The Rise of True Omnichannel Banking
What is and Why Does it Matter?
What does a true omnichannel banking experience look like you might be wondering? It’s a difficult thing to come by despite the growing consumer demand for it. While digital banking has become standard for Millenials, there are still those who value the personal touch from the days of yore. Even those who prefer to bank through a mobile app will still choose an in-person interaction for the more complicated services like choosing a mortgage or refinancing a loan.
That is to say, as the financial services industry continues to progress in the digital transformation of their customer experience, it’s critical to consider the ways in which true omnichannel can maintain the human element of the equation.
We know that life is now indelibly digital. With every status share and check-in, we experience nearly every aspect of our lives online. Financial services are no exception to this dynamic. For instance, the emerging digital economies of cryptocurrency, peer to peer lending, and the immediacy of apps like Venmo and Paypal are all a response to the increasingly self-reliant digital consumer.
Subsequently, this transition to a more omnichannel strategy marks a seachange for financial institutions that haven’t placed a high premium on customer experience historically. Omnichannel has already proved a key factor when it comes to delivering a quality customer experience. A true omnichannel experience is the new frontier of customer-centric banking.
The Importance of True Omnichannel Now and in the Future
Personalization isn’t going anywhere.
According to the 2019 Omnichannel Customer Experience Benchmark Trend Report released last month by Bright Pattern, as of Q3 83% of contact centers in the U.S. report using one or more channels in addition to their voice channel. But only 22% of contact centers offer seamless omnichannel experiences across channels. This means customers can’t move around with ease and agents lack a view of their activity from a single pane of glass.
Figure 2 shows how the financial services industry conducts about 60% of its business in some kind of multichannel environment. This indicates that the importance of engaging customers on their channel of choice is, on the whole, widely accepted. However, given that the nature of personal finance, is, well, personal it’s imperative that financial institutions big and small get up to date with true omnichannel and start offering individualized experiences that flow seamlessly across touchpoints.
The bottom line, it’s clear that the industry is already skewing in the direction of the omnichannel customer focus, but it hasn’t quite reached the tipping point. Implementing true omnichannel now while it’s still relatively new can be a competitive advantage. Additionally, as The Wall Street Journal has noted elsewhere:
“A company can differentiate itself from competitors in one of two key ways: by providing a superior customer experience or by offering the lowest prices. For companies that prefer the former, digital channels are, far and away, the most cost-effective way of reaching out to their clients.”
Wondering if your contact center software needs a facelift? Read our blog to find out.
Multichannel isn’t omnichannel and vice versa.
Omnichannel is one of the most used and abused phrases in the customer experience world. Consequently, it has become a misnomer for multichannel and the two are even occasionally used interchangeably. But there’s an important difference. True omnichannel is simple. Moreover, tt allows customers to have a frictionless, single conversation across every available channel. The bulk of the confusion has been created by software vendors seeking to jump on the bandwagon and capitalize on the latest buzzword. To be clear, multichannel is not omnichannel and vice versa.
Multichannel is a variety of channels. True omnichannel has two distinct characteristics that set it apart from a multichannel offering:
- True omnichannel connects all channels into a singular, seamless experience
- And layers in the business intelligence needed to deliver curated experiences
Customers want true omnichannel — they’ve been demanding it for years. According to Gartner, despite the availability of the technology, only between 5–10% of companies actually offer it. Most still operate in silos with high effort, low personalization, and poor engagement outcomes.
True Omnichannel Goes Beyond Seamless Interactions
Be Anticipatory, not Reactive
Meanwhile, interestingly, another study found that 80% of CEOS across industries believe their businesses to be delivering superior customer experiences. Only 5% of their customers agreed with them. That is a dazzling discrepancy that suggests A LOT of room for improvement.
In other words, true omnichannel means thinking as expansively as possible about the customer experience. This means that your customer journey should be holistic and cohesive. With a modern CRM that blends effortlessly with existing systems, fully-integrated channels, and performance analytics to optimize both of those, the LiveVox [U] Series is uniquely positioned to offer agents and customers a frictionless path to digital engagement.
Rooted in a unified data model, the [U] Series helps businesses learn more about their customers, make smarter decisions, and retain customers. It offers a highly intuitive user interface and a unified agent dashboard that visualizes customer data. To unite data from across internal silos, the LiveVox platform uses machine learning algorithms to automate analysis and deliver the kind of business intelligence that used to take days or even weeks to derive.
Keys to the True Omnichannel Banking Experience
Always be Optimizing
According to a McKinsey study, there are three primary capabilities financial services institutions will need to develop in order to make the jump to true omnichannel:
- Incorporate advanced analytics with granular customer data for better targeting
- Personalization across channels, based on data-driven insights into customer activity and journeys.
- Motivated, empowered agents armed with the tools to operate in an omnichannel environment
To clarify, in order to achieve true omnichannel, your contact center software should integrate channels, unify customer profiles, and have the analytical power to continually refine your business strategy.
The traditional path to these capabilities has previously required multi-million dollar, multi-year investments in purchasing, integrating, and implementing different applications. But with a cloud-based platform, the solution is practically readymade.
LiveVox is a leading provider of enterprise cloud contact center solutions, managing more than 14+ billion interactions a year across a multichannel environment. With over 15 years of pure cloud expertise, we empower contact center leaders to drive effective engagement strategies on the consumer’s channel of choice. Our leading-edge risk mitigation and security capabilities help clients quickly adapt to a changing business environment. With new features released quarterly, LiveVox remains at the forefront of cloud contact center innovation. Supported by over 450 employees and rapidly growing, we are headquartered in San Francisco with offices in Atlanta, Denver, Bangalore, and Colombia. To learn more, schedule a demo today.