Everyone knows that as soon as you buy a new electronic, a better version will be released into the world the very next day. That’s why consumers are always expecting the next best thing.
It’s no different when it comes to marketing; we have to stay up-to-date on the newest trends and best ways to reach consumers. While banks create multiple channels and services to meet consumer demand, more needs to be done in order to accommodate consumer expectations, wants and needs. Omnichannel, optichannel and platformification can keep banks at the forefront while helping customers make smart financial decisions.
OMNICHANNEL & OPTICHANNEL
The world around us is shaped by digital experiences: social media, shopping, video on demand and fast access to different services and products. Omnichannel (offering a similar user experience across different platforms) and optichannel experiences (using the best channel based on the customer’s need and preference) will keep your customers engaged and your bank well informed on their preferences. Because technology is constantly changing, consumers expect companies and their services to have an omnichannel experience. This is no different in the banking realm. A recent Gallup poll found that 25% of bank customers are using four bank channels while 24% are using five different channels. While banks may offer multiple channels for consumers, they must keep their customers engaged with products and services by offering the right information and tools across different platforms.
Optichannel banking helps banks discover more about their customers, allowing opportunities to create customer profiles, understand the types of products and services that may interest customers, and customize relevant and meaningful messages for them. By providing the right information to the right customer, banks are showing customers they know their banking needs, building customer engagement and loyalty. Studies have shown that targeted digital experiences lead to clarity and fewer services calls. Personalization helps customers trust their bank, and customers are less likely to leave if they feel their bank knows and understands them. When done well, an omnichannel experience has shown to strengthen banking customer relationships and can help increase a bank’s profits.
Technology is also helping the creation of different platforms. “Platformification” is the idea that existing banks and fintech (financial technology) firms will collaborate to build new channels, allowing banks to integrate their services and create tools that will allow customers to organize, analyze and be more cognizant of their money. A few functions of current platforms include the ability to invest, transfer, analyze how money is spent and authorize bill payments.
Consumers are becoming increasingly aware of their ability to manage money through digital outlets. Their top expectations include real time access and support to their financial accounts (73%) and information and tools to make their own decisions (60%). Platformification could potentially meet these expectations, while also providing products or services that banking customers didn’t even know they needed. Plus, banks receive benefits, too. Because they will now be able to utilize data on the habits of customers, banks can dig deeper into product innovation, service development and customer segmentation.
Omnichannel/optichannel and platformification are two banking trends that provide a win-win situation for both the customer and the bank. Consumers are given ease and convenience while banks are provided with valuable customer information that can be used for future messaging, products and service development. Most importantly, these two trends are a way to keep your banking customer engaged with your brand.