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An Overview of Multi-Channel Banking

It is not an exaggeration to say that digital consumers are like no other. They belong to a generation that is more educated, more technology savvy and better connected socially than any other that came before. If they need information, they will research it on the Internet; if they want advice about a particular purchase, they will ask their social network.

Their demands fuel innovation in the technology and communications space, giving rise to new, better products that they can't get enough of. They seek convenience, reach, availability and instant gratification. To know about the best customer care services in Ontario, you can simply go through https://contactpoint360.com/debt-collection-services/.

 

These expectations have split over to their banking activities too. Now, digital consumers want their banks to acknowledge these needs and fulfill them, just like other retail businesses are doing.

What is Multi-channel Banking?

With the availability of alternative modes of banking, consumers started to use more than one channel. They went to the ATM to withdraw cash and enquire about their account balance. Then they started to use Internet banking, first to monitor their accounts, and then to make payments and transfer funds.

At the same time, they also made visits to the branch. This was the time when consumers "banked on multiple channels". With the integration of channels on a single platform, multi-channel banking became reality.

What Multi-channel Banking brings to Banks

A recent report by a research firm indicates that although branch investment still tops the list of a bank's spending, investment in other channels like Internet and mobile banking is on the increase.