It’s safe to say that “omnichannel” was one of the biggest buzzwords of 2014. We’ve seen retailers embracing the omnichannel and utilizing solutions that merge online and offline activities, but the approach has also been spreading to other industries. Let’s take a look at how this can be applied to banking!
Digital banking isn’t anything new. We’ve all been using online banking platforms for years, but switching to omnichannel is a bigger deal that requires commitment and a solid understanding of customer motives and needs. How does omnichannel banking work anyway?
Being customer-centric is a must in any industry, but in the case of omnichannel banking, knowing and understanding the clients’ needs and habits is absolutely crucial. Since an ever-increasing number of users are accessing online banking channels via smartphones or tablets, banking sites must now be mobile-friendly and easy to navigate. Mobile banking is expected to take a leading role in the future, according to a study conducted by AT Kearney and Efma. Easy-to-use mobile apps could mean more convenience for customers, enabling them to access their bank accounts anywhere and anytime. Another aspect worth considering is how quickly banks can adapt to future technologies. Managing your bank account on your wearables is quickly becoming a reality — just think about the convenience of using your smartwatch to pay for your groceries, for example.
Banks have all the necessary tools needed for the omnichannel transformation. They can access immense amounts of valuable customer data that can be harnessed to create new products and services that truly fit the needs of customers. Focusing on the client, rather than providing cookie-cutter solutions, is the key to adjusting to up and coming trends in finance. Adapting omnichannel banking leads to better understanding and makes it easier to reach out to target markets and key demographics. The usage of social media, creating smart banking apps and seamlessly connecting customer service are all essential in meeting the expectations of tech-savvy millennials. Personalized banking and omnichannel banking should go hand in hand, creating valuable customer experiences and thus helping the bank grow. It’s absolutely essential to change the traditional, product-oriented mindset to a fresher and more innovative way of thinking that focuses on customers and their expectations. While omnichannel banking is still a work in progress, it will be able to provide clients with more convenient and effective solutions in future. BBVA, for instance, is a bank that is leading the way in this drastic digital transformation.
It is quite clear that the development of omnichannel strategies and focusing on digital is key to the future growth of banks. The main question is when will banks fully adapt to the emerging trends and make a permanent commitment to deliver an omnichannel experience to their customers.
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