Can you give us 3 best practices for an omnichannel strategy?
Adrien Kirschfink . – “a) Single view of the customer
Understanding customers’ personal situations and preferences hinges on knowing them inside and out. This, in turn, requires an ability to integrate data from different systems and sources on a single platform that bank employees serving customers across any distribution channel can access in real time.
b) Personalization and anticipation
In exchange for sharing more and more data, consumers expect banks to ‘show them they know them’. At the very least this means that both the offer and every interaction are adapted and personalized based on the needs of the customer. What will move banks to the next level is showing sensitivity and understanding in order to strengthen customer relationships and become a lifelong partner.
c) Make it simple and convenient
Consumers value simplicity. So regardless of whether they prefer to make an appointment at the branch, solve an issue with the help of a contact center or do it themselves via a mobile app, each interaction must be quick and intuitive.
Does the health context have an impact on the omnichannel strategy?
“As soon as the global pandemic started in March 2020, banks had to quickly adapt, temporarily closing branches, responding to an increased volume of calls and emails, putting remote call centers or chatbots in place. Besides those immediate actions, the current crisis is also having a more long-term impact on our priorities. One of our global studies shows that on top of obvious worries about our own health and that of our families, we are most preoccupied by the economic situation and the impact of the crisis on our financial wellbeing.
This puts a lot of pressure on banks and on how they should handle customers under financial and personal stress. The key to address this could be infusing empathy in every moment of interaction with the customer in a single, unified distribution model.
Does communicating via one type of channel impact other channels?
“Rather than looking at customer communication as separate touchpoints, we should see it as a continuous journey composed of diverse experiences. For example, a banking customer who needs a mortgage will probably use different channels: the phone or a website to make an appointment with their advisor, visiting a branch or making a video call to negotiate the terms of the contract, and finally using a mobile app to track the repayment schedule.
For a bank to succeed, it is important to provide an equal level of service across all those channels and to take advantage of all those interactions with the customer to better personalize the offer and speed up the process. Our recent banking consumer survey in Luxembourg demonstrated that customers are indeed very frustrated when they are forced to reexplain the same problem on multiple occasions, which results in a feeling that their bank is not paying sufficient attention to their needs.”