Omnichannel is Soooo Last Century

Bankers need to think digital rather than use the term ‘omnichannel’ because the Internet is not a channel.

I was at a conference recently when somebody said, “I hate the phrase ‘omnichannel,’” and then went on to talk about the cloud, big data and more management gobbledygook.

Now, don’t get me wrong, we all hate buzzwords but I really hate the use of the phrase “omnichannel” (I call this a phrase, as it is two words). I hate it because it’s just some made-up phrase that some technology marketing person dreamt up to talk about the challenge of all these digital touch-points.
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How to Become Your Customers’ Everyday Bank

Banks have a unique opportunity to capitalize on the vast amounts of customer insight they hold to go beyond simply facilitating payments. They can reinvent themselves as an Everyday Bank, helping customers reach decisions about what to buy, when and where to purchase, and even helping to negotiate the best deals in a ubiquitous Format.
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Omni-Channel Personalization in the Banking Industry

Data-driven personalization is the key to big gains in customer satisfaction, customer acquisition, and account growth. But the complexities involved in implementing a cross-channel personalization platform can be overwhelming. Here’s a break down of the pieces involved with crafting a personalized omni-channel and cross-channel experience.
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Omnichannel is so last century, please delete it

I’m at a conference last week and someone says, “I hate the phrase ‘omnichannel’”, and then talked about cloud, big data and more management gobbledygook after dissing omnichannel.

Now don’t get me wrong, we all hate buzzwords but I really hate the use of the phrase omnichannel (I call this a phrase, as it is two words imho).

I hate it because it’s just some crappy made-up phrase that some technology marketing nerd dreamt up to talk about the challenge of all these digital touch-points.

One step forward form multichannel (1990s), omnichannel purely adds in the mobile as a new touchpoint.

For me, it just falls into my bin of 20th century sayings that include video, tape, disk and more.
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Omnichannel Banking: More Than a Buzzword

As customers continue to change their channel usage patterns, banks and credit unions must focus on delivering a consistent and seamless experience across various touch points. More than just a buzzword, omnichannel banking is an opportunity to deliver bottom line results by gaining insight into customer’s channel preferences and behavior.
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The World of Multi-Channel Delivery

“When in doubt, mumble. When in trouble, delegate. When in charge, ponder.” -James Boren Let’s talk about the multi-channel experience we’re all designing. As we get deeper into the world of branch/Internet/mobile delivery, a very clear planning tenet has been the development of a “seamless, consistent, easy cross-channel experience.” Perfectly valid. Nobody who lives in all of these channels will accept anything but easy. We already know that. – See more at:
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Multi-Channel – I am not your fan!!

Over a bright Sunday, I went out with my daughters to a park full of swings, see-saws and slides, to enjoy the winter sun.

The purpose was to do ‘only physical sports and games’ and avoid going to a shopping mall, with its artificial play areas and junk food options keeping the children away from the ‘real’ games we used to play in our childhood.
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How Banks Can Make Omnichannel a Reality

Banks can start to build a seamless omnichannel experience by delivering consistent product and service recommendations across channels.

Consumers and businesses are increasingly embracing digital technologies and devices in all stages of their buying process. Although banks have embraced a multi-channel strategy where customers are able to research and buy financial products through multiple channels, including the branch, online, and customer service, banks have yet to embrace an omnichannel strategy. The primary difference between multichannel and omnichannel is that omnichannel banking provides a consistent experience across channels with seamless access to financial products and services where and when they are needed.
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From Multichannel To Omnichannel And Beyond

Over the years, my background in IT marketing and product management has brought me close to the subject of how a software should be extended over new channels. I can recall being involved in drawing up specs for new channel suppport on the following occasions in the past 15-odd years:

  • ERP in Branch Office in the mid ’90s
  • Internet ERP in the late ’90s
  • Electronic Bill Payment in the mid ’00s
  • Mobile Banking in the late ’00s, and
  • Social Media Sales and Customer Support in the last one year.

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Evolution of Channel Banking

Banking jargon like multi-channel banking, cross-channel banking and now, omni-channel banking, has led to confusion among bankers and customers alike. Bankers are unsure as to what banks actually want to offer to their customers, while customers do not know what they can expect from banks’ channel banking solutions.

Banks tend to use the omni-channel pitch to rise above competition but clients may not discern this as a significant value-add to the existing services. The onus is therefore on banks to communicate clearly and educate their customers about the difference between omni-channel banking and its predecessor terms, cross- and multi-channel banking.

Read more at Finextra

Evolution of Channel Banking