Banks and financial institutions continue to advance development, innovate, and invest in digitization, making the way that banking is conducted radically different.
Omnichannel banking – is understood to be a seamless and consistent interaction with a bank’s customers across multiple channels (in-store, online, and through digital banking applications). Omnichannel focuses on delivering services, enabling the bank to interact with its customers personally, not at a transaction level but through a smart or a Super App downloadable from the App Store or Play Store.
There continues to be disparity throughout the banking industry on ways to humanize the bricks-and-mortar, personalize the customer experience, and name a face within a sector that continues to advance and develop its ever-increasing Artificial Intelligence and IT footprint. Furthermore, the disparity is also determined by their type of banking organization: commercial banks, credit unions, or online.
Omnichannel banking is the perfect halfway house between traditional banking and online banking; banks can offer their customers multiple channels with the ability to switch amongst them. These Digital channels provide customers with the Apps and tools they are used to, and the bank the human contact to build equity.
There are multiple benefits to Omnichannel banking:
- Providing the user with access to the bank via the device of their choice eliminates small talk enabling customer issues to resolution quickly and efficiently.
- The introduction of digital tools such as Artificial Intelligence, chatbots, and sophisticated Apps enables banks to scale back their face-to-face and contact center infrastructure, reducing cost and increasing customer satisfaction.
- Apps tailored for each customer segment, market segment, and promotion coupled with Artificial Intelligence provide customers with an adaptable customer service based on user type. As we know, one size does not always fit all customer segments.
- Immediate customer response through online answers to questions invokes a positive and higher satisfaction from customers, increasing loyalty and reducing churn.
Understanding all the touchpoints, use cases, and intended customer experience. According to Accenture, more than 50% of banking customers surveyed in their study wanted to switch between human and digital channels. Partnering for the delivery of Omnichannel banking is essential.
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