By Maria Pashchyna
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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.

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.

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.

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.

  • 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.

Conditions of creation omnichannel banking

The prerequisites for creating omnichannel banking comprise several components:

1. Integration of distribution channels 

That means the organization of interaction and data exchange between distribution channels, preferably in real-time. Only in this case, the client will be able to start solving his problem through one channel, stop and continue in another without reminding and re-entering the information that has already been provided to the bank.

2. Flexibility and availability of Open banking

Such omnichannel qualities as customer centricity and integration of distribution channels lead to the need for subsequent integration of banking services with external services with which the client interacts.

3. Customer-centric approach

Customers expect stable interactions with both physical and digital channels, simple customer experiences, and similar intuitive interfaces no matter which channel they use for their banking transactions. Omnichannel leads to an increase in the client’s emotional comfort when handling money and interacting with the bank.

4. Using detailed marketing segmentation and big data

Big data technologies allow you to process any kind of data online, use an extensive mathematical apparatus for forecasting and analysis. Detailed marketing segmentation of clients will allow you to determine behavioral patterns and ensure the maximum solution to the client’s problems and the development of relations with him.

Follow your customers

We should bear in mind that creating your own mobile banking by copying other successful projects is not the way to have an up-to-date offer on the financial services market. The latter must be “packed” in different formats of communication with the audience, and the mobile application here is the most obvious, but not the only one.

Fintech startups are rapidly advancing in line with this trend as they have the necessary expertise to implement automation to optimize communication between the business and the customer. 

The bottom line is that your financial proposal should be present where there is already a client because the business follows the audience and not vice versa. For example, do you want to get an active young audience of messengers? Then pack your transfers and payments in a chatbot for Telegram or FB Messenger. In the IT companies like FreySoft, you tell what tasks you would like to use the chatbot for and the professional team brings your idea into life leveraging modern channels to leave your competitors far behind.

Summarizing

Only a comprehensive approach to communicating with a client can guarantee quality service and maximum satisfaction of consumer needs. Omnichannel is the most appropriate client service tool for this approach. As a guarantee, we can safely present the experience of Fintech companies and banks who have already become convinced of the advantages of omnichannel. 

Based on all this, we can conclude that the future of customer service, as well as the financial success of business processes, lies in using omnichannel technologies.

The FreySoft team helps financial institutions attract more customers, reduce service costs, and analyze the quality of support in time. Contact us to launch an efficient omnichannel solution for your financial business.