Multi-channel banking is the buzzword in today’s banking world; banks are competing to increase their reach by adding on customer touch points including laptops, PCs, mobile phones, tablets, kiosks, smart ATMs and even television. But, are customers expecting more?
The digital generation is ever ready for innovation and experimentation, and expects banks to make their banking experience easier. Cross channel transaction is one of the needs of this tech savvy busy young population.
So, what does cross channel transaction mean? …Allow your customer to schedule a fund transfer to another account, through Internet banking, and later modify the schedule through mobile. A transaction with a life cycle across multiple channels, that is what is meant by cross channel transaction.
What other cross channel scenarios can be deployed to entice your customers? A few are listed below.
- Schedule a utility bill payment for a later date through Internet banking, and reschedule or cancel it using mobile
- Provide location based offers on mobile (say an offer on motorbikes, with auto approved loan facility), allow the customer to show interest through mobile, and later upload relevant documents to sign up for that product through Internet
- Sign up for a new product through Internet, and call the call center later to update certain information
- Create a monthly budget to track finances through Internet, tag transactions and monitor spend patterns against the budget using mobile
- Approve payments, or enable the salary uploads initiated through the Internet by one user to be approved over mobile or tablet by another
Is a cross channel experience solely for customers? No. Bank employees can enjoy a similar experience too. Say a sales representative meets the customer at his office, and introduces a new savings product. The customer shows interest, which is captured by the sales representative using his mobile CRM App. Later, the sales representative synchronizes the information captured on his mobile to a CRM solution, and creates a product origination request for the customer.
Cross channel experience is expected to become hygiene in a multi-channel banking solution. It will evolve in due course, and we can watch out for more complex scenarios turning cross channel in the days to come.