Advantages And Disadvantages Of Virtual Banking

EXECUTIVESUMMARY

The Banking industry is wrestling with a world where tech-savvy consumers have access to so much information that their expectations for how they want to engage with banks have changed. Consumers do demand consistent, personalized service, promotions, and communications across a Bank’s entire brand.

Banks must respond by organizing themselves across channels to deliver personalized pricing and promotions. Accessing and analysing mountains of customer information—gleaned from both traditional and emerging sources such as mobile, web logs, and social media—can yield remarkably precise and timely insights about customer preferences.

In turn, banks can work across channels to deliver the most personalized and relevant offers and services possible. This is known as an

Using virtual banking with traditional banking helps both banks and customers. It saves time, cost and provide a greater flexibility of transactions.

Q.10. what are the disadvantages of virtual banking only? Interpretation: Virtual banking alone is not welcomed by people, they don’t feel comfortable, have security issues and it makes the dissatisfied, resulting in lose of customers.

CONCLUSION AND RECOMENDATION

Omni-channel is a global phenomenon—people are streaming music and video to their mobile devices and TVs, searching product information online before buying in a store, and using augmented reality on their mobile devices when visiting a city.

ICICI survey results make it clear that banking customers are also ready for Omni-channel experiences, for banks to benefit from Omni-channel banking is here.

Banks that respond now, rather than wait for the “all clear” signal, will be handsomely rewarded by attracting new generations of customers, retaining existing customers, avoiding disintermediation, and generating new revenue streams by delivering the innovative Omni-channel services customers are