Jumping On The Omnichannel Bandwagon – Part 3

In Part-1 of this blog post, we’d described multichannel banking. In Part-2, we’d introduced the concept of omnichannel retailing. In this concluding part, we’ll explain what omnichannel behavior could mean in the context of retail banking and suggest ways by which banks could jump on to the omnichannel bandwagon even if they didn’t / couldn’t fix shortcomings in their … Read more

Jumping On The Omnichannel Bandwagon – Part 2

In Part-1 of this blog post, we introduced the concept of omnichannel banking and explained how it differed from multichannel banking. We’d claimed that 100% multichannel support was neither necessary nor practical. In this Part-2, we’ll explain why. While banks have traditionally viewed their relationship with customers through the prism of channels, customers don’t necessarily … Read more

Jumping On The Omnichannel Bandwagon – Part 1

Enough and more has been written about how banks lack fully fledged multichannel support. For the uninitiated, a “channel” refers to the medium of communication between customers and businesses such as retail banks. Branch, Phone (call center), ATM, Internet Banking, Mobile Banking and Social Networking are typical channels in the context of a retail bank. “Multichannel … Read more

Differentiate Your Product By Going The Extra Mile – Part 2

In Part 1 of this blog post, we’d compared the realtime SMS alerts for credit card transactions sent out by  two banks, BANK1 and BANK2. Let us reproduct the two banks’s SMS messages. First, BANK1. Next, BANK2. In this Part 2, we’ll look at these SMS alerts as ‘products’ and see how well they work for … Read more

Differentiate Your Product By Going The Extra Mile – Part 1

Credit card holders in India might have noticed of late that they’re receiving SMS alerts on their mobile phones each time they use their cards. I’m not sure if this is a bank/card-specific initiative or the outcome of some new government regulation applicable across the industry, but I’ve been receiving these notifications from the issuers … Read more