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Omnichannel Banking Economy

Author

Listed:
  • Sergey A. Vasiliev

    (International Banking Institute, Nevsky Prospect, 60, 191023 St Petersburg, Russia)

  • Eugene R. Serov

    (International Banking Institute, Nevsky Prospect, 60, 191023 St Petersburg, Russia)

Abstract

In modern market conditions, customers who purchase banking products require a high level of service. In particular, they require continuous real-time service with the ability to instantly “switch” between service channels. The article analyzed the economic component of the omnichannel sales management system in banking. The existing barriers to introducing omnichannels to the practice of banking management have been identified. The features of the calculation of individual elements of the cost of sales at various stages of the life cycle of sales (sales funnel) are considered. An economic–mathematical model for managing the cost and profitability of sales by selecting the optimal omnichannel chains was proposed. The omnichannel model of interaction with customers enables banks to simultaneously achieve several key goals of increasing their own business efficiency: increase sales while reducing their cost and improving the quality of customer service. The model can be used not only in banking, but also in other forms of retail business where it is possible to collect detailed statistics and build a factor analysis of conversion through a sales funnel.

Suggested Citation

  • Sergey A. Vasiliev & Eugene R. Serov, 2019. "Omnichannel Banking Economy," Risks, MDPI, vol. 7(4), pages 1-11, November.
    • Handle: RePEc:gam:jrisks:v:7:y:2019:i:4:p:115-:d:284725
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    References listed on IDEAS

    as
    1. Saghiri, Soroosh & Wilding, Richard & Mena, Carlos & Bourlakis, Michael, 2017. "Toward a three-dimensional framework for omni-channel," Journal of Business Research, Elsevier, vol. 77(C), pages 53-67.
    2. Hanna Komulainen & Hannu Makkonen, 2018. "Customer experience in omni-channel banking services," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 23(3), pages 190-199, December.
    Full references (including those not matched with items on IDEAS)

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