Modern markets are going through digital transformation at an accelerated pace. Customers have started demanding fast, secure and easy-to-access services in practically every aspect of their lives. Most traditional services, especially banking and finance, are evolving and moving quickly towards cloud adoption, building new capabilities and services to address market demands. In fact, 40-55% of banking and financial services workloads have already moved to the cloud in all major countries (Statista) to respond to the changing services environment and competition from younger businesses.
Moving to the cloud is just the first step to delivering the seamless, omnichannel experience your customers expect. The cloud platform enables a variety of capabilities that can be leveraged to achieve competitive advantage. For banking and financial services, omnichannel banking and automation of various services have become the most basic requirement for delivering a great customer experience. One can send batch emails to subscription lists by automating emails to customers using a variety of platforms. To send more personalised messages on a large scale, these platforms allow you to create different categories and track how subscribers interacted with previous emails. Similarly, automated emails can be used to distribute vouchers and offers.
In our recent Digital Cambodia webinar, Dassana Wijesekera, Head of Solution Architecture for Financial Solutions and Open Banking at WSO2, discussed omnichannel banking in detail. The webinar also hosted Harshan Senadhira, Head of Product Implementations at Mitra Ventures, who talked about workflow automation which can accelerate critical business functions. Usaith Uwize, Global Business Development & Marketing, Mitra Innovation, also discussed multi-channel marketing automation with AI on the low-code platform, Creatio. You can watch the full webinar here to learn more about the topics.
Leveraging an Omnichannel Banking Environment for Customer-Business Alignment
Omnichannel banking, in simple terms, is referred to as all the banking operations from a website, mobile app, bank’s branch, a call centre, or any other available channel whether digital or online, being presented as one cohesive service. In fact, 76% of customers expect an omnichannel experience for financial services (Capgemini) with an almost equally distributed preference for different channels like physical (47%), mobile (37%), and web (47%).
Developing omnichannel services also provides business advantages through real-time, event driven, and usage-based insights. The data captured through consolidated multi-channel services also helps strategise offerings like services, products, offers, integration with third parties, etc. Customer activity-based analytics enable innovation, experimentation, and market-oriented offerings to gain competitive advantage.
Deliver Excellent User Experience with Workflow Automation
One of the most important demands of today’s customers is quick and reliable customer service. According to a Salesforce report, 89% of first-time customers are more likely to make a second purchase with businesses that have great customer service. The same report also says 78% will continue to do business even after a mistake, if the customer service is great overall. This is where workflow automation shines brightly for business cases.
Workflow automation enables businesses to automate repeating and simpler tasks like customer onboarding, documentation, claim settlements and most of the underwriting and front-office functions. Workflow automation also supports a host of business functions that can be configured without technical skills using low-code and no-code platforms like Creatio. Download our Digital Cambodia webinar slide deck to learn more about elevating the customer experience with the help of workflow automation.
Drive Marketing with AI Analytics and Automation
Personalisation has become a necessity in today’s world. Using a no-code platform, like Creatio, that provides built-in AI for marketing automation and personalisation, can further your business case. This is evident from the Hubspot report that found 59% of customers value personalisation and are more likely to be retained by a business that delivers personalised services and communication. With omnichannel presence in a customer’s life, delivering personalised communications and services can be easily automated using a no-code platform and AI-enablement. Being one of the longest serving and most experienced WSO2 global partners and having delivered over 40 WSO2 integration projects to a diverse range of clients, Mitra Innovation has been awarded Value Added Reseller Gold status by WSO2. Mitra is also the only global Open Banking partner for WSO2, a worldwide, open-source enterprise platform and methodology for integrating platforms and systems.
The Digital Cambodia by 2025 initiative has already seen two successful chapters with our webinar being the most recent iteration. It demonstrates the potential of digital transformation and explores solutions for system integration, software agility and API management across Cambodia with Industry Leaders from FinTech, Telcos and BFSI Sectors. Our speakers have discussed these topics in great depth during the webinar. The next event for Digital Cambodia by 2025 will be held soon. To know more about the events, you can visit or follow us on LinkedIn and Twitter to stay updated.
The combination of omnichannel banking, workflow automation and marketing automation, will elevate the customer experience you deliver. Low-code and no-code development platforms not only speed up development times, they increase the ability to respond to market demands, regulatory changes and technological innovation. Delivering joined-up, personalised, responsive and secure services to banking and financial services ensures you stay ahead of the competition.
WSO2 is a global, open-source, Middleware platform for integration, API Management and Identity and Access Management. Thousands of enterprises around the world, across a diverse range of industries, rely on WSO2 solutions, whether their applications and services run on premise, in the cloud or even in a hybrid environment.
About Digital Cambodia
Cambodia’s digital pioneers and industry leaders from the Banking, Financial Services, Insurance and Telecommunications sectors joined Mitra Innovation and WSO2 for ‘Digital Cambodia by 2025’. This immersive, full day, in-person event saw leaders and technology experts from Wing Money, Cellcard, RHB Bank and Mitra Innovation, discuss the impact of digital transformation on the banking sector.
At our core, Mitra Innovation is a collaborative enterprise. We partner with companies around the world, bringing the best technological advantage to the widest audience. Through Co-Development we deliver scalable solutions with the right level of resource at the right price with minimal risk. Our Security First ethos means we deliver resilient, strategic, innovative solutions, which generate growth and customer engagement.
About the Author
At Mitra Group, we are driven by a team of visionary authors who bring depth and expertise to our digital innovation solutions. Our authors combine passion, knowledge, and creativity to shape the future of technology and business.