Omnichannel banking
Omnichannel banking is the process of customers being offered diverse service options, offline and online, and the ability to seamlessly switch between them. In this process, any task started in one channel can easily be finished in another. For instance, a customer may surf for credit card options on desktop, contact a call center for questions, and complete the process on mobile. Customers face flexibility in choice to accommodate their preferences and lifestyle while organizations provide a more personalized CX.
What’s the benefit of omnichannel banking?
In a 2018 study by Statista on omnichannel delivery readiness among banks and credit unions, less than 56% were in the researching phase, while less than 25% were in the executing stage. While omnichannel experiences are something brands are interested in, fewer are taking the plunge.
But here’s why the payoff can be significant. McKinsey found that one European bank implementing omnichannel changes saw a consistent sales growth of as high as 20% in two to three years. Other benefits include:
- Diversified revenue
- An improved CX
- Customer issues are solved quickly
- Reduced support or operating costs
- A more personalized customer experience
- Enhanced brand awareness
- More flexibility and options for customers
- Services can better predict customer needs
What’s the difference between multichannel and omnichannel banking?
While the two terms may seem similar, the main differentiator is integration. Multichannel banking is defined as financial services offered in various channels, including in-person, call centers, and online banking. However, these operations are separate rather than working together. Conversely, omnichannel banking encompasses multiple channels that are working in tandem.
Additionally, an omnichannel approach focuses on customer-centricity, user wants and likes, and interactions, while a multichannel strategy hones in more on customer needs and transactions. Consider an omnichannel strategy more customer-focused and a multichannel one more product-focused. And to make it easy to remember, all omnichannel experiences are multichannel, but not the other way around.