.
Do you agree? Post your thoughts below.