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A Finextra member
A Finextra member 24 December, 2013, 11:26Be the first to give this comment the thumbs up 0 likes

Dear Ketharaman - Very good insight. Few thoughts -

a. I view Omni channel as a channel that is omnipresent for customers to avail services of a bank / interact with a bank. Before Mobile / Smartphone revolution, customers were able to access branch, call centre, ATMs and Internet channels mostly to interact with their banks and these before mentioned channels are not really omni present because customers don't have it all the time. With the addition of Mobile / Smartphone, which a customer carries all the time, multi-channel offering became omni-channel offering .

b. I believe spliting process elements of an E2E business process and offering each of them in appropriate channels to provide rich & seamless experience to customers can be achieved with right channel mix strategy & meticulous multi-channel integration. I am not sure if Omni Channel is an appropriate description for this?

I believe Omni Channel is just a new buzz word created post introduction of mobile / smartphone (as a channel) to describe original Multi channel & Integration .

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 27 December, 2013, 18:37Be the first to give this comment the thumbs up 0 likes

@SeevaS:

TY for your comment.

Omnichannel is indeed an industry standard term used to describe spreading out a transaction between multiple channels. 

Establishing a common store of actions occuring across various channels - or multi channel integration - is a prerequisite for omnichannel commerce. But, multichannel is not the same as omnichannel. You can find examples to differentiate between the two in the blog post titled Jumping On The Omnichannel Bandwagon on my personal blog (link not provided per Finextra Community Rules but this post will come up on top of Google search results).

Not to get lost in etymology, but Merriam-Webster defines omni as "universally". ATM and Internet are pre-mobile channels that are on 24/7/365 and qualify as omnipresent without being omnichannel. Researching online on a desktop and buying from an offline brick-and-mortar store - or ROBO as it's called - is one of the earliest examples of omnichannel commerce even though it doesn't involve mobile. (Granted that the more famous term 'showrooming' does involve mobile and is indeed omnichannel). 

Therefore, I don't see any direct link between omnichannel on the one side and omnipresent or mobile on the other.

A Finextra member
A Finextra member 03 January, 2014, 05:18Be the first to give this comment the thumbs up 0 likes

Thanks for your response, Ketharaman.

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 10 December, 2014, 15:00Be the first to give this comment the thumbs up 0 likes

I only said multichannel banking is "neither necessary nor feasible". According to this McKinsey article, multichannel integration has also been a bad use of IT budgets for banks!

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 17 November, 2015, 09:461 like 1 like

This @Protiviti article published in The Financial Brand reinforces my reading of the omnichannel-banking writing-on-the-wall.
http://thefinancialbrand.com/55261/omnichannel-bricks-and-clicks-strategy/