In today’s financial services ecosystem, customers are looking for frictionless, personalized experiences irrespective of how they’re accessing their financial services—whether through mobile apps, in conversation with a bank representative, or in person at a branch. Omnichannel marketing has enabled this by embedding each touchpoint into a single, cohesive journey. Here are some ways in which top financial organizations are implementing this strategy accurately—and what’s next.
Why Omnichannel is essential in finance?
As financial decision makers, we see the adverse impact of a fragmented customer journey on acquisition costs and lifetime value more clearly than ever. To protect our margins and growth in a sustainable way, we must move toward a connected, data-driven experience across channels.
Consumer behavior is cross-channel – Many consumers begin by researching loans online, then they visit a branch to complete the transaction. Without a proper handoff, that experience can feel disconnected. Omnichannel solutions close that gap.
Personalization builds loyalty. Real-time data available to banks—and enabled by AI/ML technologies—allows them to create unique offers to customers at that moment in time. Not surprisingly, successful companies in this area are experiencing greater conversion rates and fewer customer exits.
Mobile App Integration – As indicated in a recent report by McKinsey, integrating your mobile app at the center of the customer experience and linking it to every other channel is now regarded as a “must-have” for competitive advantage.
Data, Technology and People – A Winning Omnichannel Ecosystem
There are three pillars to realize a truly integrated experience:
Centralized and on-time data and analytics – Banks such as HSBC and Citi have connected their digital interactions and branch interactions to create 360° customer profiles, which allow campaigns to be integrated across digital and in-branch.
Intelligent orchestration platforms – Intelligent orchestration platforms like Pega’s decision engine will allow you to respond instantly based on interactions with in-app messaging or simply schedule an appointment at the branch at the moment it matters.
Empowered employees – Employees in the front line—be it branch or call center—must have the same data and tools that customers interact with digitally to help staff become the effective guides they should be on the journey.
APIs and modular design: Strong, service-oriented architectures will guarantee that all channels—mobile, web, branch—remain in sync.
AI-powered personalization: Banks are leveraging machine learning for chatbots (such as virtual assistant Erica), predictive analytics, fraud detection, and personalized cross-sell opportunities.
Strategy to drive omni-channel success
Mobile-first Experience – At the heart of omnichannel success remains a mobile-first approach. By defaulting to the app as the central hub for video calls, advisory bookings, and digital workflows, financial institutions are creating convenience and bridging the experience between physical and digital channels.
AI-powered Personalization – When combined with AI personalization that provides contextual and timely messages, this leads to new levels of engagement for customers, while at the same time minimizing drop off.
Seamless Branding – Brand awareness, through seamless branding, is another essential part of establishing trust; a consistent visual identity and tone of voice builds familiarity and credibility across digital platforms.
Branch Redefinition – With evolving customer needs, redefining branches as digitally supported advisory hubs will reduce operational expenses while retaining the human connectivity valued by customers.
Remote Advisory – Also, remote advisory services, namely voice and video consultations, can extend financial advice to customer segments and in geographies where advisories are scarce, adding a layer of flexibility and reach.
Privacy and Compliance – Finally, amidst the potential of data, strong privacy and compliance frameworks ensure appropriate usage and user consent—preserving brand reputation and meeting regulatory pressures.
Real-world Success Stories
HSBC used real-time decisioning, Pega in 44 markets and increased web click-through rates by 3.5× along with increased email engagement by 200% using hyper-targeted communications. (Visora’s “5 Omnichannel Marketing Case Studies in Finance”)
Through omnichannel integration with digital apps, Erica, ATMs, and physical branches, BofA (Bank of America) surpassed over 85% of their small-business banking processes digitally or at ATMs—meaning they also experienced double-digit engagement growth. (Source)
JPMorgan Chase synchronizes messaging across mobile, web, email, and the branch–using analytics to enhance product adoption and lifetime value. (Source)