How to Provide Omnichannel Experience in the Banking Industry – With an Example

Elemér Erdősi
June 14, 2019
June 14, 2019
6 min read

With the evolution of technology and new strategies in today’s customer service landscape, it is of utmost importance for companies to explore and keep up with the latest trends in order to stay ahead of the game.

Currently, customer service is dominated by the concept of leveraging several channels with the aim of aligning customer communication. First, it was multichannel, later omnichannel, and now companies started to explore optichannel communication.

Multichannel vs. Omnichannel vs. Optichannel

The terms multichannel and omnichannel are often used interchangeably. And while both terms are related, there is a significant difference between them.  

Multichannel communication means leveraging several channels when interacting with customers. However, omnichannel communication takes things to the next level by aligning the channels utilized.

But what about optichannel? Well, when it comes to interacting with customers, companies need to rely on the most efficient communication methods. And this is where optichannel comes in handy.

Indeed, having only just started to embrace the omnichannel concept, optichannel is the new buzzword taking over the customer service landscape. While omnichannel allows customers to engage with companies on their preferred channel, with optichannel communication it is your business that specifically determines the optimal channel for your customers based on your goals for each channel and available customer information.  

Although optichannel will definitely become more popular in the future, at the moment it is omnichannel that rules in the banking industry. In this article, I will focus on the omnichannel approach, and more precisely, how you can provide an omnichannel experience in the banking industry. Let’s dive in!

Omnichannel experience in the banking industry

Providing an omnichannel experience in the banking industry is pretty much a prerequisite for any financial organization that wish to keep their customers in the long run.

Omnichannel experience in banking is about providing a seamless and consistent interaction with customers across multiple channels. In particular, during customer interactions, agents need to easily switch between several channels (for example, phone, sms, chat, video) in order to provide customers with an as convenient customer experience as possible.

And in order to be able to provide this seamless and consistent interaction, agents need to be able to rely on an all-in-one solution that is able to integrate all the channels you use, as well as displaying comprehensive customer information, on the same platform.

The solution offered by ourselves here at VCC Live®, for example, not only allows you to integrate your channels but also displays all your customer information on the same platform, helping your agents read your customers’ minds.

Furthermore, in the banking industry, providing customer support on any device is just as important as leveraging and aligning several channels. As customers these days are constantly on the go, the majority of them are likely to handle their queries via their mobile phones. Therefore, simply having a mobile application is not enough today, financial institutions also need to ensure that customer journeys carried out via their mobile platform are as convenient and simple as via phone/web.

In other words, providing multichannel experience in the banking industry means delivering the same quality of service across all channels and all devices, both online and offline.

Example of omnichannel support in the banking industry

So, now that you know how important omnichannel experience in the banking industry is, let’s have a look at a real-life omnichannel experience example that highlights what VCC Live®’s solution can offer.

Let’s say your customer wants to raise the limit of the amount of money they can withdraw from an ATM at any one time. They begin to search the bank’s website using their mobile to check out the possibilities.

The company’s chat window pops up and the customer types in the chat window that they want to raise the limit of the amount of money they can withdraw from an ATM at anyone time.

A live agent now enters the conversation and notifies the customer that in order to raise this limit, identification is needed. Thanks to the integration of the several channels the bank leverages for customer interactions, the agent is able to see the customer’s complete history on one single platform.

In the past, identification required customers to physically go to the financial institutions to identify themselves. However, thanks to the latest technology, which is incorporated into VCC Live®’s solution, customers can now identify themselves via video call.

The agent can thus offer the customer the opportunity to be identified via video call. The customer confirms video call identification. The agent send an SMS with instructions and a link to the video call.

The customer clicks on the link and the video call begins. Following the instructions given, the customer looks into the camera and holds up an appropriate identification card. The agent takes a photo, checks the quality, and informs the customer if the identification was successful.

After successful identification, the agent can now increase the limit on the customer’s card. The conversation ends, and the agent sends the customer an SMS with a link to a survey to assess the quality of the call.

During this simple and short conversation, the customer was smoothly switched between four communications channels, including chat, SMS, video call and email. The result is a convenient and efficient customer interaction that solved the customer’s query at the first go. And this is exactly what an omnichannel experience in the banking industry should be like.

Elemér Erdősi
Elemér Erdősi is Head of Key Account Management at VCC Live®. With substantial experience in the contact center and telecommunications industry, he focuses on sharing his Service Delivery, Analytical Skills, Operations Management and Call Center Development knowledge and expertise with clients and CX enthusiasts.
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