23 Mar Are you stuck in multi-channel?
Like it or not, most financial institutions still practice the multi-channel approach, struggling with juggling a bunch of apps and even a bigger bunch of channels they opened to their customers, and now don’t know how to handle them. No, you say?! Hmm, let’s see… How about we count some of the basic apps you implemented when the digitalization frenzy started? First there was online banking, than mobile banking, than you needed to keep up the experience by introducing additional apps for managing budget, savings… and the list goes on.
Now that we have got that out of the way, let’s look at some other pressing issues. The communication across channels and apps is inconsistent, the response is untimely because each of them have separate databases, separate administration interface, making your back office overloaded. You keep spending your valuable resources on operational tasks and, as customers’ needs and expectations evolve, you will get more and more operational, leaving little room for meaningful tasks. So you will hire more employees to handle these operations. Of course, hiring is good, but where is the value for the company?
The costs will grow, but will your business expand the way you expected it to?
This calls for change and change in the banking industry is hard. Out-of-date infrastructure is the first challenge. Today’s technology enables you to make this change no matter how hard it may seem at the beginning. If you look at it long-term, it will make a positive impact on your revenue for sure.
The first step is to tailor your digital journey, recognize the strengths and competitive advantages and align with the overall strategy. The way forward is to enable a harmonious exchange of information, processes and data between different applications and to make switching between channels seamless and intuitive, significantly increasing the likelihood of completing a sale. Make the banking experience a great one with NF Innova.