IDEAS home Printed from https://ideas.repec.org/a/ers/journl/vxxviiy2024i3p1008-1021.html
   My bibliography  Save this article

Digital Technologies Supporting the Development of the Omnichannel Model in the Financial Sector

Author

Listed:
  • Barbara Wyrzykowska
  • Leszek Borowiec
  • Karol Sikora

Abstract

Purpose: The main objective of the article was to evaluate the use of digital technologies in enterprises operating under an omnichannel model within the financial sector, with a particular focus on the methods of their implementation and their impact on improving customer experiences. Design/Methodology/Approach: The research was divided into two stages. The first stage utilized literature related to the omnichannel model and digital technologies. In the second stage, information was gathered from the websites of selected companies and their publicly available financial and non-financial reports. Additionally, in-depth interviews were conducted with board members and IT department managers. Findings: Digital technologies are crucial for the effective implementation and functioning of the omnichannel model in financial sector enterprises. Specifically, the analysis revealed that companies employ a range of innovative technologies, including artificial intelligence, Internet of Things (IoT), cloud computing, Big Data, blockchain, and VR/AR, which support both customer service processes and operational optimization. The implementation of these technologies ensures a consistent customer experience across various communication channels. Practical implications: The research indicates that implementing modern technological solutions contributes to improving process efficiency, personalizing services, and increasing customer satisfaction. These implications are particularly significant for companies aiming to leverage the omnichannel model as a tool for building competitive advantage. Originality/value: The study combines an analysis of innovative technologies such as AI, IoT, blockchain, Big Data, and cloud computing with their implementation in real business processes at companies like PZU SA and ING Bank Śląski.

Suggested Citation

  • Barbara Wyrzykowska & Leszek Borowiec & Karol Sikora, 2024. "Digital Technologies Supporting the Development of the Omnichannel Model in the Financial Sector," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 1008-1021.
    • Handle: RePEc:ers:journl:v:xxvii:y:2024:i:3:p:1008-1021
    as

