One of the most essential elements of a strong customer bank relationship is the bank’s understanding of customer needs and preferences. However, with the massive increase in their size and their customer base, the banks have slowly drifted away from understanding their customers’ needs and preferences closely.
Further, the proliferation of alternate delivery channels has necessitated that banks build their presence across all channels (omni-channel presence) to offer their services to their customers. As the banks can’t probably dictate that their customers chose specific channel, the challenges for the banks is to design products/systems which are channel/segment agnostic. BIS central bankers’ speeches  9  32.