Frequent customers expect retailers to make relevant product recommendations based on their shopping habits. Banking customers are not an exception. Today’s digitally empowered consumers demand banking services according to their individual preferences anywhere, anytime, and however, they interact. Here, omnichannel digital banking solutions create opportunities to engage deeply with customers and deliver personalized services.
While digital banking has become a default for many customers, they often prefer face-to-face interactions for complex financial products. It becomes a challenge to combine digital and human channels effectively to create a seamless omnichannel offering. Thus, banks must remember that an omnichannel digital banking platform also includes the critical human side of the equation.
According to a survey, 59% of retail banking customers expect on-demand, anywhere, anytime customer services, and 76% of customers want an omnichannel banking experience. Banks must develop technological capabilities in omnichannel banking solutions, artificial intelligence, big data analytics, and open banking ecosystem to deliver a personalized and connected experience.
Let’s look at the enablers of seamless, sustainable, omnichannel journeys for banking customers –
Understanding Omnichannel Customer Journeys
The customer may begin by interacting with the bank’s social media on their desktop computer to get an insight about the product or service of their interest. They may then switch to the mobile app on their smartphone to engage with customer support via chat. Eventually, they may complete the purchasing procedure by visiting the branch.
The foundation of omnichannel customer journeys is to unify all these interactions so that customers can switch seamlessly from one channel to the other. An omnichannel digital banking platform aims to create a customer-centric, cohesive, and cross-channel experience that allows transition between channels with minimal hassle.
For instance, whether the customer is applying for banking cards through the mobile app or making bill payments through internet banking, the customer doesn’t have to fill out forms or give details repeatedly. Similarly, banks can give personalized, consistent, and convenient experiences by recommending products based on customer behavior on different channels, e.g., blog subscription, call-to-action (CTA) in targeted email, call with a customer service representative, etc.
Enablers of Seamless, Sustainable, Omnichannel Banking Experience
Uniformity through Digital Banking Platforms
An omnichannel digital banking platform is at the heart of the customer-centric experience, a central hub through which data flows. Following the principle of creating once and distributing anywhere provides a holistic view of the centralized orchestration of customer interactions across multiple touchpoints.
It involves the integration of data silos, channels, products, processes, and infrastructure into end-to-end enterprise omnichannel banking solutions that decrease the dependability on the core banking system. This approach best fits the device-agnostic lifestyle and empowers customer-originated, data-driven innovations.
Advanced Analytics for Better Targeting
Banks can process the data generated by customer transactions and digital banking through advanced analytics to increase the effectiveness of omnichannel sales. Data analytics allow banks to gain insight into customer segments, spending patterns, online behaviors, etc. Through this information, banks can identify potential customers and behavioral clusters to target precisely, and customize products and value propositions.
It also enables banks to reach customers at the right time via the right channel, optimizing lead generation. The prediction power of omnichannel banking solutions can further be improved with advances, such as non-linear machine learning and more granular data. Many banks are already multiplying conversion rates by upgrading static customer profiles with a dynamic and integrated view of real-time behaviors.
Personalized Customer Engagement
Digital banking customers are yearning for personalized experiences. Delivering highly personalized experiences requires integrating various customer touchpoints, including internet banking, mobile app, social media, emails, calls, and more. For instance, if a customer engages with customer support on a social media channel, the omnichannel digital banking solutions should identify the customer and all previous engagements.
The key to personalized engagement is to help customers without asking redundant and annoying questions. The e-KYC procedure provides a personalized and consistent digital banking experience. Banks must implement automated and simplified user experience for customer verification at all touch points during and after customer onboarding.
Coordinated Sales Channels
The information enablers, like data and analytics derived from various channels, must be deployed into the organizational strategy and governance. Sales and marketing initiatives would require a single point-of-view for managing customers’ sales funnel. It helps banks provide a consistent experience because nobody wants to receive repeated notifications and marketing emails for services they have already signed up for.
Open Banking Ecosystem
An open banking ecosystem has become imperative to facilitate delivering value-added financial and non-financial services. Banks can share customer and service data through APIs (Application Programming Interfaces) between two or more unaffiliated parties.
Open banking enables a superior personalized experience through the convenience and security of choosing connected and plug-and-play financial services. These financial services have increasingly become pivotal to embedding banking into customers’ everyday lifestyles and non-banking activities. This collaborative business model and API monetization not only create new revenue streams but also put banks in a position to help customers whenever and wherever they need it.
Deliver an Outstanding Customer Experience through Omnichannel Excellency
Investing in branch digitization is a must in today’s rapidly evolving environment, and customer experience must be the focal point of any bank’s digital strategy. No other strategy responds to high customer expectations as adequately as an omnichannel approach. Flexibility, uniformity, smooth transition between digitally converged channels, and personalization opportunities offered by omnichannel digital banking platforms make up the shortest path to becoming a digital leader.
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