Omnichannel Banking for Joe Public

Banking is no longer confined to the high street and has not been for a great while. A scattering of branches still exist but are less prominent, leaving their customers only online access. The busy modern person does not have time to visit a branch and wait in line to deal with their financial needs and no longer has that mindset. We live in a fast-moving world strongly reliant on digital support and modern fintech is everywhere.

What is Omnichannel Banking?

Omnichannel banking is designed to give customers account access through multiple touchpoints. Including online websites, mobile apps, text message communication, virtual chats, email and the more traditional phone support and in-branch advisors.

Omnichannel links all routes of support and access so anything you do on one channel is automatically updated on the others. Omnichannel banking is the integration of virtual and physical banking with most of the work covered by automation. This brings huge benefits but also some operational concerns that need to be addressed.

Issues With Automation

To succeed in today’s fast-paced society, offering customer convenience is of the utmost importance. Most people view banking as a necessary chore and would sooner complete it hassle-free. That is where omnichannel banking comes in with its multiple channels to manage your finances, whichever your preference. However, in a world becoming more dependent on robots and algorithms, it has become increasingly challenging to connect to a ‘real human.’ Something often needed to clarify the nuances of your enquiry. This is something financial institutions need to resolve.

Case Study

David tried opening a bank account but, due to his circumstances, was only accepted by an online pre-paid account. David lost his card which prevented access to his online accounts. He contacted the company and received an automated email advising a new card would be sent with an access pin following it. However, the pin would be sent to the number the company had online and David had since lost his phone.

David attempted contacting the company to explain his situation but the only response he received was an automated email advising a new pin would be sent to the number the company held. The now-defunct number. With no other means to contact the company and no access to his account, David had to resort to emergency funding from the council so he could eat.

This precise issue is one of many that new fintech advancements strive to resolve.

5 Omnichannel Banking Advancements in 2023

Customers vary and identifying personal preferences is paramount in high retention. Though there are fewer branches, customers still want access to expert advice and a ‘real human.’ Customer expectation has risen with the development of online channels but the key elements remain the same. Engagement, responsiveness, clarity and empathy. Simply put, they want someone to listen, understand, advise and resolve. Customer loyalty and retention are not as strong as they once were as the rise of the comparison website had made the browse for alternative options one click away. This is where omnichannel banking comes in with a range of universal benefits including the following.

1.????Integration of Augmented Reality

Implementation of augmented reality (AR) in their customer experience is one of the key banking digital developments of 2023. Augmented reality will learn the behaviours of their customers and create a personalised experience on whichever channel they choose. The augmented reality will create a feeling of familiarity and reassure customers as they make important financial decisions. This will give the customer an overall more humanised experience, making each individual feel as important as they should.

2.???Importance of Consistency and Familiarity

According to Forrester research, 38% of customers expect agents to know and understand their personal banking history. This is extremely relatable as we all prefer not having to repeat ourselves. Also, 69% of customers, according to Segment, desire a consistent experience whether using an online or physical channel. Customer satisfaction decreases the instant they cannot accomplish what they have previously. By applying measurable data to their fintech, financial institutions can collate stored information and share it across all channels to give agents a clear understanding of customer needs. Whilst also offering an online experience similar to visiting a branch and as easy to follow. The key is understanding the customer journey and replicating it virtually.?

3.???A Personal Feel to Virtual Interactions

One of the main goals of banks in 2023 is to give customers a service that is personal to them. For all channels to show tailored made offers and information. Through previous customer interaction and behavioural reports, banks can develop a personal understanding of customers and what products may interest them. This is a huge factor in customer retention as it makes them feel heard. If customers know their bank understands them, they will continually return for advice and support. No longer exploring alternatives as a bond has grown.?

4.???Self-Reliance and Self-Service

Microsoft research discovered 90% of customers wish to resolve issues themselves or at least have the option. Augmented reality will be a vital component in offering this service through online tutorials, FAQs, self-service options or readily available information. Chatbot advances in conversational intelligence and natural language processing are key. These developments remove the lack of understanding of automated systems when it comes to unfamiliar problems like in the case study.?

5.???Total Experience

It is generally agreed by bringing together the four disciplines of experience, multi-experience (MX), customer experience (CX), employee experience (EX) and user experience (UX), companies can expect to outperform competitors by 25% within a year. With all components pulling in the same direction, the results will be higher customer and employee satisfaction and retention. These two factors go hand in hand. When an agent can access all information and has a clear understanding of the customer and their concerns, they can offer appropriate, relevant support which leaves both, the customer and employee feeling accomplished from their interaction.

Banks and Customer Relationship

The important thing for all banks to understand is the customer journey from start to finish. They must implement fintech that assists customers in achieving their goals with minimum fuss. Each customer is an individual and with that comes personal preferences and needs but one thing they all desire is a good customer experience. Whichever channel customers wish to manage their financial affairs on, one factor is, and always will be universal, they want it to be hassle-free.