FIs need technology that improves their business intelligence across channels and touchpoints to ensure an exceptional customer experience with digital products and financial services in-lieu of face-to-face transactions. This can result in interactions that drive loyalty, repeat business and even referrals to new customers.
More than just a simplified account opening or loan application process, providing a customer journey that features digital touchpoints that are personalized—with just enough human interactions and touch mixed in—can boost satisfaction levels. The aim is a cohesive experience for the customers.
Today’s customers have their core needs met by branches, ATMs and online banking. But, while these three channels have traditionally done well for the customer, the growing use of mobile apps and online banking has shifted priorities. Also, the opportunity to use newer, intelligent technology, such as smart ATMs that integrate with mobile devices or offer video banking capabilities with call center or channel services, provides an opportunity to combine channels for a better customer experience.
Data visibility is an important aspect of providing a superior experience for customers as they move from one channel to the next in any given process or interaction. Data insights give your people an accurate and real-time view of the customer, including their interactions. For instance, data visibility across channels offers a financial advisor the opportunity to gently intervene when they see a customer hasn't finished a loan application. Or perhaps the data suggests that the customer is better suited for a different type of loan.
Ultimately, creating an excellent digital customer experience is about meeting their expectations in a world where technology is simply part of their lifestyle. As consumers grow more technologically sophisticated, the expectation will be for their bank to keep pace. So, whether they access their bank via a smartphone, tablet, website or visiting a branch in-person, a consistent experience is essential.
In fact, research from Google has shown that 46 percent of consumers switch between devices as they manage their finances online. For instance, a customer might start researching loan rates on their smartphone yet switch to a laptop or a tablet to dig deeper on a bigger screen.
When you consider that the average person owns three or four connected devices, there must be a seamless experience no matter how they interact. Plus, it’s estimated that by 2030, each person will own a whopping 15 of these devices. So, it's an upward trend that any FI should consider when prioritizing omnichannel capabilities as part of their digital transformation.