Administrator , 16. March 2023

The jolly joker platform for customer-friendly banking experience Part 2.

Now let’s discover why omnichannel retail banking has become an unavoidable issue in banking?


1. Changing customer behavior: Customers now expect to be able to interact with their banks through various channels, including mobile apps, online portals, ATMs, and physical branches. The pandemic has also accelerated this trend as more people are banking digitally. Banks that fail to provide these channels risk losing customers to competitors who do.

2. Increased competition and service level improvement: The rise of digital-only banks and fintechs has intensified the competition in the banking industry. This calls for service improvement from the side of traditional banks as well, because they need to offer an omnichannel experience that meets customers' evolving needs and preferences to remain competitive.

3. Improved customer experience: Omnichannel digital banking platforms provide customers with a seamless and consistent experience across all channels. This results in greater convenience, personalization, and overall satisfaction, which can lead to increased brand loyalty and greater revenue for the banks.

4. Increasing need for cost savings: by offering digital channels, banks can reduce the operational costs associated with the maintenance of physical branches.

5. Data analysis: Omnichannel banking platforms enable banks to collect and analyze customer data from various channels. This can provide valuable insights into customer behavior and preferences, allowing banks to offer more personalized services and targeted promotions.

In summary, the importance of omnichannel retail banking lies in its ability to meet customers' expectations, provide a better customer experience, and stabilise the business position of a bank in an increasingly competitive environment.

Banks that can successfully adapt an omnichannel approach are able to attract and retain customers and drive growth in their business.

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