With customers demanding seamless interactions from their bank no matter where they are in the word, banks are under increasing pressure to deliver a true omnichannel experience.
And despite the protestations from parts of society, physical branches are now becoming a thing of the past and are no longer the cornerstone of customer engagement. With digital banking taking centre stage, here are five steps banks should take to offer an omnichannel customer experience.
Prioritise mobile banking innovation
Mobile banking is at the heart of the digital revolution, with 65% of customers using multiple banking channels. This means it’s imperative that banks invest in advanced mobile solutions.
Apps from CitiBank and Wells Fargo, two companies who found themselves in joint second in the recent Customer Effort Index US rankings, are a great pair of examples of this. The former’s Quick Lock, which allows users to secure lost cards instantly has helped it move to the near the top of the table, while Wells Fargo’s cardless ATM technology showcase how mobile innovation simplifies banking and increases customer loyalty.
Eliminate silos
One of the biggest challenges banks face is disjointed systems for different services such as checking accounts, credit cards, and mortgages. Customers see banking as one unified experience so banks must adopt a service-oriented architecture (a software development method that uses services to create business applications) that bridges organisational silos, enabling seamless transitions across channels like mobile apps, chatbots, and in-person support.
Self-service options
Today’s banking customers expect efficient self-service options. Tools like Zelle, which enable peer-to-peer payments, highlight the demand for fast, automated transactions. Similarly, Interactive Teller Machines (ITMs) combine video support with ATM services, enabling human-like interactions for complex queries. The creators of these machines claim that they can give banks the option of reducing friction while empowering customers to bank on their terms.
Balancing automation with human support
Even with the growth in automation, human interaction remains invaluable for complex issues. AI-powered chatbots can handle routine queries, but when escalation is needed, agents equipped with real-time customer data can provide personalised and empathetic assistance. This ensures that every customer interaction is meaningful and effective.
Continuously adapting
Banks must adopt a fintech-style iterative approach to customer experience. Collecting and analysing feedback through surveys and AI tools can help identify pain points and opportunities. For instance, AI can predict why customers are reaching out and suggest proactive solutions. Continuous improvement ensures customer needs are consistently met, if not exceeded.
According to IBM, omnichannel experiences are no longer a competitive edge, but a "ticket to compete" for banks, and doing these five things will allow them to remain successful in the long-term.
