Banks exist to securely enable customers to conduct their financial affairs, but this requires changes in practices as customers change. While serving older customers who are comfortable with tried-and-true methods, legacy banks are being confronted with young clients who prefer to transact via their smartphones. In our fluid, tech-driven society, providing omnichannel solutions that meet customer expectations without compromising security is crucial for all banks competing in the “new norm”.
Crisis forces change, and often positive, enduring change. Witness banking’s recent response to the COVID-19 crisis. The luxury of slowly unrolling digital transformation was abruptly replaced by the urgent need to provide the bulk of bank services via online or mobile channels. The future for banks lies in maximizing their omnichannel capacity, even after the crisis subsides. They need to reimagine themselves to provide the best service imaginable to customers.
Consumers of banking products and services today are virtually overwhelmed by choices, but omnichannel retail delivery brings it all together for them. How can banks overcome the barriers to the now required adoption of omnichannel integration in their own operations and satisfy their customers’ evolving preferences and expectations?
The way consumers interact with financial institutions is fundamentally and rapidly changing, and this presents a huge opportunity – albeit a challenging one – for retail banks.