    Download full text from publisher

    File URL: https://ersj.eu/journal/3762/download
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Verhoef, Peter C. & Kannan, P.K. & Inman, J. Jeffrey, 2015. "From Multi-Channel Retailing to Omni-Channel Retailing," Journal of Retailing, Elsevier, vol. 91(2), pages 174-181.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. März, Armin & Lachner, Michael & Heumann, Christian G. & Schumann, Jan H. & von Wangenheim, Florian, 2021. "How You Remind Me! The Influence of Mobile Push Notifications on Success Rates in Last-Minute Bidding," Journal of Interactive Marketing, Elsevier, vol. 54(C), pages 11-24.
    2. Neslin, Scott A., 2022. "The omnichannel continuum: Integrating online and offline channels along the customer journey," Journal of Retailing, Elsevier, vol. 98(1), pages 111-132.
    3. Cai, Ya-Jun & Lo, Chris K.Y., 2020. "Omni-channel management in the new retailing era: A systematic review and future research agenda," International Journal of Production Economics, Elsevier, vol. 229(C).
    4. Wang, Siqi & Cheah, Jun-Hwa & Lim, Xin-Jean & Leong, Yee Choy & Choo, Wei Chong, 2022. "Thanks COVID-19, I'll reconsider my purchase: Can fear appeal reduce online shopping cart abandonment?," Journal of Retailing and Consumer Services, Elsevier, vol. 64(C).
    5. Antonio Farías & Christian A. Cancino, 2021. "Digital Transformation in the Chilean Lodging Sector: Opportunities for Sustainable Businesses," Sustainability, MDPI, vol. 13(14), pages 1-17, July.
    6. Willems, Kim & Smolders, Annelien & Brengman, Malaika & Luyten, Kris & Schöning, Johannes, 2017. "The path-to-purchase is paved with digital opportunities: An inventory of shopper-oriented retail technologies," Technological Forecasting and Social Change, Elsevier, vol. 124(C), pages 228-242.
    7. Li, Chen & Swaminathan, Srinivasan & Kim, Junhee, 2021. "The role of marketing channels in consumers’ promotional point redemption decisions," Journal of Business Research, Elsevier, vol. 125(C), pages 314-323.
    8. Ismael Cristofer Baierle & Francisco Tardelli da Silva & Ricardo Gonçalves de Faria Correa & Jones Luís Schaefer & Matheus Becker Da Costa & Guilherme Brittes Benitez & Elpidio Oscar Benitez Nara, 2022. "Competitiveness of Food Industry in the Era of Digital Transformation towards Agriculture 4.0," Sustainability, MDPI, vol. 14(18), pages 1-22, September.
    9. Bernd W. Wirtz & Paul F. Langer, 2017. "Public Multichannel Management – an Integrated Framework of Off- and Online Multichannel Government Services," Public Organization Review, Springer, vol. 17(4), pages 563-580, December.
    10. Cheah, Jun-Hwa & Lim, Xin-Jean & Ting, Hiram & Liu, Yide & Quach, Sara, 2022. "Are privacy concerns still relevant? Revisiting consumer behaviour in omnichannel retailing," Journal of Retailing and Consumer Services, Elsevier, vol. 65(C).
    11. Ravula, Prashanth & Bhatnagar, Amit & Ghose, Sanjoy, 2020. "Antecedents and consequences of cross-effects: An empirical analysis of omni-coupons," International Journal of Research in Marketing, Elsevier, vol. 37(2), pages 405-420.
    12. Gao, Mengjia & Huang, Lin, 2021. "Quality of channel integration and customer loyalty in omnichannel retailing: The mediating role of customer engagement and relationship program receptiveness," Journal of Retailing and Consumer Services, Elsevier, vol. 63(C).
    13. Shi, Xiutian & Dong, Ciwei & Cheng, T.C.E., 2018. "Does the buy-online-and-pick-up-in-store strategy with pre-orders benefit a retailer with the consideration of returns?," International Journal of Production Economics, Elsevier, vol. 206(C), pages 134-145.
    14. Reinartz, Werner & Wiegand, Nico & Imschloss, Monika, 2019. "The impact of digital transformation on the retailing value chain," International Journal of Research in Marketing, Elsevier, vol. 36(3), pages 350-366.
    15. Lena Steinhoff & Denni Arli & Scott Weaven & Irina V. Kozlenkova, 2019. "Online relationship marketing," Journal of the Academy of Marketing Science, Springer, vol. 47(3), pages 369-393, May.
    16. Shujun Yang & Ivan Kai Wai Lai & Huajun Tang, 2022. "Pricing and Contract Coordination of BOPS Supply Chain Considering Product Return Risk," Sustainability, MDPI, vol. 14(9), pages 1-21, April.
    17. Anh Thi Nguyen & Alrence S. Halibas & Robert McClelland & Nguyen Hoang Thuan, 2024. "Configurational analysis of conditions influencing customers’ channel switching intention in omnichannel retailing: a fuzzy-set analysis," Quality & Quantity: International Journal of Methodology, Springer, vol. 58(1), pages 141-178, February.
    18. Watanabe, Chihiro & Akhtar, Waleed & Tou, Yuji & Neittaanmäki, Pekka, 2021. "Amazon's New Supra-Omnichannel: Realizing Growing Seamless Switching for Apparel During COVID-19," Technology in Society, Elsevier, vol. 66(C).
    19. Savastano Marco & Anagnoste Sorin, 2020. "Pioneering Strategies in Retail Settings: An Empirical Study of Successful Practices," Management & Marketing, Sciendo, vol. 15(4), pages 643-663, December.
    20. Caputo, Andrea & Pizzi, Simone & Pellegrini, Massimiliano M. & Dabić, Marina, 2021. "Digitalization and business models: Where are we going? A science map of the field," Journal of Business Research, Elsevier, vol. 123(C), pages 489-501.

    More about this item

    Keywords

    Digital technologies; omnichannel model; financial sector; customer experiences.;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management
    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ers:journl:v:xxvii:y:2024:i:3:p:1008-1021. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Marios Agiomavritis (email available below). General contact details of provider: https://ersj.eu/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.