International Journal of Financial Management and Economics
Vol. 4, Issue 2 (2021)
Omnichannel approach: The new paradigm of banking distribution and marketing revolution
Dr. Kesavulu Poola and Dr. Kayam Muneendra
Customer behavior is dynamic and new challengers in the financial space are fighting for a piece of the market, and they are fighting for customers of their own, furthermore banks are operating in challenging world of quick technological change, customers centricness, and unmet trends and needs of customer. In this era, banking through dissimilar and inadequately connected channels is becoming superseded. To flourish and expand the competitive advantage, recently banks are adapting to Omnichannel banking, then customer can access all bank transactions across the word at any time and any were. Omnichannel marketing has become a key to marketing success as customers engage with the banking companies in a variety of ways, including in a physical store, online via websites and mobile apps, through physical and virtual catalogues, and through the social media. Omnichannel banking endow with a reliable practice across the channels to provide the endless access to all financial services at any time. The Omnichannel strategy in distribution of banking products helps to engage deeply with customers, offer customized products, and deliver personalized service to attract and retain tech-savvy consumers. The present paper focuses on the conceptual framework of Omnichannel marketing of banking services, and the strategies for the success Omnichannel Banking in the present digital era.