How do you most often take care of your personal banking needs today?
Years ago most people would have responded saying that they go to their local branch, but today online banking and mobile are dominating the customer banking interaction. According to Alan Mattei and Darryl Demos of Novantas, the contact center is becoming the go-to resource for remote customers, with fewer customers physically visiting the branch.
With customers increasingly turning to virtual banking, it’s important for retail banks to have a strong customer engagement strategy outside of the physical business walls and develop a multichannel customer experience that ensures customers can connect with the business on the channel that is most convenient for them.
As more and more customers take care of their personal banking needs with the mobile and web options available today, banks across the globe have should tailor their customer experience strategies to fit their customers’ preferences. For example, in a recent post by Rick Spitler, Managing Director at Novantas said, “Retail customers now conduct roughly six of every seven banking transactions outside of the branch, mostly through electronic alternatives.”
Rich raises a valid point – customers are becoming more and more comfortable with conducting their day-to-day banking needs such as depositing checks with their mobile devices, making payments and checking account balances online or over the phone. This means that banks needs to be offering their services where their customers are, in this case virtually, in order to offer strong customer support and a more personalized customer experience.
Banks must realize that the state of their contact centers, web and mobile applications are a huge representation of their businesses and their customer service efforts need a consistent, approach across all of these channels in order to exceed their customers’ expectations. As Bob Meara, a senior analyst with Celent mentions in Bryan Yurcan’s recent article on Bank Systems & Technology, “Banks will have to learn how to sell in self-service channels, and right-size the branch while improving sales effectiveness.”
As consistency is the core of a multichannel strategy, outbound and inbound call center solutions can help businesses deliver a seamless, multichannel experience. Here are a few examples of how the technology can be used by a retail banking company to provide a multichannel experience:
- Account activations or potentially fraudulent activity – Outbound technology can be used to allow banks to proactively reach out to their customers to alert them of these types of activities.
- Check bank account balances and ask questions – Inbound technology and mobile assistant applications allow customers to use their voice to check their accounts via mobile or over the phone, as well as connects them to speak with the appropriate customer service representative to get the information they need.
- Reminders of payments and banking statement – Customers can setup reminders to make payments and have their banking statements sent to them electronically by the use of outbound technology.
- Deposit checks with your mobile app – Some banks offer mobile depositing options which allow customers to deposit a check by taking a photo of it to scan it into the retail banking system. The transaction then coordinates with the banking system to create a seamless multichannel experience.
This increase in customers turning to mobile devices to call, text, use a mobile banking app, or visiting a banking webpage as their main form of communication with their banks, has changed the overall customer experience of banking. In order for retail banks to not only retain their existing customers, but to also continue to create a unique experience, they will need to modify their customer experience strategies. A multichannel approach will empower retail banks to create a more customized experience, differentiate their services from other retail banks and ultimately, help build and strengthen customer loyalty.
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