Evolution of Channel Banking

News and Trends in Financial Services

Banking jargon like multi-channel banking, cross-channel banking and now, omni-channel banking, has led to confusion among bankers and customers alike. Bankers are unsure as to what banks actually want to offer to their customers, while customers do not know what they can expect from banks’ channel banking solutions.

Banks tend to use the omni-channel pitch to rise above competition but clients may not discern this as a significant value-add to the existing services. The onus is therefore on banks to communicate clearly and educate their customers about the difference between omni-channel banking and its predecessor terms, cross- and multi-channel Banking.

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