The 5 Parts ofOmnichannelBanking thatYou Need toKeep YourCustomers

The 5 Parts of Omnichannel Banking thatYou Need to Keep Your Customers

There are few industries in which customer expectations are shaping thefuture as they are in banking. Customers know they can expect personalizedo erings, they want options for when/where/how they want to completetheir transactions, and they know they have options. Banks are workingharder than ever to keep up with this savvy audience. They know thatchanging banks is easy and that lifelong customer relationships are rare.

In this environment, success hinges on anticipating, meeting – andexceeding – customer demands in new ways across multiple platforms. Thattakes a persistent focus on creating, implementing, and constantlyimproving ways to make the banking experience e cient and ful lling fortheir customers.

The 5 Parts of Omnichannel Banking that You Need to Keep Your Customers

The 5 Parts of Omnichannel Banking thatYou Need to Keep Your Customers

By 2015, many banks had moved to an omnichannel model that bridgeddigital and on-site banking services. Initially, this model was seen as acompetitive advantage over multi-channel banking, which provided onlineand in-person bank solutions but did not necessarily connect thosesolutions to provide a consistent, personalized customer journey.

While omnichannel is new enough that some banks are still working toadopt the model fully, it ’s already become the norm. That means it reallyonly constitutes a competitive advantage if a bank has completelystreamlined their online and onsite o erings to give customers optimalcontrol over their banking activities and a level of personalized attentionthey can’t find elsewhere.

People and proximity matter less than personalization

O ering proof that a fully integrated online channel matters, 81% ofconsumers say they would not switch banks if their local branch closed –43% would use another branch location or just bank online. Paralleling thattrend, 38% of customers rank the quality of online banking services as themain reason to build a lasting relationship with their bank – ahead of branchproximity and low fees.[1]

Particularly as the range and quality of online options improve, acompetitive omnichannel banking structure has to ensure that it o ers a fullset of options and control for the customer. There are four vitalcomponents of a smooth and fully integrated path between online andonsite:

The 5 Parts of Omnichannel Banking that You Need to Keep Your Customers

The 5 Parts of Omnichannel Banking thatYou Need to Keep Your Customers

Online Appointment Booking: Integrate your appointmentcalendaring system with online and mobile scheduling systems so yourcustomer can book or change an appointment ahead of time, givingthem control and enabling the proper banking specialist to prepare forthe consult.Communication: Keep the customer informed and empowered duringthe transition from the online to offline.OnsiteCheck-in: As the customer arrives, they should have the option tocheck in with their phone or mobile device, at a convenient self-servicekiosk, or with a dedicated host who has been informed of the upcomingappointment. In the near future, customers may even be greetedpersonally by ‘humanoid’ (robot) like Pepper.Face-to-Face Interactions: Being prepared is the key in order toprovide a personalized service. With integrated video conferencingoptions, customers can engage in a face-to-face session with the mostquali ed bank advisor – regardless of whether that individual is on siteor remote.Data: Build in ways to collect key metrics (i.e., journey engagementdata, satisfaction and demand volume) to create actual, measurableintelligence about what customers want most, and when and wherethey want to engage with you.

For banks, sustaining relationships comes down to how well you haveorchestrated your e ort to simplify, personalize, and improve the customerexperience. An integrated platform that connects every piece of the journey,centralizes customer data, and distributes the capabilities and insights toevery online and on-site engagement points is the new competitiveadvantage in this environment where the actions of your customers will tellyou all you need to know about the future of banking.

The 5 Parts of Omnichannel Banking that You Need to Keep Your Customers

The 5 Parts of Omnichannel Banking thatYou Need to Keep Your Customers

About the Author - Sven-Olof Husmark

Qmatic Group

Sven-Olof is the Vice President and Chief Marketing O cer at Qmatic Group,a world leader creating better customer journeys. For more than 30 years,the company have helped public and private organizations createremarkable customer experiences with software and hardware solutionsthat seamlessly manage online and onsite engagement points. Integratedanalytics provide the insights to better orchestrate customer interactions,offer timely promotions, and optimize staff and resource planning. Sven-Olofis a senior executive with demonstrated success in growing companiesglobally by initiating e ective sales, marketing and customer servicestrategies.

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The 5 Parts of Omnichannel Banking that You Need to Keep Your Customers