SAP has launched its latest release of Omnichannel Banking, a digital banking solution, available on-premise or in the cloud, designed to simplify the management of mobile and online applications for retail, small business and commercial banking, increasing revenue, profitability and loyalty while decreasing costs by making more extensive use of lower-cost channels.
The multichannel banking platform, built on open standards, enables banks to offer an array of more than 500 microservices for a superior digital customer experience using responsive mobile, tablet and desktop applications. SAP Omnichannel Banking’s modular architecture enables banks to introduce new products and services incrementally and to develop bank-specific extensions. The solution, which provides components to centralise critical, operational tasks, also provides optional integration with SAP’s core banking solution.
SAP Omnichannel Banking works in conjunction with the SAP Hybris solutions for customer engagement and commerce to form an all-in-one solution for banks to manage all aspects of interaction with their customers across multiple touchpoints. Combined, SAP Omnichannel Banking and SAP Hybris enable banks to create intelligent digital sales and service processes, delivering personalised customer interaction across multiple channels and helping banks get a 360-degree view of their customers.
“With SAP Omnichannel Banking and SAP Hybris solutions, we are providing a holistic offering to manage all types of digital customer engagement – mobile and online, and across multiple lines of business. This is nothing short of a game changer, one that empowers banks to differentiate from each other and allows them to provide a tailored, digital customer experience,” said Falk Rieker, global head of the banking business unit at SAP.
A recent IDC study commissioned by SAP discovered that although banks want to collaborate with FinTech start-ups, bank IT architectures makes that collaboration challenging. The API framework built into SAP Omnichannel Banking helps overcome those challenges to enable banks sufficient flexibility to partner with fintech companies and engage with established partners and industry leaders.