Most customers are now completely used to the art of financial self-service occurring outside of the conventional brick-and-mortar branch, whether it be through the proliferation of ATMs, the pervasiveness of voice and keypad prompts on the phone, or bot-screened queries online. The foundation has been laid for the omnichannel bank of the future with the addition of current innovations and the widespread use of mobile banking.
Haney claimed that the goal has been constant throughout.
He acknowledged that the recent shift in consumer preferences has marked a new course for financial institutions and questioned, “How can I enable banking to happen when the client wants — and not necessarily around branch operation hours?” (FIs).
According to some accounts, the digital foundation of the omnichannel bank of the future dates back at least 20 years, according to Michael Haney, director of Technisys’ digital core.
Haney stated that the majority of consumers presently choose mobile, not just in the US but also globally.
He said that in certain emerging economies, the adoption of digital banking had surpassed that of more developed markets. In those markets, branches have not been as common, allowing customers (and suppliers) to move straight to mobile.
The beauty of mobile is that it operates on the customer’s schedule, according to Haney. “There is no issue whether people want to bank at midnight or on the weekend.”
According to Haney, the banks have recently faced difficulty as a result of the migration to digital. Digital-only businesses have been able to create new mobile solutions and excellent user experiences from scratch since they are not constrained by outdated technology (UX).
Competition has been beneficial since it has pushed the bank to keep up with these digital rivals. These banks are now doing better from the perspective of the client experience because of the depth and breadth of goods and services that the legacy banks offer, as well as their substantially larger financial resources, he claimed. The rivals have “caught up and overtaken” them.
