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In my day-to-day work I am constantly surprised that no two individuals have the same definition or understanding for key industry trends, so here is my quick guide to three of the most prevalent:
Omni-Channel
Beginning a consumer transaction experience on one channel – and interacting with one or more additional channel to execute the transaction. For example: (Financial Services) using a mobile app to pre-stage a withdrawal transaction and completing it using an ATM. Or (Retail) purchasing a product online, using the mobile app to identify the purchase and picking up in store using click and collect.
Multi-Channel
This is classically confused with Omni-Channel. Multiple Channels can share common User Experience and “Look and Feel” User Interface Aesthetics – this does not make them Omni-Channel(!). In a classical multi-channel environment channels of Point of Sale; ATM; SST; e-Commerce; Online Account Services; Mobile Banking would all have individual channel management – normally routing requests and responses over a variety of platforms. I expect we will see these channels consolidated in the richer transactional API’s we will surely see emerging and maturing over the next 36 months.
Customer 360
In other words – a complete view of a customer from a Financial Institution or Retailer point of view. From an FI point of view this involves relating together multiple account relationships to individuals and groups – as well as maintaining persistence of advertising and personalisation choices for the consumers (for example – sharing “favourite transactions” with multiple channels, not offering a rejected advertising offer – offering the next best offer from the centralised CRM). From a retailer point of view – this often revolves around linking with a loyalty function so that offers can be targeted appropriately – use of BLE Beacons and Push Alerts could offer this on a real-time basis as consumers walk around a large retail environment. In either case – having a richer data set on consumers allows FI’s and Retailers to make more effective decision-ing around product targeting and credit line extensions (maybe even micro-loans at the Point of Sale). From a Fraud perspective – suspicious out-of-the-ordinary or extreme transactions can more easily be identified and prevented. Customer 360 is effectively knowing your customer and pre-empting their wants, needs and requirements now and in the future – based on their past transactional behaviour and financial maturity.
In conclusion, I fully expect the future next generation of Issuance Platforms (Card, Mobile and Account Management Platforms) to offer support for the three key areas outlined above out-of-the-box (to a certain degree) – coupled with richer real-time or near real-time data analytics offered by the new generation NoSQL platforms.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Parminder Saini CEO at Triple Minds
19 June
Mathieu Altwegg SVP Head of Product and Solutions Europe at Visa
Ivan Aleksandrov CSO | Fintech Licensing, Core banking & BaaS at Advapay
Frank Moreno CMO at Entersekt
18 June
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