The V3 Mobility series is Emerico’s portable product, is designed to enhance customer acquisition, especially those who are constantly on the go. With the V3 Mobility, bank employees are able to acquire customers beyond the bank, thus providing them and customers the freedom to meet anywhere. The V3 Mobility is equipped with the state-of-the-art internal Alexis Software for secure and efficient transfer of data through our Alexis software to the bank servers whiles the tablet sleeve is equipped with a biometric fingerprint scanner for a more secure acquisition. As a result of this, customers can easily make payments and transactions through V3 Mobility. Its sleeve is available for iPad and Windows tablets.
As banks enter the digital age of technology, there are now an array of ways to perform one’s everyday banking. Customers are no longer bound to the branch but rather, they can use their smartphones or log in to the bank’s websites to perform some of their everyday banking tasks. As a result of this, there is now a demand for banks to provide a more seamless, efficient approach to sync all their retail products together; from the bank apps on smartphones to the ATMs and computers in bank branches, forming an omnichannel system for their customers. However, the biggest challenge faced by banks is that many of their products are based on operational silos. A survey done by PWC suggests that many bank products are still based on singular streams, for example, bank branches are still mainly used for selling, call centers, and account management while digital mediums are for marketing. But as we have seen in today’s financial industry, slowly but surely, banks are heading in the right direction. We are noticing a rise of mobile banking that priorities convenience of customers wherever possible. Account management such as bank transfers and checking one’s account via mobile are a few examples of breaking that singular operational silos.
According to The Financial Brand, the term “omnichannel” means providing the same capabilities across all mediums. Among the most prominent attributes of an omnichannel approach is the ‘zero drop rate’ ecosystem where customers are able to change between mediums efficiently without having to reenter the same data. Such an ecosystem also enables bank officers to pull up saved applications such loans previously started by customers on other mediums. This is an example of a more personalized experience for the customers whenever they perform their everyday banking whether through mobile or the branch.
Furthermore, the rise of Generation Z has also largely affected the way how customers perform their everyday banking. Generation Z consists of those who were born between 2000-2010. 98 percent of Gen Z owns a smartphone and almost half of them spends around 10 hours of screen time a day. These young future leaders essentially grew up around technology, thus becoming “digital natives” compared to previous generations. Consequently, banks will need to rethink their strategy in order to provide an omnichannel approach into improving the customer journey should they intend to not only acquire new customers but also retain existing ones. According to Accenture, although one in five consumers (20 percent) utilize the bank branch weekly, there are still a majority of them (65 percent) who prefer to utilize the bank through the mobile app, making it the most preferable method of banking for Generation Z. Michael Abbott, a managing director in Accenture’s Financial Services practice stated that “Younger consumers are demanding an exceptional digital payments experience on all platforms – most importantly on their smartphones – and want to be compensated through targeted rewards, offers, and discounts, at a cut-throat rate. These younger consumers will ultimately force traditional banks and payments players to either think beyond the functional aspect of mobile payment apps and create an engaging customer experience, or risk getting squeezed out of the process.” By providing more convenient and varying and integrated portals, customers can perform most of their banking needs in a more flexible circumstance.
The reality is that banks need to accommodate an omnichannel approach to provide the most efficient process for customers. They will need to break the cycle of singular operational silos to unify the streams. We have seen some examples such as fund transfers and account management. This is further relevant as compliments into the preferences of Generation Z for whom were raised in a digitally savvy and interconnected world. As such, it is putting additional pressure on banks for a more seamless and less tedious process for their everyday banking. The V3 Mobility is suitable for acquiring customers outside the bank branch. This is to provide bank officers with more freedom in meeting customers anywhere and anytime. In this day of age, the customer is no longer bound to the branch. But that does not mean the bank branch is completely obsolete. The V3 Mobility is capable of contributing to the bank’s omnichannel repertoire. It can essentially send data to the bank’s server from wherever it is being used. It is a suitable method of customer acquisition outside the bank branch. Visit us at https://emerico.com/solutions/ for find out more.
