How to engage your financial services customers

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 so on.

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 trust, 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) 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 Get Personal to Make Digital Real, or browse our digital banking services to learn how we can help your organization make the most of omnichannel banking.

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