Why do Fintech Start-ups need to be Omnichannel and not Multichannel?

Banking need to be Omnichannel
FinTech Trends

A few years back when we were looking for a Locker facility in our neighborhood, we found the state cooperative bank as the best choice. With the focus on availing only the Locker facility, we never explored the options like internet banking or mobile banking for the bank. Later with demonetization, Aadhaar linking and KYC norm change, we had to visit the branch frequently making it a bit inconvenient. During one of those visits we were informed that they had launched their mobile app banking, provided us with the credentials and play store information. When we installed and started using it, we felt visiting the branch was a better option than struggling with the unfriendly UI design and abrupt error messages.

The above scenario is an example of how banking is multichannel but fail to be an omnichannel experience. Is your fintech start-up also committing the same mistake?

The Omnichannel Experience

As Frost and Sullivan, say – Omni-channel Customer Experience strategy is one of the top business priorities today. Serving the Digital Nomad, the start-ups need to offer connectivity 24*7, reliability, convenience and most importantly consistency across multichannel. Omnichannel Experience allows the client to choose, creating a difference between the want and the need. It lets the customer be the king, and that helps the firm to enrich their database with loyal customers.

Courtesy – IBM

Why Omnichannel Strategy Helps Fintech?

The primary question being “Why should any startup adopt omnichannel strategy”? And the answer might not be straightforward but if you are keen –

  • To give fierce competition to your peers
  • Challenge the legacy systems and processes
  • In Gathering 360-degree customer view
  • To acquire new customer base by offering rich user experience
  • To interact with customers via their preferred mode
  • To offer customized and personalized banking services
  • To launch device independent [Mobile, Laptop, Tablets] solutions
  • To Provide agility and flexibility to your clients

Then adopting Omnichannel Strategy is a MUST!

 

Which Omnichannel Channels are Good for Fintech?

If your firm specializes in wallets and Money Transfer, you might need to look for mobile, web, analytics and social media. Else if your start-up is into insurance or insurtech, you might need to realign your strategy that could help in offering on-demand coverage integrated with Analytics, social media, mobile compatibility and in-branch digitization.

The thought is to analyze your customer needs and then straighten your omnichannel experience. Here is the list of possible channels that Fintech firms need to look for –

Omnichannel Experience for Fintech

 

How Teknospire Offers Omnichannel Experience to its Clients?

We are living in a digital age where multi-channel is not an option; it must be unified. The need of the hour is to provide human interaction with technology.

Teknospire with its consistent efforts to deliver last mile banking solutions has tried and tested FinX to make it omnichannel. So be it the Agent who is keen to enter data via his mobile or the customer willing to know the account balance via USSD, we make sure our services are continuous across all access channels.

Come and be a part of this revolution… would you?

References-

Kiosk Icon by – Icon Finder

BackBase – Omni-Channel Banking

Bank Innovation – Omni Channel Give way to Omni Digital

Cloud Lending Inc – Lending Blog Creating OmniChannel Banking Experience Consumers

Banking Tech – OmniChannel The New Normal For Retail Banks

LinkedIn – Architecture OmniChannel Digital Banking – Yogesh Bhatt

Telus International

BBVA – Five OmniChannel Strategies Digital Transformation

FinExtra – OmniChannelBanking.pdf

IBM -Omnichannel_banking.pdf

Infosys – omni-channel-banking.pdf

Samiksha Seth Author
Content Strategist
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