Marketing 0

#4 “Omni” Quadrant
This quadrant is ultimately where the companies want to be.
Businesses in other quadrants should try to migrate their customers
and build their capabilities to become an Omni company. The Omni
quadrant belongs to industries that are experiencing a softer blow
during the COVID-19 crisis, with high-tech and financial services as
two industry examples. Tech companies are naturally the readiest for
social distancing policy and stay-at-home behavior. With
digitalization as a major part of their DNA, the companies have
aimed to disrupt traditional industries, and the pandemic simply
gave them a significant push. Companies like Amazon, Microsoft,
Netflix, Zoom, and Salesforce have all experienced high growth.
Digital financial services also grow when customers avoid trips to the
banks, and cashless payments have become the norm. Banks,
however, have been migrating their customers to digital channels
with all sorts of incentives long before the outbreak. Today, all big
banks offer online and mobile banking facilities.
In banking, the customer's choice of channel is purely based on
convenience. Customers who choose to go to a bank branch do not
look for a touchy-feely experience like in the brick-and-mortar
stores. They want to go to the branch because it is more convenient.
Thus, if digital banking can replicate convenience for a wide range of
customers, the electronic channel will become the most preferred.
But the digitalization goes far deeper than that in the industry.
Financial services have been exploring the use of chatbots for
reducing the call center workload, blockchain for enhancing
transaction security, and AI to detect fraud. It has become one of the
most digital industries aside from the high-tech and media
businesses.

---