Banking consumers the world over have increasing expectations of convenience, driving one of the most common trends in banking innovation: omnichannel experiences. Modern banking reality is that consumers expect to bank whenever, wherever and on whatever device they prefer in way that is fluid and consistent across all touchpoints. Although a seemingly daunting task, this actually presents financial institutions with a unique opportunity to build long-lasting relationships. To successfully accomplish this, financial institutions must move now to:
- Engage consumers in many different channels – omnichannel shopping for banking products and services is accelerating globally, with most consumers research banking products online and purchasing them in-branch. A large portion of consumers also prefer online only research and purchasing. Giving consumers choices is crucial.
- Offer online appointments for personalized conversations – consumers want more face-to-face interactions. In fact, 61% are interested in scheduling appointments online to meet with branch staff in person.
- Organize in-branch events to foster loyal communities – providing exclusive in-branch events is another opportunity to enhance consumer experiences, cultivate brand advocacy and forge loyalty. While only 20% of consumers have been invited to such events over the past year, 63% would consider attending them.
- Refine in-branch experiences for consumers – while 72% of consumers rate their in-branch experiences as “good” or “excellent,” there are some areas for improvement, especially wait times, staff knowledge and convenience.
- Connect with consumers now – consumers’ experiences used to be universal, but they now want tailored approaches for their banking needs. Financial institutions must engage consumers now and deliver remarkable experiences across numerous channels. If they don’t, they’ll lose out to the competition.