OMNI-CHANNEL: Beyond the Hype
Have you heard of Gartner’s hype cycle? The leading global IT research and advisory company creates hype cycles (shown below) for various technology segments to help clients discern what emerging technologies show promise at a particular point of time, and the opportunities and risks they present.
As part of an overall strategy, it’s easy to imagine CIOs evaluating certain emerging technologies – such as wearables or cloud computing or the Internet of Things, and their potential impact. They would look at their respective stages in the hype cycle to determine whether it is the right time for them to plan for and adopt these technologies, with goals as diverse as improving everyday operations and creating disruptive business innovations.
[FYI, you can click on this link to see the 2015 Gartner Hype Cycle for Emerging Technologies].
In general today, the more innovations and advances there are, the more pervasive technology is becoming in our everyday lives.
Needless to say, technology is playing a big part in providing the ultimate customer experience across multiple channels. When that experience is seamless across multiple touch points, it is widely referred to as omni-channel.
For a financial institution, when a customer visits a branch or conducts a banking transaction by telephone, online or from their mobile banking app, it is of paramount importance that they receive a smooth and seamless experience.
An omni-channel approach of engagement is not only crucial, it can be a big business differentiator. We’re not quite there yet, are we? But, today, an increasing number of financial institutions have a focus to create an omni-channel strategy and provide that experience.
So, the question on the omni-channel investment if you are financial institution is not one of “if” but merely one of “when” (as when evaluating technologies in the Gartner Hype Cycle)–
- Should you make an early move?
- Is a moderate approach more appropriate for you?
- Or should you wait it out for a while until the technology matures further?
Beyond the hype, it will pay you forward to have an investment strategy around omni-channel. And sooner or later, it will be necessary – not just to be successful, but even for survival.
I can give it to you in writing here, an omni-channel experience for a customer is much more than a fad. Measurable and positive returns are guaranteed. So, this investment can neither be ignored nor taken lightly.
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