Sustainability of Omnichannel in Banks with Online Service Strategy and Pricing Decisions
Keberlanjutan Omnichannel di Bank dengan Strategi Layanan Online dan Keputusan Harga
-
(1) * Lilik Indayani
Universitas Muhammadiyah Sidoarjo
Indonesia
(2) Misti Hariasih Universitas Muhammadiyah Sidoarjo
Indonesia
(3) Detak Prapanca Universitas Muhammadiyah Sidoarjo
Indonesia
(4) Anti Mariani Universitas Muhammadiyah Sidoarjo
Indonesia
(5) Danar Putra Mahendra Universitas Muhammadiyah Sidoarjo
Indonesia
(*) Corresponding Author
Abstract
This quantitative research explores the optimization of omnichannel banking strategies in conventional Banks in East Java, Indonesia. With a focus on 17 member Banks from the Indonesian Banking Association in the Sidoarjo region, this study aims to analyze the impact of online services (64%) and pricing decisions (34%) on the sustainability of omnichannel initiatives. By connecting all marketing channels on a unified platform, Banks can deliver consistent customer experiences, fostering exceptional closeness and satisfaction leading to enhanced loyalty. However, the lack of awareness among customers about the top management's applied strategies poses a serious challenge in this program. The implications of diverse information, as well as online service and pricing decisions, play a crucial role in the success of the Omnichannel Banking program. The findings of this research provide valuable insights for global scientists and practitioners seeking to leverage omnichannel strategies for sustainable customer engagement in the banking sector.
Highlights:
-
Customer-Centric Approach: Omnichannel banking enables a unified customer experience across all platforms, fostering exceptional closeness and satisfaction, leading to enhanced loyalty and retention.
-
Optimizing Online Services: The study reveals that effective online services contribute significantly (64%) to the sustainability of omnichannel strategies, emphasizing the importance of seamless digital interactions.
-
Strategic Pricing Decisions: The research highlights the critical role of pricing decisions (34%) in shaping the success of omnichannel initiatives, emphasizing the need for a well-balanced pricing strategy to drive customer engagement and business growth.
Keywords: Omnichannel Banking, Sustainable Strategies, Customer Engagement, Online Services, Pricing Decisions.
Downloads
References
E. Abbasi, E. Eram, A. Imran, and S. Siddiqui, "Towards Developing Innovation Management Framework (IMF) for ICT Organizations at Pakistan," Journal of Innovation and Entrepreneurship, vol. 11, no. 1, 2022. DOI: 10.1186/s13731-022-00231-6.
E. Battisti et al., "International Marketing Studies in Banking and Finance: A Comprehensive Review and Integrative Framework," 38 International Marketing Review, 2021.
L. De Bruin, M. Roberts-Lombard, and C. De Meyer-Heydenrych, "Internal Marketing, Service Quality and Perceived Customer Satisfaction: An Islamic Banking Perspective," Journal of Islamic Marketing, vol. 12, no. 1, pp. 199-224, 2021.
X. Chen, Q. He, and C. Yu, "An Exploratory Configurational Analysis of Collaborative Innovation in Megaprojects," vol. 1101, pp. 1-10, 2022.
J. Du, C. Zhang, and Q. Wu, "The Influence of Organizational Learning and External Cooperation Configuration on Enterprise Technological Innovation: A Study Based on FsQCA Approach," PLoS ONE, vol. 17, no. 8, August 2022. DOI: 10.1371/journal.pone.0271960.
"A Study on Omnichannel Authentication for the Banking Industry with Reference to Digilocker," Turkish Journal of Computer and Mathematics Education, vol. 12, no. 12, pp. 3538-3540, 2021.
L. Grassi, N. Figini, and L. Fedeli, "How Does a Data Strategy Enable Customer Value? The Case of FinTechs and Traditional Banks under the Open Finance Framework," Financial Innovation, vol. 8, no. 1, 2022. DOI: 10.1186/s40854-022-00378-x.
Y. Li, L. Wang, and Y. Ouyang, "Technology Progress Path and Catch-up Strategy for Late-Moving Large Countries," China Economist, vol. 17, no. 5, pp. 41-64, 2022.
M. Özecan and E. Arıkan, "An Integrative Model on User Satisfaction and Continuance Intention for Using M-Banking," Business and Economics Research Journal, vol. 13, no. 3, pp. 465-482, 2022.
S. Plamondon Bair, "Innovation's Hidden Externalities," Forbes, pp. 1385-1434. https://www.forbes.com/sites/johnvillasenor/2014/05/12/the-future-of-innovation-five-, Accessed: Month day, year.
M. Rezaei, A. Sanayei, S. F. A. Aghdaie, and A. Ansari, "Improving the Omnichannel Customers' Lifetime Value Using Association Rules Data Mining: A Case Study of Agriculture Bank of Iran," Iranian journal of Management Studies, vol. 15, no. 1, pp. 49-68, 2022.
L. A. Tesfaye and M. Fougère, "Frugal Innovation Hijacked: The Co-Optive Power of Co-Creation," Journal of Business Ethics, vol. 180, no. 2, pp. 439-454, 2021. DOI: 10.1007/s10551-021-04883-4.
A. Zeeshan, "Is Islamic Banking Another Marketing Gimmick?" International Journal of Business and Administrative Studies, vol. 7, no. 3, pp. 42-53, 2021.
Y. Zhang, H. Chen, and Z. He, "Environmental Regulation, R&D Investment, and Green Technology Innovation in China: Based on the PVAR Model," PLoS ONE, vol. 17, no. 10, October 2022. DOI: 10.1371/journal.pone.0275498.
Copyright (c) 2023 Lilik Indayani, Misti Hariasih, Detak Prapanca , Anti Mariani, Danar Putra Mahendra
This work is licensed under a Creative Commons Attribution 4.0 International License.
