The digitalization of everything, including banks, is a process that lasts for many years now. And as with every process, different stages bring different digital systems, so most banks now have a multitude of solutions from different „eras“ serving different bank channels. Working alongside, but not together.
And up until very recently, digital customer touchpoints were mostly used for less complex tasks – checking the account balance, paying bills and transferring money for the most part, whereas loan origination for instance was still handled by direct channels, i.e. branches.
Why is that a problem?
Well, the most obvious is the customer UX – web banking and mobile banking often look and work differently, as if it were two different institutions. Add to that still having to go to the bank to get a loan, and we have a quite frustrated customer, ready to „look over the fence“ to new agile neobank competitors.
On the banks’ side, the problem is „under the hood“ – several independent applications mean different logic and introducing a single change multiple times for each system, hard coding needed for the smallest changes and expensive vendors all over the place. Such operation is slow to change, overwhelming to the staff and prone to errors. Not to mention that customer onboarding and loan origination in branches means more costs.
And this is where the term Genuine Omnichannel comes in…
Having worked with banks for several decades now, we at ASEE feel the term Omnichannel is often interchanged with Multichannel, so in this article, we will outline the benefits of having a true, genuine Omnichannel for the bank, as well as the customers.
Having everything just a few clicks away, the customers expect no less from the bank, even when it comes to highly complex products like loans and bundles, all accessible through multiple channels such as mobile apps, websites, physical branches, and point of sales, and they demand to finish the entire process quickly and smoothly with a seamless and consistent experience.
To meet these demands, banks are adopting a genuine omnichannel approach to loan sales and underwriting in an end-to-end solution, such as Digital Origination by ASEE.
Digital Origination is a truly omni-channel digital banking sales, onboarding and underwriting solution with a single application for assisted and direct customer touchpoints, and with a simple and short way to introduce any changes through the only one point, which apply to all channels automatically.
Also, responsive Web UI supports all screen sizes and ensured application accessibility from various devices.
What are the benefits of having a true Omnichannel solution?
Most changes banks make are meant to be pushed through all channels. With Omnichannel solution, each change is done only once in a simple and quick process where the bank’s business analyst independently defines and changes the process leveraging on out-of-the-box omni-channel features. This is done once for all channels. Implementation is done in a single solution, mostly via configuration, in many cases without vendor and coding, and again once for all channels, saving significant amount of time and labor. And for the customer, true omnichannel means the same user experience across all touchpoints and being able to contract all services from the bank seamlessly and quickly.
Digital Origination is a solution tailor made for banks
Digital Origination provides customers with the same level of service, regardless of the channel they use to interact with the bank. Based on collected customer data (such as segmentation, employment status, residential status, etc.), different products can be offered to different customers and on different channels.
In Digital Origination customer can combine and switch channels in one continuous customer journey. Purchasing can be initiated on one channel, then the process can be continued and finished on another. All combinations are possible up to bank needs, local regulations and desired level of automatization.
Digital Origination, an omnichannel application by ASEE, provides several benefits for banks, including:
Enhanced Customer Experience: By providing a seamless and consistent experience across multiple channels, customers can engage with the bank on their preferred channel without losing the context. This allows them to have a more personalized and consistent experience across all channels, leading to higher satisfaction and loyalty.
Increased Efficiency and Cost Savings: By integrating various channels, banks can streamline their operations and reduce costs associated with managing different channels separately. This can also help banks to reduce the time and cost associated with loan underwriting and processing.
Improved Accessibility: A genuine omnichannel approach can enable customers to access loan services from anywhere, at any time, and through any device. This can provide greater convenience and accessibility to customers, leading to increased sales of loan services.
Digital Origination product catalogue configuration is responsible for product visibility on different channels so one product can be visible on all or can be created and visible only for specific one.
Better Data Insights: A genuine omnichannel approach can help banks to collect and analyze customer data across various channels. This can provide valuable insights into customer behavior, preferences, and needs, which can be used to improve loan products, services, and marketing strategies.
Increased Sales: By providing customers with a consistent and personalized experience, banks can increase customer engagement and cross-selling opportunities. A genuine omnichannel approach can enable banks to offer targeted loan products and services based on the customer’s needs and preferences, leading to increased sales and revenue.
To find out more about Digital Origination omni-channel solution and other features contact us for a free consulting call today.
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