Phy-gital Roundtable: Breakfast Roundup from Germany and Netherlands

02 May '15 | Debjyoti Paul

German Shoppers: Meet Them in the Fast Lane to Phy-gital

15 January '15 | Ralf Reich

Shoppers Will Share Personal Information (But They Don’t Want to be “Friends”)

15 January '15 | Anil Venkat

Modernize or Perish: Property and Casualty Insurers and IT Solutions

14 January '15 | Manesh Rajendran

Benelux Reaches the Phy-gital Tipping Point: Omnichannel Readiness is Crucial

13 January '15 | Anil Gandharve

The New Omnichannel Dynamic: Finding Core Principles Across Industries

13 January '15 | Debjyoti Paul

Technology does not disrupt business – CIO day 2014 Roundup

02 December '14 | Anshuman Singh

Apple Pay – The Best Is Yet To Come

02 December '14 | Indy Sawhney

Digital transformation is a business transformation enabled by technology

01 December '14 | Amit Varma

3 Stages of FATCA Testing and Quality Assurance

06 October '14 | Raman Suprajarama

3 Reasons why Apple Pay could dominate the payments space

18 September '14 | Gaurav Johri

Beacon of Hope: Serving Growth and Customer Satisfaction

05 August '14 | Debjyoti Paul

The Dos and Don’ts of Emerging Technologies Like iBeacon

30 July '14 | Debjyoti Paul

What You Sold Us On – eCommerce Award Finalist Selections

17 July '14 | Anshuman Singh

3 Steps to Getting Started with Microsoft Azure Cloud Services

04 June '14 | Koushik Ramani

8 Steps to Building a Successful Self Service Portal

03 June '14 | Giridhar LV

Innovation outsourced – a myth or a mirage or a truth staring at us?

13 January '14 | Ramesh Hosahalli

What does a mobile user want?

03 January '14 | Gopikrishna Aravindan

How to engage your financial services customers – Part 1: Build intimacy into the customer experience

Posted on: 11 August '15

The world of business is shifting from a traditional digital approach to an omnichannel model. Financial services organizations are following suit to maintain sales growth, increase customer loyalty, and boost efficiency-just a few of the rewards of going omnichannel. This evolution has nothing to do with remote controls and everything to do with serving up an integrated customer experience across channels: bank branches, online banking, ATMs, mobile banking, wearables, and the like.

Following the digital migration

Customers have begun to leave brick-and-mortar branches for online and mobile banking: CEB TowerGroup estimates that branch sales will drop by at least 30% by 2017. That’s a game-changing statistic.

Banks have noticed this change in the weather, and now they’re looking to grow acquisitions and cross-sales in digital channels to close the gap. But it’s not always clear what the omnichannel endgame looks like beyond systems integration and serving fewer free cookies at branches.

The solution points to “engaged” omnichannel banking, where financial organizations act as advisers throughout a customer’s life journey. Like a trusted friend, they offer information and advice on education loans, home loans, and savings plans as needed. This approach is fairly new, but many customers already expect it.

Getting closer to your customers

If engaged omnichannel banking sounds like a tall order (and a lot of work), consider that it’s a great way to:

  • Differentiate your company in a competitive industry;
  • Gain sales and cross-sales;
  • Engage and retain more customers;
  • Appeal to millennials, who consider the seamless, always-on, value-added omnichannel experience not a luxury, but a necessity.

Here’s how it works: using an omnichannel solution, banks embed product offers into the relationship and guide customers in their purchases. This approach engages consumers and builds a trusting relationship, which leads to increased satisfaction and loyalty.

For example, if a customer submits a change-of-address form, she may be interested in a home improvement loan. Or if another comes close to being overdrawn on a regular basis, he might want a line of credit or a short-term loan. Milestones in a person’s life can also trigger relevant offers – for example, a customer who submits “new dependent” information for a baby may soon want to learn about education loans, while customers in their early 30s might be interested in home loan offers.

But the real magic happens when banks integrate offers with collaborative web services that connect customers with career counseling, tax information, payment and coupon services, real estate resources, and more. In sum, customers start to rely on your branded web app or social media service to help them make life decisions.

Picture this: A customer will soon turn 18. This milestone birthday alerts her bank’s omnichannel customer engagement solution, which in turn sends her information via her favorite channels (social, email, web app, video, and so on) about school loan programs. The solution also invites her to use a collaborative service that merges financial information with career counseling and university selection resources.

To personalize her experience further, information about this customer’s milestone and her response to the bank’s offers is made available to bank employees the next time she calls, uses the website or app, or walks into a branch. This approach adds value by providing her with essential information before she even needs to ask, and it helps cement her loyalty to the bank as she gets ready for the next stage of her life.

If you envision a similar business transformation and are ready to supercharge the customer experience, download the Mindtree e-book Are You Living in a Digital Fairy Tale? Make Digital Real, or browse our digital banking services to learn how we can help your organization make the most of omnichannel banking.

Nagaraj Modur

Nagaraj Modur has 14 years of experience in BFSI Technology and Consulting. He has handled consulting portfolios in Program Management, Transition Management, Business & Process consulting, and Testing and has played pivotal role in regulatory projects , product implementations and global rollouts.