Banks must shift from channel- and transaction-driven approach, to focus on individual customers
Financial institutions have been trying to keep up with the ever-changing digital landscape and customer expectations. With retailers at the forefront of creating seamless customer experiences – at every ‘point of contact’ – banks’ distribution channel strategies have a lot of to live up to.
Financial firms have tried to address this challenge though omnichannel approach (also known as multichannel or cross-channel). Yet, despite its name, ‘omni’ is typically limited to digital channels and, to some extent, the branch. Most omnichannel efforts do not include call centers, ATMs (automated teller machines) or IVRs (interactive voice response).
