Banking Analytics, Omni Channel Analytics, Retail Banking Analytics

Omni Channel Retail Banking: An Innovative and Customer-Centric Approach


What is Omnichannel retail banking?

With over 58% of global population owning a mobile phone and average screen time per user up to 3 hours 15 minutes, it is evident that the new generation customers desire round the clock connectivity with their service providers. The preference of a new age banking customer lies in efficient connectivity and the ability on early notification of launch of contextual services. This sets out customers with more personalized services that they deserve and enables them to stay abreast of any relevant offers from the bank. Such capabilities can be achieved through Omnichannel retail banking and drive customers to have an Omnichannel experience and connectivity.

It refers to offering the same services to the customers across all the available channels including both offline and online. Ever since banks started adopting Omnichannel strategy to optimize digital distribution, they could witness hiked-up sales, seamless communications, and effective personalization. The numbers of digital customers who use multiple touchpoints to the bank have been increasing when compared to customers who want to bank in person at the branch.

Why do banks need to embrace the Omnichannel in retail banking?

From optimizing operations and communications to discovering new revenue streams, the Omnichannel gives an edge to financial institutions. Banks need to harness the potential of Omnichannel analytics to know how their customers are interacting in the financial services ecosystem. It helps banks to gain transparency over transactions, channels, and behavioral patterns. Omnichannel experience inevitably boosts customer engagement and facilitates ever-changing customer preferences.

Gears up marketing: Coupled with powerful analytics, Omnichannel can derive the best-valued recommendations for customers. Such super-efficient personalization can help banks in offering the right product to the right customer at the right time. Such strategies also result in higher customer satisfaction.

Impacts sales: The essential factor of Omnichannel in gaining the preference of customers is its ability to bring in the human touch. Data points fetched out at multiple levels of customers’ banking journey can be used to build a strong relationship between the bank and its customer that maximizes sales.

Fortifies financial services: Omnichannel banking apart from allowing users to bank using various channels/ devices, also allows users to transact on their preferred channels during their journey enabled with high data security. So the customer may start the interaction across one channel and end it using another with a unified view of customer data.

How can Spin data and strategy’s NPOWAR  reinforce omnichannel banking?

The synergy of modern AI methodologies and advanced predictive analytics is NPOWAR, SPIN’s very own analytics solution. NPOWAR seamlessly integrates the 720⁰ user profile across demographics, transaction data, usage channels, offers, compliance, fraud and social channel engagement o create an impactful personalized experience for banking customers. Banks can optimize the data derived from multiple channels for the advantage of the business. A few banks have already realized the efficiency of NPOWAR and are leveraging it to streamline processes like customer segmentation and profiling, personalized recommendation, upselling and cross-selling, and more.

Technology is changing the face of new-age banking. This is the result of users’ adaptability to the digital age and the way they bank has changed gradually. It is time that banks should establish a strong unified multichannel infrastructure and utilizes user data to provide a delightful customer experience throughout their journey.

The preference of the customer lies in efficient connectivity, personalized experience, optimum service quality and being engaged at the launch of new services by the bank. This sets out customers with more personalized services that they deserve and enables them to stay ahead of their peers in transacting with their banks. Such capabilities can be archived through Omni channel retail banking and drives customers to have unified personalized channel experience and continued connectivity.

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