Zenmonics: At the Forefront of Agile Banking

CIO VendorChris Siemasko, Chief Product Officer “For banks, it is essential to stay continuously engaged with their customers, as well as the associated bank employees,” begins Chris Siemasko, the Chief Product Officer of Zenmonics. While his statement does present an imminent situation, the question arises as to why is it THAT important for banks to do so.

While for customers, they want the banks to create continuity between its digital, contact center, and branch, for frontline bankers and customer service reps, it is an entirely different situation. The customers can use their phone to open an account, but the banker uses a green-screen application for similar tasks. This means they see different versions of the truth, which makes it hard for customers and bankers to talk in a common language. The solution that most banks go after is to transform their branches or digitize customer channels. However, what if there was a banking platform that would allow them to do more than that? That is where Zenmonics can help. “We can provide capabilities for both the customers and the bankers by transforming the experience of both the sides,” states Siemasko.

"Using channelUNITED, bankers and customers have access to the data and the processes that create a positive and efficient branch experience"

Zenmonics's channelUNITED banking platform delivers banking components from an end-customer point-of-view to the banker and customer. “Our platform has embedded intelligence that distinguishes between a bank employee and a client and the device that they leverage, which allows us to understand and present the user-experience, and orchestrate service calls based on the intelligence,” mentions Siemasko. Zenmonics packages these components in a way that the banks can choose according to their specific needs whether it for their digital, mobile, or any other operational component, all through a singular unified platform.

Unifying the Experience

As a preeminent provider of banking channel software for the global financial services marketplace, Zenmonics assures financial institutions stay continuously engaged with their customers through its channelUNITED banking platform. By establishing continuity with the platform, the banks can reduce employee uncertainty and customer frustration for better banking relationships. The company's channelUNITED platform provides an open standard, core-independent and true omnichannel solution that spans all self-service and assisted channels to meet the digital transformation needs of a bank.

Purpose-built as a single technology stack, Zenmonics’ channelUNITED platform has been developed upon an open banking API architecture, which allows it to be FinTech-friendly, cloud-enabled, and continuously innovative. The platform can enhance the experience for both the customer and banker, spanning both self-service and assisted channels. One of the only market available solutions today to enable digital transformation across all engagement points including consumer online and mobile, banker sales, servicing, teller, account origination and kiosk, the platform reduces stress, frustration, and misunderstanding between banks and their customers. Further, the platform can be deployed incrementally across consumer, banker, account opening, and kiosk to align to a financial institution’s immediate and future needs.

Our platform has an embedded intelligence that distinguishes between a bank employee and a client and the device that they leverage, which allows us to understand and present the userexperience, and orchestrate service calls based on the intelligence

Delivering a Seamless Experience

The company follows a flexible deployment model to provide the platform incrementally. Even though it covers all the enterprise and consumer channels, the banks can start leveraging the platform through a simple account opening process. After that, the clients can slowly transition to use the different functions and components as well. The platform can be deployed on-premises or in a cloud environment, which can be either the bank's private cloud or that of an external cloud provider.

On the account opening side, channelUNITED allows a customer to pick up the process at a branch exactly where they left off when they were using the bank's digital element. The platform enables multiple product types to be opened together, which creates continuity and gives customers the consistent digital experience they have come to expect. The bankers can also reduce the friction and redundancy in their clients' everyday banking interaction as they can now help customers with their specialized needs in a seamless manner.

Dissolving the Friction

channelUNITED platform substantiates the banks' focus to provide a good customer experience. “The banks usually deploy modern interfaces and consistent branding but don't help them as through them, only the fractured system architecture underneath can be masked,” says Siemasko. channelUNITED platform mitigates the information gaps that are still present and reduces the customers' frustration by providing them with a unified experience. The platform spans across all the service and assisted interaction points of a banking system to avoid narrow point solutions and unify the customer experience. This enables the banks to engage with their customers and bankers in a continuous and synchronized manner, and also to start a complex transaction in one element and seamlessly finish it in another. “With this approach, they are not just able to upgrade their channels, but they are also empowered to close the gaps between their customers and employees,” adds Siemasko.

Through the platform, banks are allowed to remove the existing barriers due to the deployed technology. “The banks have their own goals for the bankers who work in their branches and contact center; goals that will help the bank to grow. However, the more effort those goals require, the less likely they’ll happen—especially if it’s not clear what they are in the first place, and that's where we can help to dissolve the friction,” states Siemasko. With all the bank's interaction points on one adaptable platform, the bankers are enabled to understand the exact elements, which are viewable to the customers, ultimately refocusing them on productive customer conversations.

Innovating at all Fronts

As a platform, channelUNITED not only endows the capability to provide a unified omnichannel, it can also innovate with the changing demands that the bank's employees and customers may have. “New demands will continue to shape both the customer and banker sides of the business of a bank, and while some of their solutions will continue to work, they will be coming to a crossroads where many will become obsolete and new opportunities will emerge,” says Siemasko.

By implementing Zenmonics's unified platform, the bank is allowed to transform channel by channel. They can start at any channel and incrementally innovate across the enterprise—with each channel taking advantage of prior integration, features, and processes.

Through the introduction of the kiosk solution, Zenmonics has taken innovation to another level. The banks can leverage the flexibility of the kiosk and engage their customers and employees on a single, powerful banking platform, all with real-time availability. Spanning across the self-service and assisted interaction points, the channelUNITED kiosk solution allows the banks to engage their customers and bankers with just-in-time assistance and discovery. Both the customers and bankers can use the same data to move quickly and confidently through everyday banking and complex tasks. “As customers have grown accustomed to the DIY atmosphere of consumer technologies, kiosks offer them renewed opportunities to explore and access the many products and services your bank offers. Using channelUNITED, bankers and customers have access to the data and the processes that create a positive and efficient branch experience,” adds Siemasko.

In their path of innovation, Zenmonics has also partnered with People’s United Bank to transform their branch and digital account acquisition applications. The agreement includes the deployment of Zenmonics’ channelUNITED Universal Account Opening and Banker Sales & Servicing modules that will allow the bank to stay continuously engaged with its customers across all self-service and assisted channels.

Understanding the 'Zen' of Banking

Having carved a unique niche in the banking sector by providing innovative software that supports all channels of a financial institution on a single platform, Zenmonics is committed to transforming the financial industry to ensure financial institutions stay continuously engaged with their customers. The company has recently accepted a minority investment from Fidelity National Information Services, Inc (NYSE: FIS). The agreement represents the natural evolution of a long and successful partnership between the two companies. The investment enables Zenmonics to continue its aggressive growth and extend capabilities of its channelUNITED platform, already recognized as the most innovative solution in the market. This will allow the company to grow innovation and delivery capacity for its current clients, while also extending its reach in the market.

Going forward, Zenmonics aims to focus on international efforts as well, through its existing partnerships. The company is investing in global opportunities and has also started to construct a pipeline to follow in the near future. Zenmonics will also continue to expand its platform into the credit union market. “Today, we primarily collaborate with the major financial institutions but will also look to expand in the other spaces,” says Siemasko. He also informs that there will be a continued expansion when it comes to the operational areas of the banks. “Our breadth, features, and functions will keep on extending. The aim here, is to help every segment of the financial sector,” concludes Siemasko.