Traditionally, financial service organizations have taken a lender-centric approach to their strategy. Big data, social media, and shifting purchase methods have driven financial services to refocus that strategy, though. Today, a more customer-centric approach is required.
Building an omnichannel journey for lending can help your organization reorient how you approach your loan requests and treat customers as they move through the loan process. Omnichannel experiences put the customer at the focus of the strategy and allow for continuous growth in your loan service.
But the benefits don’t stop there. An omnichannel lending journey provides your customers with consistency—no matter what channel they’re on, they receive the same experience.
Here we examine how an omnichannel journey can help your organization meet the demands of your loan customers and the five keys to creating an effective one.
Omnichannel Customer Journeys for Lending
Siloed versus seamless journeys, explained
First off, what is an omnichannel journey and how is it different from multichannel? Both systems make interaction over a variety of touchpoints possible. But, the difference lies in how channels can mix with each other.
Siloed journeys across multiple channels
Using a traditional multichannel strategy, communication takes place over multiple siloed channels. It lacks rich information sharing between channels and creates a limited lending service environment. Traditional multichannel offers the ability to meet customers where they are, but lacks seamlessness and flexibility.
Channels should work together for cohesive experiences
On the flip side, omnichannel journeys link conversations, interaction history, and customer preferences no matter the method of communication. They allow information to flow between channels and operate in tandem to create cohesive experiences, regardless of where the journey starts or ends.
Key #1: Create a digital ecosystem
Building an omnichannel journey for lending lets you create a digital ecosystem built around your customers. Each piece of the journey fits in to support the larger picture of delivering great service.
Omnichannel systems give you access to the entire customer journey:
- Buying behavior
- Preferred channel of communication
- Information they access before initiating a conversation
These data points help you optimize your customers’ journeys. Omnichannel not only gets you this data, but incorporates it into your service strategy.
This ecosystem built on omnichannel also allows you to scale your support. As your customers’ needs change, your strategy can as well.
Key #2: Access should be easy with one platform
Customers look for new alternatives when service is bad. According to a study done by PWC, 32% of people will stop doing business with your organization after just one bad experience.
One way to create positive customer experiences is to make access easy. Customers should be able to submit required documents securely from anywhere over any channel.
Omnichannel makes servicing customers’ accounts fast and straightforward. They can make payments online or using your app.
Key #3: Take stock of performance at every turn
Agents are the customer-facing component of your organization. Their experience is a reflection of your customers’ own on the other end of the line.
Every interaction in the omnichannel contact center is personal and progressive. At a glance, agents are able to understand your customers’ journey. With omnichannel systems, agents have the ability to jump in at any point of the journey, with full knowledge.
Key #4: Collect feedback across channels for continuous growth
Customer interactions that happen over email, voice, or SMS messaging all carry equal weight in the overall experience. Feedback from these interactions is crucial to improve your customer experience.
Omnichannel journeys give agents access to data from every channel potential customers use when initiating a loan with you. Because this data isn’t siloed, it can mesh together to provide dynamic insights for your business on everything from service SLAs to demographic information.
Key #5: Every step should be personalized
Your customers are used to a personalized experience and have come to expect it no matter the industry. Omnichannel lets you build an experience tailored to them.
Examining behavior across channels reveals patterns which help you decide how to best approach your customers. You can tailor your actions to line up with your customers preferences for better results.