Customers expect extraordinary digital experiences from their banks
Unlock personalized banking experiences through data-driven insights
GET STARTED
The new rules of engagement
3
What is opti-channel?
4
Building a 360-degree customer view
5
Keys to an opti-channel experience
6
A perfect position to harness opportunity
8
What is open banking?
7
Open banking and SMBs
10
The data quid pro quo
9
Unlock seamless, stable and secure collaboration
11
Banks are competing for the next generation of customers who are coming into their financial primes, specifically Millennials and Generation Z, who need services that work across the money lifecycle – at rest, in motion and at work. But their digital expectations are higher than any generation before, shaped by the experiences that Big Tech companies offer. By integrating a vast range of data sources to power insight and targeting, these Big Tech companies have built 360-degree views of their customers. They anticipate customer needs and deliver personalized, holistic and human-centric experiences – sometimes dynamically based on the customers’ behavior patterns. And then, they deliver the same thoughtfully designed digital experiences consistently across multiple channels. All with 24/7, 365 availability. Customers now expect this everywhere they do business. Every company – and every bank – is now a technology company. To compete with these digital experiences, you need an opti-channel strategy.
Pre-empt my needs… …and personalize my experience… …consistently, across all channels… …wherever I am… …day or night
Big Tech has reset standards of responsiveness, accessibility and personalization.
Opti-channel is the next evolution in optimized customer experience, powered by hyper-relevant data and personalization. If omnichannel is the ability to communicate with your customer through any channel, then opti-channel is knowing the most optimal channel to interact with that customer, depending on the journey or scenario in which they find themselves. To attract and retain new customers, banks need to deliver tailored solutions, with an intuitive user experience and relevant data about the customer – all delivered through opti-channel offerings. For you, that means unlocking holistic, human-centric experiences with thoughtfully designed digital experiences, accurate reporting and easy access to essential data.
How technology has shaped banking
Pre-1990 – Single channel
1990-2000 – Multi-channel
2000-2015 – Cross-channel
Current day – Omni-channel
Coming next – Opti-channel
Financial institutions can’t afford to delay investments in technology that provides predictive, personalized opti-channel experiences. You can think of digital banking as an ecosystem with three major components:
APIs that connect to a number of cores, systems of record and third-party solutions
These components have to work in harmony to meet the needs of your financial institution and your end users.
User experience components that can be delivered in any channel (mobile, web, in branch, wearables, etc.)
Data to power the APIs and user experience
Make your mobile app the center of your customer’s universe Rethink interactions across the customer lifecycle, with universal bankers at every touchpoint Embrace smart data to enable predictive modeling, targeting and personalization Change your operating model to a flatter universal and centralized P&L Improve your digital handshake by making identity management universal Invest in an enterprise customer record strategy Get to your own orchestration layer, which is key to abstracting the core Consolidate data and enable free flow of information with enterprise data store
Developing a comprehensive view of your customer so that you can anticipate and cater to their needs requires you to:
The opti-channel experience is powered by data. Collecting and using that data effectively relies on a strong open banking structure. Open banking is the practice of securely sharing financial data between banks and third-party service providers, such as fintech apps. Sharing and consuming this data is key to delivering excellent customer experiences. A customer is likely to have several financial accounts (e.g. DDA, ROTH IRA, etc.). To get to true opti-channel, you need visibility across a customer’s entire lifecycle and these other banking relationships.
The universe of customer data is: Plentiful, and regularly updated Measurable Reliable/verifiable Diverse, revealing many aspects of customers’ choices and priorities
This wealth of data can, once connected, unlock exponential value. Open banking enables value-added services such as:
Insurance
Lending and credit
Open banking and fintech innovation
Payments and remittances
Personal finance management
Dynamic pricing Fraud detection
Faster loan approvals Personalized loan offers
Embedded finance Data-driven products
Faster payments International transfers
Automated budgeting and analytics Real-time financial insights
Data has to benefit the banks, the customer, the fintech apps and any other parties. The customer receives: Offers better matched to their needs Services that complement their wider financial circumstances A more transparent and holistic view of their situation Tailored risk assessments Reduction in replication of services But customers need a compelling reason to share their external data with you. They need to have visibility into how it’s being used, have control over how it’s shared and know that their personal data is protected through compliant financial record-keeping and back-office operations.
Business customers have a different set of needs than your retail banking customers, but open banking still holds great benefits for SMBs, such as:
Improved financial management
Real-time insight Automated accounting Enhanced forecasting
Simplified payment processes
Faster payments Increased payment options Reduced payment failures
Enhanced access to finance
Faster loan approvals More competitive interest rates Financial inclusion
Data-driven decision making
Increased efficiency and productivity
In-depth financial analysis Data-driven strategies Personalized financial services
Automated tasks Reduced administrative burden Improved customer experience
Banks and their technology partners should collaborate to define and execute a powerful 360-degree and opti-channel strategy fueled by open banking – enhancing connectivity and delivering seamless, personalized experiences that meet evolving client expectations. FIS® helps you unlock consistent efficiency, stability and compliance as your business grows, with industry expertise in open banking and solutions that meet the needs of your customers across the entire money lifecycle.
FIND YOUR UNLOCK
©2024 FIS FIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S. and/or other countries. Other parties’ marks are the property of their respective owners. 3558072
linkedin.com/company/fis
x.com/fisglobal
fisglobal.com/contact-us
FIS is a financial technology company providing solutions to financial institutions, businesses and developers. We unlock financial technology that underpins the world’s financial system. Our people are dedicated to advancing the way the world pays, banks and invests, by helping our clients confidently run, grow and protect their businesses. Our expertise comes from decades of experience helping financial institutions and businesses adapt to meet the needs of their customers by harnessing the power that comes when reliability meets innovation in financial technology. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index. To learn more, visit FISglobal.com. Follow FIS on LinkedIn, Facebook and X (@FISglobal).
About FIS
FIS digital solutions are the foundation for seamless customer experiences. Our technology powers the global economy across the money lifecycle.
Money at rest
Unlock seamless integration and human-centric digital experiences while ensuring efficiency, stability, and compliance as your business grows.
Money in motion
Unlock liquidity and flow of fundsby synchronizing transactions, payment systems, and financial networks without compromising speed or security.
Money at work
Unlock a cohesive financial ecosystem and insights for strategic decisions to expand operations while optimizing performance.
