Remember when banking meant you had to take time off work, stand in line, and pray the bank cashier wasn’t on their lunch break? Those days are as outdated as dial-up internet. Nowadays, we’ve got options - a full symphony of ways to manage our money, from digital to physical and everything in between. And guess what? This blend of channels is more important than ever in the world of financial services. Let’s dive into why omnichannel isn’t just another buzzword but the future of banking, lending, credit unions, and fintech.
1. The perfect blend: Digital convenience meets brick-and-mortar charm
Picture this: You’re transferring money between accounts on your phone while sipping your morning coffee, all before heading to the office. Or maybe you prefer a more personal touch, sitting down with a financial advisor to discuss your retirement plan. Whatever your style, you’re not alone. Around 85% of global consumers expect their financial institutions to seamlessly blend digital convenience with in-person service, just like a perfectly crafted latte.
Whether you’re depositing a cheque via an app (I know, who uses cheques these days?) or getting face-to-face advice at your local branch, today’s customers expect their banks to be wherever and whenever they need them. It’s about having the best of both worlds - digital when you want it, and human interaction when you need it.
In short, omnichannel ensures that financial institutions meet customers wherever they are, online or offline, creating a smooth, satisfying experience that keeps everyone happy and coming back for more.
2. Generational harmony: Money matters for all ages
You’d think Gen Z, with their TikTok’s and smartphone wizardry, would never set foot in a branch, right? Wrong. From Millennials to Baby Boomers, everyone’s singing the same tune: they want the freedom to switch between digital and physical channels when managing their money. McKinsey found that across all generations, customers value having options that suit their changing needs.
For lenders this means it’s not just about launching the latest app or chatbot; it’s about creating an experience that resonates with every age group. Whether it’s offering video calls for Gen Z or providing solid, traditional banking services for the Silent Generation, financial institutions need to ensure that everyone feels confident and supported, no matter how they choose to manage their finances.
3. Total Experience (TX): The secret sauce of customer and employee happiness
As omnichannel strategies take centre stage, a new concept is gaining traction in the financial world: Total Experience (TX). Think of it as the ultimate mashup of customer experience (CX) and employee experience (EX). It’s like finding that perfect playlist where every song hits just right.
What is Total Experience?
TX is all about enhancing the overall experience for everyone involved with a brand - customers, employees, users, and partners. It’s not just about one product or service; it’s about creating positive, shared interactions across the board. By linking employee happiness to customer satisfaction, financial institutions can see how one directly impacts the other. For example, better employee training leads to top-notch customer service, which then shapes how customers feel about the brand.
Elements of Total Experience:
- Customer Experience (CX): Every interaction with a brand, from the first Google search to post-purchase support, counts. The goal? Make it easy and enjoyable.
- Employee Experience (EX): Happy employees make happy customers. It’s that simple. Focus on their satisfaction, engagement, and well-being, and watch your CX soar.
- Digital Experience: From mobile apps to online portals, every digital touchpoint matters - whether you’re a customer or an employee.
- Partner Experience: Don’t forget about your partners, like suppliers and distributors. Their experience counts too!
The perks of Total Experience:
- Internal Alignment: When everything’s in sync internally, better results follow - like a well-oiled machine.
- More Revenue, More Profit: Positive experiences for customers and employees are directly linked to higher revenue and profitability. Who doesn’t love that?
- Happier People: Companies that nail the total experience are expected to outperform their competitors by 25% in satisfaction metrics for both CX and EX by the end of 2024.
Real-life hits:
Google: Always ahead of the curve, Google integrates technology and user needs seamlessly, making it a leader in TX.
- Example - Google Assistant in cars makes driving a blast! Just say "Hey Google" to control navigation, music, and calls - all hands-free. It's like having your own personal DJ and co-pilot, customising your ride just for you. Plus, it learns your preferences, so they can serve you tailored content (or ads!)
Starbucks: The coffee chain isn’t just about your daily caffeine fix; it’s about creating a positive experience for both customers and employees. And it shows.
Example - Starbucks' name-on-the-cup trick personalises your drink, helps baristas during busy times, and sparks free marketing as customers share their #pumkinlatteseason creations on insta. Win-win-win!
In summary, the Total Experience approach is like that killer playlist you can’t stop listening to - it makes everyone happy. When employees are satisfied, customers feel it, and the business thrives. Financial institutions that embrace this strategy will see big results and build stronger relationships with everyone involved.
4. The high stakes of missing the beat
In finance, trust is the name of the game. But here’s the kicker: only 13% of consumers think their financial institutions truly meet their omnichannel expectations. That’s a lot of disappointed customers - and in banking, disappointment can lead to people taking their money elsewhere faster than you can say “Thank you, next.”
For banks and financial services, the stakes are sky-high. Falling short on delivering a seamless experience across digital and physical channels isn’t just a missed opportunity; it’s a direct threat to customer loyalty and the bottom line. To keep clients satisfied and engaged, financial institutions need to prioritise an omnichannel strategy that offers flexibility, convenience, and trust.
Why omnichannel and Total Experience are the future of finance
In the ever-changing world of financial services, omnichannel isn’t just a trend - it’s the future. And when you pair it with Total Experience, you’ve got a winning combo. It’s all about giving customers and employees the freedom to choose how they interact with their money and their work, whether that’s tapping through an app at midnight or having a heart-to-heart with a financial advisor in the middle of the day. By bridging the gap between digital convenience and the human touch, financial institutions can hit all the right notes, keeping everyone loyal, engaged, and coming back for more.
So, the next time you’re managing your finances or thinking about your workplace experience, remember: it’s not about choosing between digital or physical, customer or employee. With omnichannel and Total Experience, you can have it all - and isn’t that what everyone really wants?
References
PWC Global Consumer Insights Survey, 2023: This survey highlights that 85% of global consumers expect a seamless blend of digital and physical channels in their interactions with brands.
McKinsey & Company, Generational Consumer Preferences Report: McKinsey's report emphasizes that consumers across all generations prefer a mix of digital and physical channels when managing their finances.
Gartner, Total Experience Report, 2023: Gartner's report discusses the Total Experience strategy and its benefits, including how companies with TX approaches are expected to outperform competitors in satisfaction metrics by 2024.
Accenture Omnichannel Customer Experience Report, 2022: Accenture’s report reveals that only 13% of consumers believe their financial institutions fully meet their expectations in providing seamless omnichannel experiences.
Critical Channels of Choice - Report - Thought Leadership - CMO Council™
