Not only are customers engaging banks through different channels (mobile, online, phone, in-person), they are also switching between channels and devices when completing even a single transaction. According to Banking Tech, 34% of customers started a banking activity on a desktop and completed the activity later on a different device. As a result, the customer demand for cross-channel banking capabilities with full visibility has never been higher.
Today’s Disconnected Banking Journey
Not only is there a disconnect across channels in banking today, but there is also a disconnect between the different departments that engage with customers. Checking and savings, loans, and credit cards are often organizationally separated with insufficient communications on processes and IT systems between them. This becomes frustrating for customers when they interact with the bank to resolve issues that span across multiple departments – often being left to make multiple contacts with different people, and having to repeat information.
Leading banks have responded to this challenge by embarking on cross-channel banking and “one bank” initiatives. The goal of these initiatives is to reduce the effort needed by customers to interact with the bank and, when done effectively, to enable them to easily get services or close transactions – across any channel. Supporting this strategic direction, the Banking Tech article stated that, “in order to increase user satisfaction and loyalty, banks must offer cross-channel capabilities that allow customers to do more than just access information from anywhere.”
Customers also want banks to put their best interests first: the Banking Tech article reported that “two out of three mobile banking users think that the bank has the responsibility to alert them to low balances or insufficient funds.” Success for leading banks involves going beyond making it easy for customers to get the services they need. Customers are expecting their retail banks to have the ability to proactively initiate a conversation – consistently, across channels – whether begun in branches and continued on their smartphones or vice versa.
Today, retail banks – perhaps more than any other industry – are expected to make the customers experience as easy and consistent as possible regardless of the channel the customer is using. As technology develops into wearables (the Apple watch, Google glasses, for example), digital channel capabilities will continue to be more important than ever.
Learn more on cross-channel customer experiences in banking at our on-demand webinar titled, Best Practices Using Digital Channels to Provide Superior Customer Experiences. The webinar features Nicole Sturgill, Research Director from the Corporate Executive Board TowerGroup and Genesys Senior Principal Business Consultant Lizanne Kaiser, Ph.D.