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The role of omnichannel banking in customer engagement

  • July 4, 2024
  • ~5 min read

The Role of Omnichannel Banking in Customer Engagement

As technology evolves, banking operations and services are also advancing. Customers now have more channels to connect and communicate with banks, while banks can offer improved customer experiences.

Banks are transitioning from traditional to digital methods of engaging with customers, driven by various factors, including enhanced customer satisfaction. They can use email, SMS, push, or automated calls for different purposes.

Let's explore the major reasons for adopting the omnichannel banking and its benefits for the banking industry.

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What does omnichannel banking mean?

Omnichannel banking is a set of actions that customers expect, whether using a mobile app or visiting the bank branch. Customers are looking forward to communicating with banks through their devices, irrespective of the time and place.

Omnichannel banking means reaching out to the customer at their touchpoints, personalising their experience, and making banking simpler and more accessible across every channel.

What are the ways to leverage omnichannel banking?

Following are the ways banks can leverage omnichannel banking to increase their customer experience and build stronger relationships.

Analysing customer behaviour

Omnichannel communication enables banks to collect and analyse customer data, providing deeper insights into their behaviour. For example, by collecting transaction data, banks can identify patterns and tailor their commercial campaigns accordingly.

Offering flexibility

The main feature of adopting omnichannel banking is to provide customers with the same experience across all devices and platforms. For example, if a user signs up for the banking app from a mobile device, they should be able to continue the process seamlessly on the website without restarting it.

Not only does this provide users with a seamless experience, but it also increases customer interaction.

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Creating a cohesive experience

Many banks now use multiple channels for communication, but they often lack consistency.

Omnichannel communication helps by making sure that all channels work together smoothly. It means customers get the same message and service quality whether they're in the bank, online, or on their phones. This makes things easier for customers and helps banks understand them better.

Overall, it's up to this approach to stay competitive and meet customer needs.

The key differences between multichannel and omnichannel banking are:

|Aspect|Multichannel Banking|Omnichannel Banking |:---------|:---------|:---------| Integration|Channels operate independently|Channels are integrated for a seamless experience Consistency|Inconsistencies in messaging and experiences|Consistent messaging and experiences across all channels Customer Journey|Focus on providing access to multiple channels|Emphasis on a unified customer journey across channels Data Utilisation|Data collected from various channels, but not fully utilised|Leverages data from all channels for insights and personalisation Customer-Centricity|Transaction-focused|Customer-centric approach based on preferences and needs

Benefits of omnichannel banking

The benefits of an omnichannel approach are not only evident in banking operations but also in customer satisfaction.

1. Cost-effective solutions

Omnichannel banking streamlines bank operations, especially when providing online services and support. It helps in reducing dependency and managing resources more efficiently.

One such powerful tool is Notifly. It is an omnichannel messaging platform that enables banks to notify users of critical and general updates. It helps banks analyse their customer behaviours and preferences, allowing for more targeted and personalised services.

By leveraging Notifly, banks can enhance their communication strategies and improve customer engagement. Ultimately, Notifly benefits both the bank and its customers.

2. Personalised customer experience

Personalisation is not limited to the media and entertainment industry; it applies to all sectors, including banking.

Banks actively seek to expand their customer base and revenue, making personalised communication (via email, SMS, or push notifications) more appealing.

3. Seamless customer support

Gone are the days when customers had to visit a nearby branch for banking-related issues. Technology has made it easier and quicker. Now, customers can directly connect to the bank’s customer support and resolve their issues faster.

For example, if they encounter any problems with transactions on the bank's website, they can easily chat or call through the mobile app for a quick resolution.

4. Increase retention and build trust

Omnichannel banking enables banks to use multiple channels cohesively, allowing them to cater to customer preferences and ensure seamless connectivity.

For example, a customer who starts a transaction on a mobile app can seamlessly complete it on the bank's website without any interruption. This continuity across channels not only enhances convenience but also builds trust and confidence in the bank's services.

5. Timely alerts and prevent fraud events

Timely alerts are important for stopping fraud and keeping banking customers safe. When banks quickly notify customers about suspicious activity or unauthorised transactions, it helps them act fast to protect their accounts and money.

These alerts act as a warning system, allowing customers to keep a close eye on their accounts and report anything unusual to their bank.

Plus, by sharing tips on staying secure, these alerts also help customers learn how to keep their financial information safe. Overall, timely alerts play a big role in making banking safer and building trust with customers.

Key Takeaways

In simple terms, omnichannel banking is like having all customers banking needs in one place. It keeps customers engaged by sending you timely updates, personalised messages, and letting you know about new services. It also helps them feel safe by alerting you to anything unusual happening in your account. With omnichannel notifications, it's easy for customer to stay connected to their banks, making banking a lot more satisfying.

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