Advantages And Disadvantages Of Multichannel Banking
Referred to as self-service banking and omni-channel banking as well, multichannel banking refers to the concept of equipping bank customers with more than one communication channel through which they can take care of any and all of their banking needs. And, in this booming digital age, its no surprise that creating a means for digital and comprehensive self-service banking channels is a prime concern for banks right now.
Of course, we already have a number of multichannel banking avenues already: Mobile banking, Internet banking, kiosks, ATMs, and the like, are all part of the digitization processes of implementing multichannel banking methods for their customers. However, these digital avenues, compared to the old POS (Point of Service) channel (via visiting the bank branches), is limited by how much the consumer can actually do via their chosen digital channel.
But, while such self-service channels have acted as more as complementary channels to the POS channel, the fact is that, with the digital revolution uprooting every realm of business in its path, banks simply can 't afford not have multichannel banking options anymore.
In fact, that 's one of the most current and hottest debates buzzing in the banking sector right now: Multichannel banking and how to make it as comprehensive in its services as possible.
The Limitations to Overcome in Multichannel Banking for the Future
As mentioned before, the main limitation is that users can only use mobile and internet
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