Insight

Consumers Demand Banks to Adopt An Omnichannel Approach

Channel-to-channel, person-to-person, the experience must be excellent.

January 20 2017

A study from Invoca on the State of Consumer Banking and post from BanklessTimes highlights heightened consumer expectations when shopping for banking products. In short, consumers are shopping around and won’t tolerate a bad pre-sale experience. If a bank doesn’t integrate all of their channels from phone to branch to web, then consumers will go to the bank that does.

More than ever banks need to maintain a complete and up-to-date picture of every customer and expect customers will contact them via several channels. Every time a customer contacts a bank, regardless of channel, the agent needs to see the entire history of a person’s conversations thus far. Only with this complete picture with the customer feel valued and confident in bringing their business to a bank.

Fact: Consumers shop around

According to Invoca, nearly 75% of customers called more than one bank when researching a loan. A quarter called several banks. Each interaction can either strengthen the relationship or break it. When people have a bad experience on the phone, they are likely to shop elsewhere. Being put on hold, being transferred around, and having to repeat information all contribute to a bad experience.

But it’s not just the phone that matters.

Fact: 75% of consumers use more than one channel with banks

While for sensitive and complicated discussions (like loans and mortgages) consumers like to use the phone, 75% of them will contact a bank through email, SMS, website, or their app as well. This means that agents on the phone need to have a complete picture of every customer’s interactions across all channels and platforms.

If a customer filled in an application online, then called to discuss it, the agent needs to be able to see that application and be able to answer questions without needing the customer to repeat or re-enter information.

Solution: Omnichannel communications platforms designed for banks

Banks can’t, and shouldn’t, trust just anyone with connecting their systems to communications tools. It’s essential that solutions are secure, firewalled, and adaptable. Banks need to integrate email, web, push, chat, SMS, and voice into their communications mix as plug-and-play units. Each component needs to be connected to central systems and customer care and support tools.

Check out the Invoca slides below and then, get in touch with us to start creating secure omnichannel communications.

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