July 5, 2022

Omnichannel Orchestration Guide for Your Financial Services Call / Contact Center

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Omnichannel Orchestration Guidelines for Your Financial Services Contact Center

In today’s digital-first world, customers expect a seamless experience when interacting with your financial services contact center. Omnichannel orchestration can help make this possible, but it can be tricky to get right. 

You want to ensure that all channels of communication are in sync and working together to provide an optimal customer experience. In this blog post, we discuss the basics of creating an omnichannel experience and provide some guidelines for getting it right in your financial services contact center. Stay tuned – it’s about to get a lot easier to provide your customers with the best possible customer service.

What is omnichannel? 

Omnichannel is the coordination of multiple channels of communication to provide a seamless customer experience.  This can include phone, email, chat, social media, in-person interactions, and more. The goal of omnichannel is to provide a consistent experience across all channels so that the customer can move seamlessly from one to the other without having to start over.

What is omnichannel orchestration?

Omnichannel orchestration is the process of managing these multiple channels – like phone, email, chat, and social media – to create a cohesive customer experience.

An omnichannel strategy gives businesses the ability to reach customers in the ways most relevant to them. These solutions can also include SMS, 24/7 service via forms, virtual assistance, knowledge bases, and classic tactics with modern updates like conversational IVR that’s augmented with texting.

With an integrated CRM system linked to the channels you’re communicating over, you can offer your customers the most seamless experience. The ability to manage conversations across many platforms lets customers choose how they wish to communicate and continue the conversation without ever losing the thread, letting contact center agents follow and manage the relationship seamlessly.

Benefits of omnichannel support for financial services

Benefits of omnichannel support for financial services

Here are the top benefits of omnichannel support for financial services companies.

Provide a better customer experience

Perhaps most importantly, omnichannel support allows you to provide a better customer experience. You can meet customers where they are and offer them the ability to communicate with you in the way that they feel most comfortable. People often need access to their accounts at any time of the day. Omnichannel support enables you to deliver this access.

Increase retention rates

If customers feel like they can always reach your company for support and that you’re easy to communicate with – especially when it comes to their sensitive financial information – they’re more likely to stay with your company. Companies with omnichannel customer engagement strategies retain on average 89% of their customers, compared to customer retention rate of 33% for companies with weak omnichannel customer engagement.

Improve customer satisfaction scores

Another benefit of omnichannel support is that it can improve customer satisfaction scores. Customers who have a positive experience with your financial services company are more likely to recommend you to others and leave positive reviews.

Reduce operational costs

By consolidating multiple channels into one omnichannel solution, you can save on communication costs. You can also route customers to the most appropriate channel for their needs, which can save on support costs. Reduce overall operational costs by lessening the need for multiple support channels and improving first contact resolution rates.

Boost sales

Omnichannel support boosts sales. By providing a better customer experience, you can increase customer loyalty. When your customers are happy with your services, they’ll want to come back to you for additional financial services in the future.

Gain a competitive edge

Gain a competitive edge over companies that are not yet offering omnichannel support. It can be hard to stand out in the financial services industry, especially with the expansion of fintech. Wowing customers with top-notch support is a great way to set your company apart from the others.

Benefits of omnichannel support for financial services

How to implement omnichannel in your financial services contact center

Now that you know the benefits of omnichannel support, you may be wondering how to go about implementing it in your financial services contact center. 

Here are the key guidelines to follow:

#1. Assess your customer’s needs and preferences

What channels do your customers prefer to use? What times of day are they most likely to need support? What type of issues do they typically need help with? Once you have a good understanding of your customer’s needs, you can start to build out your omnichannel strategy. Here are a few applications for omnichannel support:

  • Personalized account experience
  • Self-service alerts and reminders
  • Online application tracker
  • Identity verification
  • Consent and data management
  • Locating a physical office

#2. Select the right technology platform

There are many different omnichannel platforms on the market, so it’s important to do your research and select the one that best meets your needs. Here are key features to look for:

  • Omnichannel routing and agent desktop
  • Voice, SMS, email, webchat, and virtual agents
  • Mass and two-way communication capabilities across channels 
  • Embedded consent management and compliance
  • Outbound campaign configuration
  • Multichannel reporting
  • Native CRM and WFO Functionality

#3 Create an implementation plan

Make the switch to omnichannel easy by creating a plan. Take into account implementation timelines and be sure to provide extensive training to your team to set them up for success. This can be a complex process, so make sure you allow yourself enough time to get it right. Work with a software provider that has years of omnichannel implementation experience.

#4. Monitor and optimize your omnichannel strategy on an ongoing basis

Leading omnichannel platforms make this easy with built-in analytics rooted in robust data capturing capabilities. Review your omnichannel performance on a regular basis and make adjustments as needed to optimize the customer experience.

Things change quickly in the world of customer support, so it’s important to stay on top of trends and make sure your omnichannel strategy is always up-to-date.

By following these guidelines, you can be sure that you’ll be well on your way to providing an omnichannel experience that will delight your customers and help to improve your bottom line.

How LiveVox makes omnichannel orchestration seamless

Omnichannel orchestration can be a complex process, but when done correctly, it can provide many benefits for your financial services company, including improved customer satisfaction, increased sales, and reduced costs. 

The financial services industry is transforming at an unparalleled pace. In this rapidly changing business environment, LiveVox helps companies maximize their growth potential with an omnichannel solution that features practical AI, agent-friendly dashboards and battle-tested security tools. 

With more than 20 years of cloud contact center expertise, we empower businesses to create more personalized interactions with purpose-built tools for customer engagement like payment reminders, account alerts, tailored up-sells and two-way conversations.

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About LiveVox

LiveVox (Nasdaq: LVOX) is a next generation contact center platform that powers more than 14 billion omnichannel interactions a year. By seamlessly unifying blended omnichannel communications, CRM, AI, and WEM capabilities, the Company’s technology delivers exceptional agent and customer experiences, while helping to mitigate compliance risk. With 20 years of cloud experience and expertise, LiveVox’s CCaaS 2.0 platform is at the forefront of cloud contact center innovation. The Company has more than 650 global employees and is headquartered in San Francisco, with offices in Atlanta; Columbus; Denver; St. Louis; Medellin, Colombia; and Bangalore, India. To stay up to date with everything LiveVox, follow us at @LiveVox or visit livevox.com.

To stay up to date with everything LiveVox, follow us at @LiveVox, visit www.livevox.com or call one of our specialists at (844) 207-6663.

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