Omnichannel Solutions For Banks And Their Clients

Complex technological solutions are becoming part of our everyday life. There is an active process of blurring the boundaries between our actions on the Internet and in actual life. Therefore, organizing a high-quality customer experience in which the consumer does not feel discomfort when changing the consumption channel is one of the main goals of the business, regardless of the industry.

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The banks’ tasks of ensuring an excellent customer experience and meeting the new requirements of electronic interaction can be achieved by optimal and competitive solutions –  omnichannel technologies. 

Omnichannel does not only mean the work with different channels. It is the interaction between the client and the bank through various communication methods. It is not just a technological trend, but a requirement of a competitive market.

What is omnichannel?

The term omnichannel is associated with communication between the client and the company serving him, with the provision of a seamless customer experience across any communication channel. The supplier of products and services must provide its customers with a smooth and complementary consumer experience through the use of interaction channels with him (all at once or separately). Thus, the transition from using one channel to another is consistent and not fragmented.

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Omnichannel allows the financial institution to interact with the client at all points of contact, record his intentions, track behavior and preferences, and personalize his communication with the bank. Due to omnichannel technologies, the financial institution maintains a consistent customer experience, helping the client reach the solution to his problem or inquiry whether the customer uses a website, mobile app, call center, office branch, or any other available channels.

The importance of omnichannel for the financial institution

Omnichannel banking allows financial institutions to focus on the client and his experience of interacting with the bank, study his preferences, and, thereby, get an opportunity to improve the quality of customer service. The bank will be able to improve its segmentation depending on the identified customer behavior and its primary communication channel. In addition, it can make personalized cross-selling, and optimize the cost of customer service.

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Omnichannel allows you to get the maximum effect from all sales channels of the bank, carry out the necessary promotion of digital self-service solutions, and use proactive contacts with the client to maximize the customer’s equipping with the banking products he needs. Thus, the financial institution gets the client’s loyalty, increases sales efficiency, and creates fundamentally new banking services the modern customer requires. 

What is more, omnichannel allows you to reduce costs, efficiently distributing tasks between self-service and bank employees. Operators process at least two times more requests, and chatbots for the company’s channels can take a load of similar questions.

What does omnichannel banking mean for a client?

  • A process started by a client in one channel can be continued in another.

    That means that regardless of the initial communication channel, the client can keep processing his financial issues on another method of interaction, without losing his previous customer experience. For example, if the client does not have a copy of the document with him, he can send it later via the Internet bank. Moreover, the financial institution can create a payment document in the Internet bank, and send it for execution from the mobile application when information about the receipt arrives.

  • Unified information about the client’s actions and services in all channels.

    In other words, after the withdrawal of money, the balance on the customer’s account is simultaneously updated on the Internet bank, mobile application, and front office at the bank branch. In turn, the bank receives complete information about the client’s actions performed through different channels. Also, when the client contacts the online consultation, the manager will know everything about his operations in the Internet bank – about past, rejected, and also not fully completed documents.

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  • A bank is a safe place to keep private information.

    If a client once submitted a document that (from the point of view of internal regulations) is valid for a certain period, then the bank no longer requests it again, even when registering a new product or service for this customer.

  • Common preferences and interests of the client.

    If the client indicated in one communication channel that a specific offer of the bank is not interesting to him, then in another it would not be duplicated.

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