Multichannel banking: the keys to transformation in the financial sector

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Discover how to move towards a multi-channel banking model and take note of why data must be at the heart of this transformation towards a new operational and strategic approach.
Digital transformation goes far beyond moving from traditional banking to a virtual environment. Multichannel banking is not the end goal, but part of a vital shift in the way financial institutions learn, interact and satisfy customers.


An effective digital transformation in the sector begins with an understanding of the behaviour, preferences, choices, likes, dislikes, claims, unstated needs and aspirations of digital customers. And this transformation leads to major changes in organisations, supporting the evolution from a product-centric model to a customer-centric approach that bases all its decisions on data.



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How to move towards a multi-channel banking model?
The most effective way to understand and take the organization from traditional banking to digital banking is the Omnichannel approach. Omnichannel is the multichannel banking approach to customer service. In this model, all channels are tightly integrated, keeping the customer at the center.

As customers' channel usage patterns change, banks adapt to this evolution, seeking to provide a highly satisfactory customer experience across multiple touchpoints. To make this possible, multichannel banking managers must be able to obtain information on:

All channels.
Changes in user behavior.
Customer preferences.
It should not be forgotten that customers are more sophisticated today, and each one requires a unique experience of financial services. From multi-channel banking, they expect that their unstated needs, as well as their tastes, are understood. Therefore, they expect a fast and consistent response, and a seamless service in any of their interactions, from researching new services, to opening an account, checking their balance, making transactions, loans, credits or managing their assets.

Achieving this is the key to success in this highly competitive industry, but it requires integrating all key parameters – both online and offline channels, data and technology, customer behavior and experience – all in one platform.

And while it is true that this implies an increase in the number of applications, technological support, operations, silos between branches and online services that must be eliminated, and conflicting priorities, the ultimate goal justifies this complexity.







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The business need to integrate various management systems while adopting a multi-channel banking approach is a source of advantages for the business, which gains in agility and productivity, sees its errors minimized and experiences the benefits of a single vision . If, traditionally, banks dedicated most of their efforts, time and money to the execution of transactions, today their priorities have changed. And, although the ability to process transactions quickly, consistently and accurately remains critical, making the changes required to see the customer journey through an omnichannel lens is equally important.