With digitalization taking over the world, people have shifted to a digital-first approach. So businesses have also evolved as per the changing needs of customers. This shift has already happened across industries including retail banks.
Retail banks have moved away from brick and mortar to expand their digital presence through multi-channel strategies. Retail banks now have multiple touchpoints for customers to connect with them like a mobile app, website, offline branches, kiosk, e-lobby, agents, Whatsapp, chat agents, etc.
What is Omnichannel Banking?
An omnichannel banking strategy involves the seamless integration of multiple channels to provide an uninterrupted experience. These solutions also come with capabilities to record user observations and suggest intuitive solutions through AI.
Let’s say someone opens your bank’s website with the intention of applying for a credit card. Yet, for some reason, they leave the process halfway through after providing their basic information.
The omnichannel banking solution will create a temporary profile with their name and keep a record of it.
And if, a few days later, they decide to visit a bank branch to apply for a credit card. The bank employee can immediately collect their half-filled form once they’ve provided their basic data and complete the process from there.
And even if they don’t get back to you, since your omnichannel solution has recorded their activity, it will send a reminder to your sales and marketing team to check in on them. You can still automate this process.
How to Choose an Omnichannel Banking Solution?
Knowing how crucial an omnichannel banking solution can be, it’s essential to understand how to select one. Here are some parameters on which you can judge them:
1. Multichannel Experience
The whole point of such a solution is to provide users with a seamless multichannel experience. It should support your retail bank’s mobile app, website, social messaging, and all other possible touchpoints.
The customer should be able to move from one channel to another without any disruption.
The omnichannel banking solution should be adaptable to all your channels and enable a seamless transition.
2. Security
This is undoubtedly one of the most important factors to consider before committing to a solution. The platform will have complete access to your customer data, so security can never be compromised.
You should have a clear understanding of the security protocols that the solution follows to ensure the safety of your data.
3. Ease of Integration
How easy is it to integrate this solution with your existing platform? How much time will it take to fully implement it and make the process operational? Is the team that will help you with the integration process supportive?
These are some of the essential questions that you should ask before committing to a solution.
4. Customizable
You would not want to implement a rigid solution that cannot be customized as per your expectations.
Make sure that the solution you are considering can be completely customized as per your requirements. Once implemented, the platform should not appear disconnected; it should seamlessly integrate with your brand image.
Why is an omnichannel banking solution important?
Let’s look at some data to better understand how omnichannel can help retail banks.
If you look at the graph below, you will see that most of the customer interactions happen online, contributing to a minimal percentage of sales.
This is because for day-to-day activities like withdrawals, payments, etc., people will use any of the touchpoints and complete their actions. When they need to make complex decisions like taking a loan, making an investment, etc., they are likely to browse your services online, but they need a nudge to take the plunge.
With an omnichannel strategy, you can identify these potential customers and help them decide.
It will provide your sales and marketing team with insights into these leads and make the process easier.
Additionally, according to one of Mc Kinsey’s other researches, customers who use multiple channels are likely to buy more products from you.
These solutions also help collect data on your existing customers and share information so your team can offer them personalized communications.
Conclusion
Retail banks are leaving a lot of money on the table by not tracking active leads, not recording customer information, and not ensuring a smooth transition between online and offline channels.
An omnichannel banking solution can help you improve your customer experience while increasing your revenue.
