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6 Tips for Omnipresent and Multichannel Banking

Posted by KingEclient on 24 November, 2015

Would you like to know where banking is heading in the not so distant future? Well, if we had to summarize the main banking trends, we would sum them up the following six tips.

 

1. Mobile

It’s not news anymore, but banking has gone mobile. When users have to perform fast transactions or have a quick glance at their financial status they choose their mobile phones almost 100% of the time. Consumers and mobile financial services.

 

2. Omnichannel

Banking is not just going mobile. It is also omnipresent, located on every single channel imaginable. We are heading towards an omnichannel banking approach. This new term is not just part of the widespread hype in the online banking world; it is rather a brand new concept that describes what most users do. Just as none of us buy everything we want in the same place, omnichannel advocates argue that users may begin a transaction on one device, (e.g. their mobile), and later, finish it it elsewhere, (e.g. at an ATM). So what is known as the multi-device approach has not disappeared; it has simply been incorporated into the seamless and more complete omnichannel banking approach (e.g. Idea Bank, Finovate 2015).

 

3. Automation

One of the issues most of the people in the sector wonder about is what will happen to banking branches: Where will the face-to-face interaction between teller and customer go? Will offices disappear?

Well, if you happen to be a bank teller, don’t worry, banking is not going fully automated (at least not yet). What is starting to happen though, is the following: ATM’s are becoming more sophisticated and incredibly user-friendly. But banking branches are using these ATMs as helpers, not substitutes, for the banking tellers we all know so well. And there’s another question: can ATM’s do the tellers’ job? The truth is, they can’t, not all of it.

But this new generation of ATM’s (e.g. M&S self-service branch, London, 2015) can guide the customer through complex transactions in real time and tellers can even guide customers through video conference calls, give them advice, answer any queries, etc., all through these smarter ATM’s.

 

4. Security is one of the main concerns for those who have not yet taken to home-banking

Is it really safe? What if my smart phone is stolen? Well, nobody should worry about this anymore.

Nowadays, performing any transaction through your phone is safer than crossing the street in a one-horse town. State-of-the-art technology and online security gadgets are constantly being updated in smartphones. For instance, do you know about fingerprint or voice authentication? What about eyeball selfies (e.g. EyePrint ID) to log into your accounts?

Even though these may sound like futuristic solutions, they are currently being tested to provide customers with the best and most secure Omnichannel banking experience. In addition, one of the first cards with a dynamic CVC (e.g. Getin bank, 2015) has been launched on the market by Mastercard. This code is embedded in the back of your card and it simply changes automatically; e-shopping safety increases as the code randomly changes.

 

5. Please, write your password

Please, write your password. Please, write your password again. Nobody likes typing their password again and again every day for every single transaction they perform. That is one of the reasons why FIDO is currently implementing different ways to log in safely just once and to offer a seamless and responsive online banking experience.

 

6. Big Data

Last but not least… Business Intelligence (BI), of course. This emerged a few years ago with the Big Data and Machine Learning boom, although ML was already there in the 90s.

The future of banking depends on the use of Big Data, how else would banks be able to make tailored offers to their customers? There are many tools to explore vast quantities of data and discover unknown patterns across seemingly unrelated segments. If you are interested in the topic, Oracle launched a Big Data tool containing unsupervised Machine Learning algorithms to define campaign targets: Real Time Decisions.

It seems that banking is heading rapidly towards the future, hand-in-hand with new technologies and cutting-edge ideas to adapt to millennials as well as to its more conservative clients. Mobile phones, desktop computers, and wearables are now part of a tailored and seamless banking experience. Are you ready to become part of the Omnipresent banking revolution?

Written by Elisabet Matamoros

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