CINCINNATI-Credit unions are being urged to pay close attention to the rapid emergence of "omni-commerce," as mobile is changing consumers' shopping habits, says Vantiv.

Omni-commerce, or multi-channel commerce, occurs when consumers use multiple avenues to make a purchase-for example, use their smartphone to pick up a Starbucks coupon before buying a latte in their local store, or research a product online and then call in the order.

"People want to be able to control their home's thermostat from their mobile phone, they want everything connected," said Lorena Harris, VP of corporate marketing and head of the Vantage Insights program at Vantiv. "Customers now expect a smooth and seamless experience across all of their banking channels."

This is putting pressure on many financial institutions to make sure that no matter how the consumer touches the financial institution-whether it be via mobile, home banking, in-branch or the call center-they receive an integrated, personalized and consistent experience across all channels.

Outside of the look and feel of each channel being the same, so must the data, insisted Harris. "The key is consistent data at every touch point. But in order for everything to be connected and the experience smooth, things have to work well below the surface."

Harris said that for many financial institutions this is a future state, but one that cannot be put off for long. "Thirty-five percent of consumers are 'showrooming'-gathering data online and then going into the store."


Substitution For Core Account?

Harris added that as more consumers make financial management a priority, accessing financial management tools across multiple channels will be expected.

"The younger generations are paying much more attention to financial management.

For example, youth are substituting their core account with a prepaid card. They want to better manage their spending and know where they are spending their money."

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