The world is going through unexpected circumstances with COVID-19 changing the strategy for almost every industry. The banking industry was already going through renaissance with cashless transactions and the digital banking approach. But today with more and more contact restrictions coming into picture, it has become a necessity rather than just a feature. Several banks were already researching and even working on a strong omni-channel paradigm even before the pandemic hit.

What started as a single channel medium translated to an aggregation of multiple channels that remain connected like an IoT banking ecosystem. The single channel banking involved just one touchpoint that connected customers to the bank, mostly the physical bank branch. Gradually, the introduction and accessibility of different devices gave way to the development of multi-channel experience that allowed the customers to interact with the bank through any of the devices individually. Further came the cross-channel experience that provided multiple touchpoints to engage with the customer individually. This mechanism still lacked the ability of the devices to interact with each other interchangeably. This shortcoming led to the development of omni-channel ecosystem that integrated several touchpoints seamlessly allowing customers to connect with their bank through a device of their choice and much more.

Key Features - Omni-channel Banking
Consumers want to move fluidly from one channel to the next. This includes the ability to start a transaction online and completing it in the branch. The customers might want to research something online and have a bank personnel explain more about it when they go into the branch. However, with the digital-first approach today, a bank may choose to have fewer branches, but the branch personnel will gradually transform from transaction processors to financial services experts bringing value to customers by offering personalized and sophisticated services.

The data generated through digital mediums of operation have led banks and FIs to integrate their business intelligence and turn it into actionable data. Here are some services that can be offered through a combination of an efficient digital and personalized banking:

Simplified onboarding process
Anytime, anywhere banking
Higher interest rates on savings
Robust reward programs
Convenient usage
Sophisticated firewalls and fraud management systems
Scheduled services
Real-time payments
Personal consultation
Management of high-end services like wealth management

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