Presently, the world is going through a digital transformation. Companies are adapting themselves in the digital and competitive environment to retain and enrich the customer and their experience. Financial institutions are too making a paradigm shift to omnichannel experience by providing freedom to users to use preferred banking channels such as web, mobile and others to perform banking transaction. Omnichannel experience allows data synchronisation between different channels. The omnichannel experience offers customers to start the onboarding process with one channel and finish it with another channel without providing the same data again. Omnichannel banking experience is the next step to multi-channel banking, which uses digital banking transaction through ATMs, web and mobile application. The widespread part of omnichannel is zero drop rate channel integration, individualizing channels for customers and marketing channel options.

Despite the several benefits omnichannel experience offers, its deployment rate is slow across the globe, owing to the complexities and high cost involved. While conventional banking system continues to work in silos, moving to omnichannel experience requires financial institutions to adopt channel agnostics for providing seamless and real-time experience to the customers, which creates a challenging environment for the institutions. Realizing the challenges, omnichannel is still imperative for financial institutions. Omnichannel leverages the data generated to derive the customer’s investment patterns, their behaviour across the channels, preferred banking mode and helps management to come up with a unique value proposition, thus enhancing customer experience and satisfaction. Understanding customer patterns also helps the company to support businesses decision and maximizing marketing efforts.

Quadrant Knowledge Solutions believe that the future of banking is the omnichannel, as it offers consistent and on time product, services to customers through using different channels. Omnichannel does not only enhances and enriches customer banking experience; it provides businesses to leverage the underlying opportunity by understanding their customer accurately and gives an edge to remain competitive.

Quadrant Knowledge Solutions is conducting a detailed market outlook research on Digital Banking Platform market. The study will provide a detailed competition analysis in the form of the SPARK Matrix. SPARK Matrix analysis offers a snapshot of key market participants and a visual representation of market participants and provides strategic insights on how each vendor ranks related to their competitors, concerning various performance parameters based on the category of technology excellence and customer impact. Additionally, the research will provide a detailed analysis in terms of market size and market forecast of the global Digital Banking Platform Market and its segments,

For more information, please visit expertise page on Digital Customer Experience and Commerce and contact the lead analyst for Digital Customer Experience and Commerce research, Sachin Birajdar at Sachinb@quadrant-solutions.com.