banking
Delivering maximum convenience
Why omnichannel transaction processing is more important than ever for retail banks
By Marnie Thorp , Marketing Manager , NCR Payments – www . ncr . com
As consumers become increasingly accustomed to using various platforms and devices to manage their money , the pressure on banks to deliver maximum convenience and a fully joined-up service across channels – otherwise known as an omnichannel experience – becomes that much greater .
There are a number of challenges to overcome on the journey to full omnichannel capability . Fortunately , there are just as many benefits to be gained for both financial institutions and their customers . Some of the biggest upsides can be seen with omnichannel transaction processing , which will likely be a vital area of competitive differentiation for financial services providers in 2018 and beyond .
Consumer habits and expectations Broader trends and technological developments across various industries have had an impact on what consumers expect and appreciate from their chosen brands . Take the retail industry for example . The ‘ click and collect ’ concept – whereby a consumer places an order online and picks up their goods at a physical location of their choosing – has fueled demand for service providers to offer maximum choice and convenience by unifying digital and physical channels .
Expectations are particularly high in the banking industry . The importance that is so often attached to financial transactions means financial institutions have little scope to make mistakes , even when they ’ re managing extremely high transaction volumes in relatively short timeframes . Furthermore , the nature of physical banking channels ( i . e . branches and ATMs ) is changing , with technological innovation helping to remove barriers between the ATM and the mobile space , for example . Branch transformation is contributing to a new view of what can be achieved with automated devices and through remote access to bank cashier .
These trends point to the ongoing evolution in what people expect from their banks , particularly where omnichannel transaction processing is concerned . Providers able to meet and exceed these demands will keep their customers happy and , as a result , strengthen brand loyalty . However , it ’ s vital that the proper solutions and technological infrastructure are in place to support omnichannel service delivery .
Challenges and opportunities Arguably the biggest challenge of all for financial institutions – particularly well-established organisations – where omnichannel capability is concerned , is the persistence of legacy infrastructure . For many banks , transaction processing is still siloed . Each channel – be it ATM , branch , mobile or anything in-between – has its own tools and processes for handling transactions , with each connecting independently to the core banking system or external services . To truly meet the modern-day consumer ’ s omnichannel expectations , transaction processing must be seamless across channels . In addition to delivering a better customer experience , this helps to reduce the costs involved in updating and managing a range of technologies and system connections for various channels .
The good news for banks operating today is that they have access to the solutions required to achieve genuinely omnichannel transaction processing . If your business is willing and able to invest in replacing outdated legacy systems , the benefits for your customer base and the organisation itself will be clear to see . n
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