Wednesday, August 6, 2014

What is OmniChannel Banking?

Omnichannel has officially made it as a “buzz” word. The term omnichannel has been used and abused over the past two years more than the only chew toy at the local animal shelter. Along with her sister term big data, omnichannel has recently been positioned by countless analysts and bankers to mean......... almost anything.

Heck, how do you spell "OmniChannel"? Is it spelled omnichannel, omni-channel, omni channel? Regardless of how it is spelled, it is all about the M-E-M-B-E-R or C-U-S-T-O-M-E-R.

What is omnichannel banking? It is the seamless convergence of all credit union member and bank customer interaction channels delivering a consistent and uninterrupted experience, regardless of what or how many channels a member/customer uses to connect with the credit union or bank.

Omnichannel represents a long-term journey and commitment. I describe Omnichannel as an “end goal”, not a product, service, or marketing campaign. Omnichannel is the breaking down of silos that exist with most traditional financial services providers. Omnichannel as goal, and its successfully implementation will only occur if credit unions rethink their model and it receives the same commitment, resources and seat at the executive table as the CFO, COO, marketing and other key areas of the credit union. Omnichannel represents business from the "member's perspective" not from the credit union's. Omnichannel is not just “e” services or digital services. It is the entire member experience. It is how credit unions interact and reach out to their members, both digitally and within the brick and mortar of their buildings.

Omnichannel does not happen all at once. It is the strategic creation and delivery of people, processes and technology unifying all member interaction channels and experiences. It is a slow and methodical process. As New York Senator William L. Marcy said in 1828, "to the victor belong the spoils". It will be worth the effort and investment. 

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