Let's take a look at common customer experience challenges in banking, and the best ways to adopt an omnichannel approach.
What is omnichannel?
The term “omnichannel” may seem like a buzzword, but it refers to a significant shift in customer expectations, whereby companies seek to provide a seamless experience for their customers, regardless of the channel or device.
Omnichannel in banking
In recent years, banks have significantly fallen behind other sectors in customer service satisfaction scores. In a 2015 study, Transform UK found that only three of eleven high street banks offered appointment booking capabilities online, and only four offered any digital integration in branch.
An annual J.D. Power study evaluates customer satisfaction at the nation’s six largest retail banks. Though the six largest banks are consistent, the rankings are not. In fact, the 2019 study showed that all but one bank's customer satisfaction scores declined compared to the previous year.
Banks work hard to maintain a cohesive experience across channels by ensuring the same look and feel, whether that be in branch, online, or via an app. Although this is important, customer expectations have risen beyond the look and feel of a brand, and they expect a personalized experience that transfers effortlessly between all channels.
Shifting customer expectations have pressured banks to start making changes to their customer journeys across all channels.
Although leading banks acknowledge that omnichannel needs to reach the standards of brands like Starbucks – with their rewards app, and Disney’s MyMagic+ platform – they are still trying to determine how it can best apply to the banking sector.
Clear benefits & ROI
Banks should look towards the most sophisticated retailers who are ensuring their marketing strategies are enabling customers to convert on any channel. Why? Because they’re now realizing that shoppers who buy in-store and online are their most valuable customers.
A 2015 study by IDC found that omnichannel shoppers have a 30% higher lifetime value than those who shop using only one channel. Will banks see a similar impact? We think so!
By adopting an omnichannel approach, banks will be able to get a 360 degree view of their customer and use this information to optimize all channels. Happy staff = happy customers.