Cedar has been at the forefront of thought leadership and execution expertise for a unified omnichannel strategy across all banks' channels. Omnichannel banking is about providing customers and bank staff a unified experience across all channels, including but not limited to branch, online, mobile, call centre, ATMs and kiosks. Cedar's experience encompasses omnichannel banking, emerging fintech solutions and open banking readiness. This helps enhance customer experience through deep expertise in designing & executing large omnichannel strategy programs.
Cedar helps global banks design their omnichannel strategy. Cedar's approach to building a truly Omni Channel Strategy includes a study of client segmentation, transaction patterns across channels, product offerings across retail & corporate customers, and enhanced customer experience, which would need unification across channels. The study culminates with an in-depth analysis across 4 areas: Segmentation, Product Proposition, Channel Adoption, Organization & Technology.
Cedar's omnichannel strategy helps define the operating model, which keeps the customer at the centre of the strategy and ensures the customer adopts the digital-first approach. Cedar's approach to execution is based on an AGILE methodology that incrementally launches customer-centric capabilities across channels.
How we add value
Cedar follows a 3-phase approach to design and execute an omnichannel strategy across bank channels, including branch, online & mobile banking, call centre, ATMs, and kiosks.
- Develop Omnichannel Strategy: Cedar helps validate the channel current strategy & initiatives of banks. This enables an in-depth review of the existing service offerings across all the channels of the bank. Cedar understands the current channel usage & performance by conducting a deep into the customer demographics for each transaction type to identify potential new services/ products which can be offered across the omnichannel. This is followed by a detailed external analysis across local competition, regional and global leaders of omnichannel banking are conducted. The current offerings are benchmarked based on competition, regional and global offerings. Every initiative identified is prioritized based on the impact, complexity, and revenue-generating capabilities. The initiatives are tagged into 3 buckets of a short, medium, long term target for implementation. The KPIs for the product owners and business heads are developed to ensure the services planned in the omnichannel roadmap are developed, tracked, and executed as part of the implementation.
- Omnichannel Supplier Selection: Designing the right omnichannel strategy sets the foundation for the selection of the best-fit omnichannel system across channels. It is essential that banks can choose the right omnichannel system, which would help achieve its omnichannel strategy. The supplier selection approach is based on Cedar's proprietary toolkit for requirements, evaluation methodology based on functional, technical and supplier qualifications. Through its experience and insights, Cedar has helped evaluate 50+ omnichannel system selection engagements for its clients. Cedar's understanding of supplier performances across global markets is also strongly supplemented by the proprietary SalesVision Tool from IBS Intelligence, which has the profiles of 7,500+ deals signed up by players across the globe, classified by system type and bank categories. This saves more than 30-40% of time in the evaluation process, as most information about suppliers is made readily available.
- Omnichannel Implementation: Cedar's omnichannel implementation approach helps define the execution using an AGILE methodology, involving daily sprint meetings and transparency, with a more robust adoption of Agile tools & technologies. Cedar's omnichannel transformation approach helps deliver faster product releases and the ability to gauge customer reactions & alter accordingly.