Top Lessons in Omnichannel from a FinTech Executive

Do you remember the first time you heard the word “omnichannel”? Did it immediately call to mind watching two TV shows at the same time? Because I definitely assumed it meant watching a Carolina Panthers game with a picture-in-picture of a Seinfeld episode.

The world has changed a lot since the phrase “omnichannel” was introduced to the technology game. While most FinTech leaders don’t make the TV Guide mistake I did, many still don’t fully understand the many nuances and challenges of omnichannel as it impacts the banking experience today.

Jeff Jones, who recently joined Zenmonics as our new Chief Operating Officer, doesn’t have that problem. Prior to assuming his new role at Zenmonics, Jeff spent 3 years leading Retail and Mortgage Technology for MUFG Union Bank, a $117B bank with a retail footprint in CA, WA and OR.

In other words, if anyone knows omnichannel, it’s Jeff Jones.

Between his former role and his new position, Jeff has seen the struggles of omnichannel in FinTech from every angle, and he’s noticed a litany of challenges leaders across the industry share, regardless of their function.

What are those common goals, and what are the common pitfalls FinTech leaders need to tackle to bridge omnichannel expectations with a banking reality?

Common Goals:

  • Equip customers and bankers to realize the promise of relationship banking, resolving complex problems efficiently so the majority of interactions can focus on strengthening the client’s financial future.
  • Become more agile. It’s not just about a project delivery approach, but true organization agility. Products and new capabilities are quickly and efficiently delivered across interaction points to capture market opportunities.
  • Drastically improve the operating leverage of the technical team. Shift from an endless cycle of maintenance to focus on delivery/integration of emerging capabilities.
  • Reduce attack surface to enable Information Security resources to apply layers of control across a contained stack.

Common Challenges:

  • Legacy technology is an albatross. Decades of point solutions with limited integration requires multiple applications, technical layers, and development teams to implement even small changes.
  • Increased regulatory scrutiny means endless cycles of audit and remediation against outdated, brittle technologies.
  • Diverse technology stack means a huge variety of technical skills are required.  Cross training is easier said than done and recruiting replacements often means looking to aging and shrinking talent pools.
  • The arms race to build and maintain digital capabilities has resulted in robust but non-differentiated online and mobile capabilities.  As investment boomed in those areas difficult decisions were made to integrate separately from employee enabling technologies in branch and call center. This enabled speed to market but left employee channels isolated and underinvested.
  • A week doesn’t go by without a vendor pitching you or your business partners on the silver bullet of “omni channel” so much so that the word no engenders disdain and resentment. Solutions are largely focused in the digital domain and leave the bank holding the bag to figure out how to update/integrate employee facing channels.

Is there a path forward?

After looking at dozens of buy and build alternatives to meet the omni channel needs of our customers and employees we decided the only solution in market that aligned to our goals and challenges was channelUNITED®.

Zenmonics’ channelUNITED® is the only platform designed from its inception to deliver common banking services and a unified experience across customer- and employee-facing channels. This enables a path to true digital transformation.

Other providers sell clunky packages of cobbled-together systems under the guise of “omni-channel” solutions. These providers clog the works of your organization and lack a meaningful ROI. Embrace efficiency. Cut long-term costs. Dump the technical debt of inefficient platforms.

Re-define “Digital” – putting your customers and associates on a common system. channelUNITED® is the leading platform for streamlining your current Digital, Sales & Service, Origination, and Teller platforms into a single solution.  This is real ROI – a cost impact your CFO will love and a cost benefit package you can use to address your entire digital platform.

channelUNITED® was built to adapt to your business, so we can expand at your pace – no growing pains required.
Click here for more information on how channelUNITED® can blaze your omnichannel path forward.