The Benefits of Omnichannel Banking and how to do it for small-medium sized businesses
The phrase Omnichannel Banking sounds highly technical and, quite frankly, a little bit complicated. But, it’s not, and if you own, or work for, a small-medium-sized business, you should start to think about implementing it into your organization for several practical reasons.
So, if ‘Omnichannel Banking’ isn’t complicated, then what is it?
It’s essentially a mix of all the old & new banking channels rolled into one more holistic banking package. With this approach, you get to use exciting and new modern technology within banking while also benefiting from the perks of a more old-fashioned approach.
With Omnichannel Banking, you can now:
- Check your bank balance online, your mobile or tablet
- Get push notifications of when you spend any money
- Pay for things online or with your mobile (like Apple Pay)
- Receive your bank statements via email or on an online banking platform
- Receive the exact geo-location of where you last spent $10
And… (with the more old-school approach)
You can go into a real place to speak to real people about any banking issues or queries that you may have. Similarly, this can be done over the phone or even with a webchat.
In short, it’s banking but made easier by the fact that you can do it in whatever way suits you best; On the phone, in person, or online. And it can be hugely beneficial for small-medium-sized businesses and enterprises.
It makes the most crucial aspect of business, Money, easier. (Some say the most critical part of a business is people, but with no money, you’ll likely have no people). You can manage money, spend it, save it or allocate it more effectively and efficiently with an Omnichannel approach. And the ease of it cannot be overstated.
Banking data and information on the business’ Money can be accessed instantaneously and without the need to speak to anyone.
The ‘Real-Time Data Synchronisation’ aspect of an Omnichannel Banking platform means that once business owners have input a piece of data into their banking platform, that piece of data is immediately saved. That means that data does not have to be repeated or re-entered, enabling easy transfer and copying. Managing accounts is therefore significantly less of a headache for managers.
Businesses can also tap into the purchase behaviours of consumers via analytics. You can investigate who buys what, when they buy it and where they buy it from. Such insight is highly beneficial for businesses determining things like product stock, pricing, and special offers.
Similarly, businesses can better track their outgoings, their most significant expenses, and when they occur. Business owners can budget more effectively and correctly work out essential things to do with revenue and profit.
An Omnichannel approach to banking is also significantly more secure than a more one-dimensional approach. Digital security and multi-factor authentication are required to access all things banking, prevent unwanted snooping and stealing.
The first step is to create a strategy to implement an Omnichannel banking approach for your small-medium-sized enterprise. Consider questions like; do we have a website? Can our customers purchase products online? Do we offer multiple payment options? Do we diversify our marketing strategy?
This way, businesses will be better able to tap into the benefits of the omnichannel banking approach. But most importantly, make sure that you are partnered with or have chosen a banking institution that offers you a wide variety of banking channels. Secure the services of a bank with a solid online/mobile banking service with a useable interface; secure online banking systems; dependable customer service for times when you maybe need to speak to someone.
Imagine a world without an omnichannel approach – the business world would have collapsed over the past 18 months because of you-know-what!