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Most banks in the US and Canada continue to be entrenched in a multichannel approach which dramatically reduces the value for the customer. To prevent losing customers to agile players offering multiple channels that work together as one consistent connection to the bank, there is an increasing and urgent need for companies in the sector to embrace omnichannel banking strategies. Omnichannel capabilities have immense potential to help banks increase revenues, enhance customer experience, and reduce operating costs. Below, experts at Infiniti Research list out some imperatives for a successful transition to omnichannel banking.
Pursue digital sales
Enabling sales online or through mobile transactions improve their long-term profitability and create deeper customer relationships. Mobile apps also prove to be an important contributor of sales for most banks. However, even in the case of banks that are leaders in digital functionality often struggle with digital leakage as customers fail to complete transactions initiated through digital channels. However, this can be viewed as an opportunity to capture digital leakage via other channels. Awareness on additional banking products can be created through several sales prompts on authenticated sites.
Strategize to close the loop for incomplete transactions
Some customers may begin their research in digital processes but may end up completing the transaction in a branch or via phone. In such cases, most banks lack the ability to capture customer interest or even initiate a meaningful needs-based conversation with the customer. Focusing on minimizing customer friction points and cross-channel leakage is the key to solving this roadblock.
Understand customer preferences for virtual interactions
Customers are becoming increasingly inclined to virtual banking transactions or even financial advice. Banks must work towards capitalizing on this opportunity by analyzing their customer preferences to engage in virtual banking transactions. Remote assistance for services like financial advice is highly popular among younger customers.
Want more insights on how to build a successful omnichannel banking framework? Request a complimentary proposal for in-depth insights.
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