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As retail banks approach the half-year point, how should we be judging the success of their customer service strategy six months into 2024?
Should the metric be how much have they digitised their teller services or how many cross–channel services have they offered?
This is how major banks measure success in responding to changing customer habits. But the fact that more customers bank online is too simplistic a reading of what customers want from their bank in terms of engagement, services, and support.
A better measure of success is how much wider and deeper a financial services institutions’ omnichannel banking strategy has developed since the start of the year. In other words, how well are banks letting their customers bank in the way that they want to, rather than how aggressively are they making customers bank how banks want them to use their services.
The response of financial services institutions should not be about reducing the number of channels, but how they are providing a seamlessly good experience across all channels including digital banking (online and mobile), in-branch and self-service.
What will determine their progress on rolling out omnichannel customer service is whether the bank has grasped the nettle on dismantling how each channel is too trapped within its own technology and operational silo. While it might be tempting to walk away and isolate a legacy channel like the ATM, this is simply unacceptable within the omnichannel model that prioritises customer preference.
The good news is that obstacles to offer cross-channel services are melting away with an upgraded architecture that allows financial institutions to create and provide a consistent and seamless customer experience across self-service and digital channels, regardless of disruptions or changing market conditions.
The benefits of omnichannel services for banks and their customers
One crucial benefit for financial services institutions is how this new software architecture, driving omnichannel banking solutions, accommodates the widest possible range of channels and is a solid platform for integrating newer technologies like AI, biometrics, contactless payments, and AI-powered personalisation, and much more. Even with all of this digital transformation, banks can offer cross-channel services in the form of omnichannel banking at a much lower cost.
Indeed, how much a bank has ensured its technology is future proofed for the unexpected must be on that half-year checklist of jobs done and jobs to get on with. An upgraded software architecture enables seamless integration with third-party systems, fintech innovations, and open banking initiatives, making it easier for a bank to absorb and benefit from the shock of new technologies, emerging standards, and regulatory requirements.
For the customer, the test of how well their bank has furthered its omnichannel strategy will be how consistently banks can engage with their customers across channels. An evident outcome of a new architecture software will be how it empowers banks to maintain their physical presence in communities, offer uninterrupted services, and adapt to the evolving needs and preferences of customers.
Leveraging the right technology
This vision of a well-oiled omnichannel banking experience is the aim of our WinWebServer (WWS) solution, designed to manage complex ATM networks end-to-end, enabling banks to design the next generation banking platform according to their business strategies by implementing a smart client/server architecture that makes managing ATM networks and branches significantly more cost-effective and productive.
It seamlessly integrates physical and digital services, enabling financial institutions to deliver optimal self-service banking offerings across various channels. By unifying the infrastructure, banks can streamline operations and enhance the customer experience.
You can learn more in our white paper here.
