Omnichannel Digital Banking: Enhancing Customer Experience

The number of mobile banking app downloads has increased by nearly 20% during the pandemic. The daily active users’ percentage went up to 6% in the same period. According to several studies by financial research firms, about 36% of customers have switched to using online banking, while 30% have made this jump since COVID-19. 

The Business Insider Intelligence’s Mobile Banking Competitive Edge study shows 89% of customers, including 97% of millennials- generation Y, use mobile banking services.

Banks have been transitioning simple activities such as account opening to complex financial services such as loan applications and managing investments to their online platform. Physical branches exist, but customers prefer completing transactions online (web platform or mobile banking applications). Only a few still visit a bank branch for assistance or completing a task. 

Modernizing Banking Processes

Subsequently, banks also began their journey of modernizing all processes and systems. Here is how digital modernization can help transform traditional banks.

• Banks have access to a large customer base, and they are not limited by demography, so they can extend their services and products across the globe, customizing them across regions.
• Analytics tools result in the better and efficient management of data through insight into customer profiles for better service offerings.  
• New digital models channels provide banks the opportunity to engage better with their customers, build trust, increase sales, offer seamless customer onboarding, and more.
• Digital solutions ensure banks can offer an omnichannel experience to their customers.

Important of the Omnichannel Experience 

The widespread changes due to COVID-19 and recent technology advancements go hand-in-hand to meet the growing banking customer demands. Customers today expect businesses to offer personalized, seamless banking experiences along with real-time updates. Banks need to address these challenges and fight competition by adopting an omnichannel approach and integrating it within their core systems. 

Why is an omnichannel essential? 

Customers today do not restrict themselves to using one single device or channel, which also applies to online banking services.  According to research done by Google, customers switch between 2-4 screens, do voice/video calls with an executive before they reach the final stage, across a transaction or purchase journey. Having an omnichannel approach enables the business to stay connected to customers across the various digital channels. It ensures a seamless and enhanced customer experience.

For instance, Netflix offers seamless continuity across devices and locations where the entire range of products/services is available to the customer at all times. However, these recommendations are data-driven. The platform is customer-centric and ensures that customers are offered suggestions based on their preferences and past views/visits/purchases/browsing history. Companies offering omnichannel experiences retain 89% of their customers. 

With the number of digital touchpoints and interactive modules increasing rapidly, CIOs must think beyond channels to make a unified customer experience a reality. From desktops to tablets to mobiles to chatbots, there are so many channels, each having its own user experience (UX) expectations. And now there are new solutions, such as chatbots and augmented reality (AR). 

So, today it’s less about channels and more about digital touchpoints and the multiple modalities of interaction. CIOs can drive digital experiences by embracing multi-experience (MX) to cover all these touchpoints and enhance customer experience.

Top 4 Steps to Deliver Omnichannel Customer Experience 

• Analyze

Collate all data from customers and take into account their online behavior when creating customer profiles. Consider demography, past behaviors, preferences, and market situation when analyzing the customers and offering services.  

• Segment

Use similar behavior or attributes and past transactions to segment customers into groups. Identify the customers best suited for certain products and those who are actively seeking a specific service at the moment. Enable targeted marketing campaigns along with mass marketing. 

• Optimize

Utilize Artificial Intelligence (AI) to create campaigns and personalize experiences to boost sales and business growth. Personalization helps build trust with customers as it shows them the banks are listening to them and understand their needs.  

• Engage

Using the right channel, messaging is crucial to engaging with customers. Use predictive analysis to use the customers’ location and past behavior to create these messages/emails. This approach might give brands a 10x growth in conversions with their premium customers.

Banks can provide omnichannel experience on a singular interface to handle all types of communication, including inquiries, service requests, complaints, and feedback. Banks also will gain a single platform to gather all information related to customers and gain insight when rolling out new products or services. Banks can also understand a customer’s behavior pattern and lifestyle choices through past interactions and from their social media channels.  

Neutrinos Fintech Solutions 

Neutrinos’ low-code, multi-experience development platform helps banks build a banking omnichannel quickly to deliver personalized products. Check out our suite of digital banking solutions.

We help banks create strategies and campaigns across multiple digital touchpoints, such as text messages, emails, push notifications, and social media platforms, to help banks transform their businesses. Read more about digital transformation in banks here.

To understand how we can help you achieve an omnichannel customer experience, connect with us now.