Omnichannel banking allows a customer to access their banking services, in real time, through any channel they choose, be it the physical branch, an ATM, a call centre or online. Implementing it means allowing customers the freedom of choice to access their finances anywhere, at any time, via any medium.
“Choice is the way forward, always”, says Ms Alzetta. But, she continues, although retail banks have begun to embrace an element of omnichannel banking, it has yet to develop to its fullest. “Omnichannel banking has been implemented mostly in terms of transactional activity. What would be a real novelty would be to rethink the most complex products and services banks provide, such as mortgages.”
The opportunities, should traditional banks fully embrace omnichannel banking, are extraordinary. In essence, it could mean a comprehensive, joined-up experience for the customer, at every stage. “If you call up to enquire about a credit card, and say ‘I’ve got a question about my mortgage too’, you shouldn’t be transferred,” says Mr Paris. “When you go into the bank and tell them you’ve been speaking to someone on the phone, they shouldn’t say ‘you’ve got to go back through the call centre, because I’ve got no idea what you’ve been doing’. It goes-hand in-hand with open banking.”