Identifying Success in Omni-Channel Delivery Models with a Balance Between Human and Digital Connections to Build Trust
Omni-channel is
considered a factor that will significantly impact the future of banking, which means financial institutions
(FIs) must be able to keep pace with the shifting needs of an Omni-channel
world. Modern FIs need solutions that help expand Omni-channel delivery to
drive personalized and relevant engagement, increase customer acquisition, use
their staff more efficiently, reduce risk, and listen to the voice of their
customers across all stages of the customer journey.
Implementing Omni-channel solutions is essential for FIs in today’s digitally dominant landscape, yet only 12% of banks and credit unions offer Omni-channel account openings for both businesses and consumers. Also, 35% of banks claim to offer true Omni-channel capabilities regarding account openings but do not provide customers the ability to start an application in one channel and resume it in another.
Although the implementation of Omni-channel in banking is critical for the success of an FI, how exactly can they measure success, especially since so many FIs can’t seem to nail down true Omni-channel delivery?
Omni-channel interconnectivity coupled with analytics and key performance indicators (KPIs) that provide actionable management and insights, are two ways to measure success in an Omni-channel environment.
KPIs help FIs measure the success of Omni-channel delivery
In an Omni-channel environment, monitoring customer activity becomes increasingly difficult due to reduced physical contact. When FIs digitalize their business model, it requires improved KPI granularity to continually improve areas such as workflow, customer experience, and consumer self-service functionality.
Management insight KPIs are a key component driving execution success. Quantifiable performance indicators also help to drive strategic and tactical modifications to existing activities to optimize market performance.
There are two primary KPI categories that can help FIs achieve this objective:
· Performance KPIs measure degrees of success and failure for specific goal achievements and processes. An example of a performance based KPI is digital sales conversion which shows rations of attraction to interest to executed action. Performance over time indicates the effectiveness of website content and early customer engagement through fulfillment processes.
· Predictive KPIs quantify probability. This form of KPI indicates likely customer attrition and sales performance forecasts based on pipeline content.
KPIs measure what matters in the context of targets and standards which empower managers with critical knowledge. With properly defined KPIs, users can know what actions must be taken and what will likely happen.
The ability to generate meaningful numerical interpretations requires descriptive statistics. KPIs provide these statistics and turn data into quantitative actionable insight which benefits both the FI and consumer.
The role of the banker in providing true omni-channel delivery
A successful Omni-Channel strategy incorporates a customer needs strategy that projects empathy. This requires sending the message that you know your customer and commit to needs-centered engagement. Executing in an Omni-delivery ecosystem requires:
1. Listening to needs
2. Responding with relevance and timeliness
Despite digital adoption reducing staff contact with customers, FIs provide a significant advantage with human touch. Today, customers prefer the convenience of digital but still place a high value on human access and financial expertise. As the transactional role continues to diminish, customer service and advisory roles increase, making it important for banks to have their digital and physical channels work in tandem with each other.
Financial institutions attempting to remain competitive should focus on customer needs such as feeling heard and known. Digital listening technology increases the customer perception of empathy in an Omni-delivery ecosystem. Customer needs leadership enables the financial institution to:
• Detect customer needs through active website and digital sensory;
• Engage customers with appropriately timed and targeted content;
• Retarget abandoned applications;
• Assist customers meet longer term goals through financial education and planning;
• Offer relevant products and services for goals attainment;
• Onboard new customers and offer related products and services;
• Improve customer experience by monitoring service requests against service level agreements; and
• Predict and mitigate attrition risk.
While digital offers several benefits, trust is one gap it cannot address. Human interaction is imperative for driving trust and remains highly valued among customers. For instance, branch and contact center personnel play a significant role in customer acquisition, clarifying options while offering guidance and assistance. They can also focus on personal engagement, serving broader needs that require a consultative approach.
About Author:
Todd Robertson is senior vice president of business development for ARGO.
As Senior Vice President of Business Development, Todd Robertson works with the largest financial institutions and healthcare providers in the United States to demonstrate how ARGO solutions can transform customer experiences and improve operational efficiency. When Robertson joined ARGO in 1994, he worked as a developer and project manager before moving into his current business development role. Before starting his career, Robertson served in the United States Air Force as an air traffic controller.