With the rising complexity in omnichannel banking, can retail banks further their omnichannel strategies, partnerships, and platform solutions for success and remain competitive?

 

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Summary

Modern banking technology stacks have allowed a remarkable diversity of products and services to come to market quickly, making the challenge of developing an omnichannel approach in retail banking more complex. The pace of technological development aligned with an increasing trend toward partnerships and collaboration means that it can be difficult to stick to a long-term vision. Retail banks need to avoid the magpie tendency of going after every innovation that becomes available and retain a clear strategic focus on technological and commercial outcomes.

Banks that can successfully evaluate the right partners and vendors will deliver an optimal omnichannel experience  

Demanding customer expectations, competition from fintech, and increasing regulatory pressures (such as data privacy and open banking), coupled with the legacy of COVID-19, are all playing a part in the transformation of retail banking to an omnichannel environment. As a result, revised strategic priorities around customer management have seen a range of investments across analytics, business process optimization, and customer engagement strategies. However, according to Omdia’s IT Enterprise Insights 2022 survey, only 11.2% of banks have completed their digital transformation to omnichannel banking. If one steps back and considers the range of technology projects, services, collaborations, and partnerships that characterize the average retail bank, it can be very difficult to discern the common strategic aims among them all.

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