Omni Channel Banking: Definition, How It Works & Challenges

What is omnichannel banking? 

Omnichannel banking is a strategy where banks provide a seamless and consistent experience across all customer interaction channels, such as mobile apps, websites, ATMs, call centers, and physical branches. Customers can then access banking services, perform transactions, and receive support through all these channels.

How banks can build a unified customer experience across channels 

Below is a step-by-step plan you can begin tomorrow to build a unified customer experience across channels.

Step 1: Define your main goal and assign ownership

First of all, you need to figure out your main objective for providing an omnichannel customer experience across all channels. 

To do that, host a 60-minute kickoff meeting with key stakeholders. Invite the head of CX, contact center manager, IT lead, product owner, compliance representative, one branch manager, and one digital channel owner. The main focus of the meeting is to confirm the objective, assign roles, and set up initial measurement.

Key items to cover in the meeting:

• Set a single, measurable 90-day objective (for example, reduce repeat contacts by 20% or improve first contact resolution by 15%).
  
• Assign an owner and a small squad to drive the initiative, such as the program owner, technical lead, operations lead, analytics owner, and vendor liaison.
  
• Establish simple KPIs and dashboards for tracking progress: average response time, first contact resolution, repeat contact rate, and CSAT. Assign an analytics owner to update these weekly.

Step 2: Perform a rapid channel audit

Next, you need to figure out what actually exists in the current workflow.  Assign a team member to complete an audit in two to three days on all active channels. The key tasks during the audit include:

• Document all current customer interaction channels, including mobile app messaging, phone, email, web chat, social DMs, branch notes, CRM, and core banking systems.
• Channel owners
• SLA definitions
• List of tools

Step 3: Map end-to-end customer journeys

Once you understand your current channels, it’s time to map how customers move across them. This helps identify where handoffs happen, where context is lost, and where improvements are needed to create a seamless experience.

Choose two priority customer journeys and document each step. For example, transaction disputes starting in the app and escalating to voice support, or a loan application that begins in web chat and concludes in-branch.

Next, specify the customer data and context required at each handoff to ensure continuity and reduce friction. And finally, highlight potential gaps, delays, or friction points to address in the next steps of integration and platform deployment.

Step 4: Collect and secure essential customer data

After mapping customer journeys, the next step is to ensure you have the right data available for a seamless experience across channels. This involves identifying where the authoritative customer information lives and how it can be shared safely with agents and automated systems.

Key actions in this step include:

• Identify the system of record for customer profiles, account details, consent flags, and transaction history.
  
• Determine which data elements need to be exposed to agents and chatbots for each touchpoint.
  
• Work with IT and security teams to define secure data access protocols and ensure compliance with privacy regulations.

Step 5: Evaluate and integrate with an engagement platform

To deliver a seamless omnichannel experience, you need a platform that brings all customer interactions together and supports both human agents and AI. You can choose a solution like Mevrik, an AI-powered customer engagement platform, or similar tools that provide:

• A unified inbox to consolidate email, chat, social messages, and in-app conversations.
  
• Conversational AI and chatbot functionality with smooth agent escalation.
• Middleware or integration support to connect your existing systems.
• Core banking connectors or adapters to access account and transaction data securely.
• Feature for customer support reporting and analytics.

When selecting a tool, assess its cost, API capabilities, security, and compliance fit for each platform. Also, keep in mind how the platform will integrate with your existing channels, CRM, and core banking systems.

Step 6: Launch a pilot and refine

Once your engagement platform is in place, start with a pilot for a limited product line or a selected set of channels. This allows you to test workflows, measure results, and make improvements before a full-scale rollout.

Key actions during the pilot:

• Route email, web chat, in-app messages, and social DMs into the unified inbox. Ensure conversation history and customer context are visible to agents.
  
• Set up simple routing rules and SLA escalations to manage workloads effectively.
  
• Deploy a chatbot for the top three customer intents. Configure it to capture identity and intent, show relevant account information, and escalate to human agents with full conversation history.
  
• Enable agent-assist features such as suggested replies and knowledge base access to improve efficiency and accuracy.

Measure performance weekly during the pilot. Like:

• Track KPIs such as response time, first contact resolution, repeat contact rate, and CSAT.
• Use agent feedback and real interaction data to refine routing, chatbot logic, and escalation flows. 
• Provide role-play training and quick reference guides for agents to ensure smooth operations and compliance adherence.

Can your legacy systems survive the omnichannel strategy or will they hold you back?

Many banks rely on legacy systems that were not designed for the speed of modern banking. Like you will be often struggling to quickly sync customer information across platforms and respond instantly to inquiries.

To assess whether your legacy infrastructure is a barrier, evaluate these factors:

• Integration limitations: Can your systems easily connect with mobile apps, web portals, chatbots, and social platforms?
  
• Data accessibility: Are customer profiles, transaction histories, and support tickets available in real time across all channels?
  
• Scalability and flexibility: Can your systems handle growing traffic, new products, or emerging digital channels without major upgrades?

If the answer is “no” to one or more of these questions, legacy systems could hold your bank back. To overcome these challenges while avoiding a complete software overhaul, you can use: 

• Middleware and integration layers: Use platforms like MuleSoft, WSO2, or Temenos Integration Framework to connect legacy systems with new channels and applications without rewriting core systems.
  
• API enablement: Expose legacy data and functionality through standardized APIs so that mobile apps, web portals, and customer support platforms can access information in real time.
  
• Phased modernization: Prioritize critical functions for upgrade first, such as payments, customer profile management, or account services, to deliver early wins without disrupting operations.

Final thoughts

You now know the benefits and steps to create a unified omnichannel banking experience. Start by mapping priority customer journeys and linking the data to create continuity and personalization that you need across channels.

Once that foundation is in place, you can connect using an engagement platform like Mevrik to save time and reduce operational friction. Mevrik brings email, chat, social, and in-app conversations into a single inbox. That means fewer repeated contacts, faster resolution, and a clearer view of channel performance.

Sign up for a free Mevrik demo today to evaluate connectors, security, and fit, or do a 14 trial to run a short pilot with your priority customer journeys.