PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

The Movement Toward an Omni-Channel Approach to Banking

By Edward O'Brien
February 13, 2013
in Mercator Insights
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Financial institutions currently aregrappling with a wide range of vexing challenges, from a reductionin revenues and net interest margins, to increases incosts-particularly servicing costs-that are hurting overallprofitability for banks and credit unions of all sizes. While manyof these institutions are working hard to elevate their channelsystems from individual, siloed systems to integrated multi-channelsolutions, some may not realize that channel strategy is a movingtarget.

Many of the more progressive financial institutions are seekingbetter and more efficient ways to conduct business, and some aremaking significant changes to their business models. They areoffering new and innovative services to better serve theircustomers and members. Initially, the financial instiutions offeredincremental options, but are increasingly offering solutions thatspan multiple channels and offer access and insight to multiplechannels simultaneously.

As a result of these issues, financial institutions are trying toaccomplish two seemingly incompatible tasks: providing high levelsof customer service while trying to reduce their cost of sales.These financial institutions – particularly large banks – arelooking to leverage changes and upgrades to their core and CRMsolutions with needed enhancements in their channel managementsystems.

There has been a movement recently toward increased nativeinteroperability between channel, core, and CRM systems,particularly with several large, national banks. The impetus forsuch a change is a realization that current multi-channelinitiatives – while an improvement over siloed systems – are oftenlacking in the eyes of customers and members who are demandingreal-time visibility into transaction and account information, anunderstanding of their banking needs and behaviors, and a need forimprovements in the overall customer experience.

This transition from a multichannel to an omnichannel environmentis the next step in channel strategy for many financialinstitutions. The journey will require significant upgrades orreplacements of key systems over time, often with the help of core,back-office, and channel systems partners, but will result inincreased customer and member satisfaction and improvedorganizational efficiencies for financial institutions.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: Banking ChannelsCompliance and RegulationCreditDebitEMVFraud Risk and AnalyticsMerchant AcquiringMobile PaymentsPoint of SalePrepaidSelf Service and ConvenienceSocial Media

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    samsung p2p

    Making Zelle Work Better for Users—and Banks

    April 10, 2026
    fraud escalate

    As Fraud Escalates, Taking a Beat Becomes a Critical Defense

    April 9, 2026
    privacy open banking

    As Open Banking Fuels Interconnectivity, Privacy Matters More

    April 8, 2026

    ACH Is Thriving, and Banks Are Struggling to Keep Pace

    April 7, 2026
    stablecoins, Klarna

    How Stablecoins Emerged as a Key Element of Cross-Border Payments

    April 6, 2026
    Cross-Border Payments

    How the U.S. Built Its Faster Payments Ecosystem

    April 3, 2026
    Young Latin woman applying powder on her face for beauty blog. Smiling woman sitting at table in cosy room holding powder box and brush looking at phone camera recording video. Make up and cosmetics blogging concept

    TikTok Aspires to Fintech Status with Payments, Credit Bids in Brazil

    April 2, 2026
    small business credit card

    What Banks Get Wrong About Small Business Credit Cards

    April 1, 2026

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2026 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result