Importance of Omnichannel Experience for the Banking Sector

Omnichannel experience is one of the most searched business jargons which has been creating a buzz lately in the business world. As the word implies, the omnipresence of business is one of the important factors in creating a seamless experience across the channels for customers and clients.


The retail industry has been evolving through this process for years, but a drastic shift has been also seen in the banking industry where the customers are expecting a seamless journey as the industry is moving towards a personalized journey with an everlasting customer experience journey between multiple touchpoints of accessibility of services.


Research throughout the years has suggested that it takes more than 15 - 20 touchpoints for a brand to create a presence in the human mind.


As a result of which multiple industries are moving their focus towards creating a smarter marketing and selling experience for the customers. And banking is one of the industries where customer conversion is one of the pain points because of high fixed costs in terms of branches and personnel.


Over the period of time banking has moved from traditional banking to a much more reliable online banking system which requires customers to access the services from a vast number of touchpoints without any delay and buffer of waiting in line to credit or debit the monetary and supporting transactions


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Robust and Agile Banking Digital Solutions 


Omnichannel experience gives the bank the flexibility to operate in a customer-centric manner by providing a consistent experience throughout the different touchpoints/channels. It also creates a vast opportunity for banks to provide banking services anytime and anywhere with a touch of personalization to the customers.


As per sources, customer retention rates in omnichannel are 90 % percent higher against traditional single-channel interactions.


Specifically, omnichannel experience in the banking industry is more toward change in traditional banking approach to customer-centric services and product-focused operation. Marketing teams focusing on consistent and targeted information across the channels be it mobile-based, web, in-branch, over-the-call, ATM, or Event IoT devices such as Smartphones and POS.


There are multiple elements in creating an omnichannel experience such as content relevance, accessibility, and data integrity for those experiences in all the touchpoints. 


Nowadays, customers expect to be empowered and self-reliant in terms of what they want when they want and seamless experience plays an important role in the same. For example, they want to have access to account details with the ability to move seamlessly between various channels.


This gives an idea to the businesses to understand the customer journey on decisions, interaction, and frequency of account access and analytics around different touchpoints.


Interpretation of data and implication on this way of banking needs a platform that benefits both banks and customers. Driving important marketing messages, and banking services and creating value for the customer will be some of the prioritized expectations from the platform.


The technology behind this consistent experience needs to be robust and provide a personalized experience with consistent suggestions and integration with heavy back-end systems for AI-based systems. It is all about creating a unified system for disparate systems and bringing them all together on a platform that can be used as a single source of truth rather than fragmented information scattered across multiple systems. The platform should single-handedly profile a highly personalized and targeted customer experience leading to a seamless and consistent flow of information. 


Learn more about Consistency in Customer Experience for a seamless journey


Platform integration frameworks need to talk with each other for information such as login, activity history, application tracking, documents, etc. The content for also needs to be maintained across multiple channels with the help of an integrated CMS system along with workflow and business process management tools to define a specific process or flow in a customer journey.


Customer expectations need to be shaped in conjunction with the continuously changing digital landscape. IT systems focus on negating the limitations of a legacy system in terms of providing a seamless experience that the customers desired. This introduces the need for coherent digital strategies and modern wonders in technology space to reduce the organizational silos that can be done with the help of a digital experience platform. 


In conclusion, we can say that to achieve the omnichannel goal there are multiple strategies can be formed such as -  


Unified Platform as a solution understanding the dots between connecting the customer's experience and their expectations Holistic view of better sales opportunities using targeted marketing to retain customers and increase efficiency.


Summary With the change in the customer's behavior there is a strong need to focus on the customer’s expectations and creating a seamless experience. Iterative innovations in order to meet the customer's demands by utilizing a unified platform can be further taken as a stepping stone for creating effective and optimized journeys.