Omnichannel banking as a step-up in financial servicing

Daniel Foster's picture

In the age of overwhelming digitalization, financial institutions should consider transforming the conventional touchpoints of customer communications towards a unified omnichannel approach. As customer satisfaction continues to be a number one priority in the banking industry, it is crucial for financial institutions to coordinate and strategize customer interactions, in order to prioritize budgets, expand brand awareness and establish a strong connection with the customers. Interaction with customers across all available channels is not just helping to establish great relationship with the customers – it also provides banks with new ways to save and make money. For example, the average cost to a lender for a mobile transaction is 10 cents while a desktop-transaction is 20 cents, and an ATM transaction: $1.25

Today’s consumers want to exploit all available channels to communicate with their bank. Social media becomes one of the most important components that define the process of customer service. In fact, 43% of customers expect social channels to be integrated with other customer service channels.

Despite the fact that multichannel banking has been around for quite a while, it is imperative to understand a unique nature of each communication channel and have a 360-degree view of every customer while developing an omnichannel banking strategy. A new level of personalization allows banks to avoid inconsistency in customer experience regardless of the means and points of interactions.

As mentioned above, customers use different channels to communicate with their banks. Usually, the average customer is able to choose from four major communication sources:

  • ATM
  • Online Banking
  • Mobile
  • Branch

Statistically, the satisfaction levels for servicing at a branch are the highest, with 71% of respondents answering positively to a satisfaction survey, while mobile banking cover over a third of all interactions worldwide. It is crucially important for almost half of all US bank customers to have an ATM as a banking option in their financial institutions. Delivering customer service of the highest quality throughout all communication channels is what makes omnichannel approach the most sensible. One of the best ways to manage customer journey on each stage of interactions with financial institutions is implementation CRM that is designed specifically to match the requirements of the banking industry.

We’ve reviewed industry’s benchmarks and statistics and developed a guide that can serve as a starting point at building a customer centric banking system. This research will showcase the best practice processes to achieve the omnichannel goal in banking.

 

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