Banks are reviewing their channel strategy. While they want most customers to use self service tools for transactions and investments, they want relationship managers to be pivotal in the management of high revenue, high value wealth management products. Banks want to own, engage, and offer services at the various stages of the customer relationship lifecycle because of intense competition, the complexity of customer demand, and the spread and depth of functionality in channels. Customers are using direct channels such as mobile phones, smart phones, tablets, and PCs to transact with their banks with greater frequency. While this makes the geographical location of branches less significant, banks must ensure that customers can choose to use any channel for a transaction—even if they start with one channel and complete it using another—and expect a seamless experience. Financial institutions also need to connect virtually with their customers as they spend increasing amounts of time with social media sites and affinity communities and use collaborative technologies such as blogs, wikis, RSS, and podcasts.
In this scenario, banks need a solution to address current and future requirements that will:
Enable the relationship manager to become a channel and one-stop-shop for the entire range of a customer's financial needs by giving them easy access anywhere to complete customer information. That would allow them to personalize transactional and investment products to make them suitable to a customer's profile.
Be the ubiquitous channel for all direct and indirect offerings to increase fee based income and increase the stickiness of customer relationships
Give them the ability to serve the complete spectrum of customers, from individuals—including high net worth customers—to companies, and move them from mere transaction-based accounts to portfolio-based services while giving them a truly seamless experience across channels of their choice.
Allow them to develop their presence across a wide mix of channels with significantly enhanced capability on specific devices, enabling them to constantly experiment and add new media capabilities.
KEY BENEFITS OF ORACLE FLEXCUBE MultiChannel SOLUTION
Oracle MultiChannel Solution offers banks a unified view across channels and enables them to offer complete account and portfolio view-based products and services. The solution helps aggregate customer account information – from both within and outside the bank – and provides holistic portfolio tracking and management capabilities. With this solution, banks can deliver both self-directed as well as advisor-driven wealth management solutions to their customers.
It offers a full spectrum of offerings and services from basic banking functionality such as account opening, loan processing and deposits on the one end of the spectrum to advanced customer portfolio tracking, simulation and investment advice on the other. The solution caters to retail and corporate banks, brokers, and mutual fund companies and offers a wide range of functionality, including banking, bill payment and presentment, payment and transfer warehousing, online statements, account registers, alerts, personalization, account aggregation, and one-to-one marketing.
It enables complete lifecycle relationship management for wealth management for both individual and corporate customers including customer risk assessment and financial planning. It offers a range of functionality including model portfolio construction, automatic proposal generation, order origination and pre-trade compliance checks. It can route orders to execution systems, perform portfolio aggregation, valuation, analysis and performance measurement against benchmarks with support for portfolio deviation tracking, simulation and rebalancing.
It has a well defined, segregated and comprehensive support for the requirements of an individual and a corporate customer.
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