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The Advanced Way To Improve Banking Customer Experience

Technology has been developing so fast that every company needs to be at the forefront to maintain engagement with their clients. Nowadays customers are not only searching for a product or service but also looking for a great experience. Omni-Channel implementation is crucial to integrating customers experience.  Omni-channel is not more than creating multiple ways for customers to purchase or make transactions. Is to offer clients multiple options to complete their transaction, where they feel more comfortable; in the store, by contacting customer services or by using technology devices (computers, tablets, smartphones). To implement Omni-channel at its better expression, synchronizing all channels is crucial.  This tool allows the target audience to compare, do research, buy a product or service and make a transaction anytime, anywhere. It maintains and revitalize the loyalty with the brand by providing customers support and solutions in crucial moments of their lives.

Importance of Introducing Omni-Channels in the Banking Industry

With a clear understanding of what an omnichannel is all about, now let’s talk about the importance of introducing this approach in the banking industry. Banks have a large range of age demographic clients, including millennials, gen X and baby boomers. These generations are strongly impacted by technology. Baby boomers don’t want to stay behind, and they also have access to smartphones, tablets, computers, and social media. So almost every bank customer is looking forward to receiving the necessary tools from banks that simplify their life. For example, your grandpa is not able to drive anymore, and he’s willing to do some bank transactions on the weekend, so he “WhatsApp” you, and you are not able to take him to the bank because you are traveling for work that weekend. Taking into consideration that he “WhatsApp” you, we can go back to the point that baby boomers are also technology boosters, and here is when the implementation of Omni-channels come in — creating that experience that will help customers simplify their life through the synchronization of omni-channels.

Omni-channels also help the customer decide what channels to use to receive information from banks. With this method customers that hate receiving constant calls about loans and credit will communicate the bank to provide this information through another channel of preference, avoiding this annoying calls. When receiving this information if the customer is interested and the bank has a well develop omnichannel configuration and synchronization, the customer will be able to choose and apply for the product or service in any of their preferred channels.

In 2016, 62 percent of Americans cited digital banking as their primary method of banking. Although many clients like to use technology to simplify their life, there’s still a crucial amount of customers that feel more secure by doing a face to face bank transactions in the bank’s branch. For this reason, it is important to deliver the same quality of services in every channel provided.

With synchronized omni-channels integrated into the banking industry, clients can be able to make their banking transactions in the bank’s branch, calling to customer service, using the website online banking and in the online banking application for mobile devices. By generating this synchronization, clients will be able to start a process in the computer and finish it in the mobile app, for example, if a client was running out of time and needed to leave the office to go for lunch, he would be able to complete the process through his smartphone. This synchronization not only helps clients proactively accomplish their goals, but also helps marketers to personalize the customer experience, by finding out what the clients are interested in and sending reminders or ads to pursue clients finishing the application process. If banks want to maintain their actual customers and also increase their customer portfolio, they need to fulfill what this target audience expects and unify these experiences in all channels.

  • Watch this omni-channel video of Asseco Poland SA, the largest corporation in the technology sector.

The most popular banks are the ones that are providing reliable services through all channels. In other words, the better the bank’s omni-channel strategy is, the better the bank will increase its popularity.  Bank of America, one of the largest and oldest banks in the USA, develops a great omni-channel experience. Customers can make check deposits, transfers, payments, open accounts, schedule appointments. However, customers will expect this synchronization to be even more effective.

Banks and Customers Benefits

With Omni-channels strategies, banks will be benefited in innumerable ways, Developing marketing strategies by analyzing clients data obtained in each transaction to improve customers experience. Analyzing data about the customers’ activities help the bank to offer through the right channel, the right kind of products and services to the right customers at the right time. Eliminate borders and reach customers anywhere they are, this will also help to attract new customers. Synchronization will be proactive to activate a contingency plan if it’s necessary. Reduce costs by eliminating tasks that can be automated, and unnecessary third party costs, this automatization can also reduce operating costs.

It is also important to mention some of the benefits that customers gain when applying omni-channels in the banking industry:

  • Customers can access their information anytime, anywhere.
  • It’s transparent, all the information is sync and could be reviewed within a branch or with a bank officer.
  • Timely and valuable, by saving data customers can log their information once and change it in the future if necessary.
  • Different channels offer the flexibility of access to all the information available no matter the hour.    
  • Trough omni-channels, branch hours may create tension anymore.

Improve Banking Customer Experience

To improve customer experience banks need to provide simple customer interaction, make customers life easier, minimize customer anxiety and personalize the customer experience. How? Applying omni-channels experience that really connects the bank with the customer.

  • Reduce customers anxiety by implementing omnichannel strategies that solve solutions fast. For example, make customers able to block their stolen credit card immediately from the mobile app.
  • Synchronizing all your channels make customers life easier by accessing all their services throughout all the channels available and getting the same experience.
  • Develop “cardless” cash experience by implementing cash withdraw at ATMs directly from the mobile app.
  • Implement appointments schedule within all channels to avoid long waiting time at the branch. 
  • Provide personalized customer experience by analyzing each client data to understand their individual interests.

Apply Omni-Channel strategies, make your business profitable and provide to your customer’s amazing experiences!

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