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What is Omnichannel banking?

The word omnichannel banking indicates the use of more than one channel. In the world of banks, omnichannel banking implies banking services provided to customers through multiple channels. Traditionally, banking has been provided through one channel, namely the bank branch. 

For any work, the customer would have to personally visit the bank branch for any work. As banking evolved, so did multiple channels.Telephone banking was introduced. With the growth of internet, online or internet banking has become prevalent.

What Omnichannel banking is all about?

Omnichannel banking is where offline and online services are provided to customers by a bank. What this means is a customer can either choose to visit a bank to get services or can do it over the telephone or by using an app or visiting the bank’s website. 

Internet is now available almost everywhere and with the growth of smartphones, internet access through mobile phones has become common. This has made online banking popular. A customer can transact on a bank account either by logging in to the website of the bank or using an app that the bank provides.

Even though digital channel or the online channel is popular, it is interesting to note that nearly a quarter of the bank customers still prefer to visit the branch. A study revealed that 58% customers preferred to use online services. 18% used telephone banking services. 24% of customers preferred personal banking at the branch.

Benefits of Omnichannel banking

Banking through multiple channels has many benefits. This includes:

It provides greater convenience for customers
who can do their banking through various channels. They don’t have to visit the branch and can carry out all banking transactions from the convenience of their home or office.

complete control over his/her banking account. 
A great benefit of omnichannel banking is that the customer has complete control over his/her banking account. The customer can know the account balance at any time and also be informed immediately when a transaction takes place. This is very useful as if there is any fraudulent transaction, the customer will know of it immediately and can report it to the bank.

improved communication.
It helps to improve communication. Multiple channels allow the bank to communicate easily with the customer.

Online banking allows for automation and this reduces the cost for the banking.

Use of Software
When omnichannel banking is provided by banks, it evisages the use of software. This makes banking work faster at the bank and also for customers.

Many customers fear online banking as they feel it will lead to loss of data and fraud. But there are many security features like use of password, OTP, and two-factor verification that can help banking be more secure.

Omnichannel banking is a highly convenient offering by banks for their customers. It makes banking more convenient and helps the bank improve its operational efficiency.

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