Consumers expect a lot from their financial services in today’s business climate. It is normalized, now to want a seamless and integrated experience across all channels.
A survey shows that 89% of customers expect consistent interactions across departments and channels, most prominently digital spaces. At the same time, 76% of customers say they are more likely to switch banks if they don’t receive such omnichannel service.
Banks that fail to deliver more personalized interactions risk losing customers to competitors who are prioritizing digital platforms. Banks across the industry are working towards implementing omnichannel banking, and we’ll discuss some omnichannel banking statistics for the same. Banks, just like many other industries, need to implement new tech into their systems. This includes AI and automation.
Omnichannel banking has become a differentiating factor for developing engagement in the consumer base as well as retention. Thereby, this creates a competitive advantage for banks who take up this system.
Key Omnichannel Banking Statistics and Trends
Rise in Mobile Bbanking App Usage
Mobile banking apps have seen tremendous growth in recent years. A Google study reveals that 6 out of 10 smartphone users favor finance apps over mobile websites for managing their accounts
The convenience, intuitive interfaces, and personalized features offered by these apps are driving their increasing usage.
Banks that provide feature-rich banking apps have seen higher customer engagement.
Growing Demand for Personalized Interactions
Today’s customers expect personalized omnichannel banking interactions. 72% of customers say personalization plays a major role in their banking preferences.
They want banking experiences where services are tailored to their unique needs and life stages.
Banks are deploying AI tools, customer data platforms, and analytics to deliver hyper-personalized interactions across channels.
Research indicates that 70% of banking customers anticipate tailored financial guidance from their institutions, highlighting a growing expectation for personalized services.
Preference for Seamless Experiences Across Channels
Customers today demand unified banking experiences across online, mobile, branches, and contact centers. They expect context and continuity to be maintained across channels.
Banks are bridging channel silos by using centralized databases, omnichannel platforms, and journey orchestration tools. Offering seamless omnichannel experiences results in higher customer satisfaction and retention.
Expectations for Real-Time Banking
The always-connected world has led customers to expect real-time omnichannel banking. Customers want real-time visibility into their financial data and instant updates on transactions, payments, etc.
Many neo banks are meeting this need through cloud infrastructure, open APIs, and event-driven architecture. Delivering real-time banking strengthens customer trust and relationships apart from driving engagement.
Implementing Omnichannel Banking
Centralized Data and AI-Enabled Systems: Omnichannel Banking Trends
To deliver personalized and seamless omnichannel experiences, banks need to unify customer data across channels into a single customer view. This requires bringing together data from online, mobile, ATM, call center interactions, and more to create 360-degree customer profiles.
AI-enabled customer data platforms can then apply analytics to derive customer insights and power real-time engagement. Chatbots and virtual assistants also rely on this data to handle inquiries and conversations across channels.
Integration of Digital Channels and Touchpoints
Beyond online and mobile banking, customers now expect to be able to start an activity on one channel and pick it up on another seamlessly. Banks need to tightly integrate web, mobile apps, ATMs, branches, chatbots, and other touchpoints.
This involves implementing centralized systems to enable unified authentication, shared services, transaction continuity, and a single pipeline of customer communication. Open APIs also allow channels to transfer data and pass on contexts.
Focus on Security and Fraud Prevention: Recent Omnichannel Banking Trends
Security risks amplify within omnichannel environments given the multiple customer touchpoints. Banks need robust protection for APIs, rigorous access controls, and data encryption across channels.
Analytics to detect fraudulent transactions in real-time also becomes critical. Allowing customers to securely verify identity or transactions via mobile apps and biometrics enhances security.
Providing Consistent Omnichannel Support
Customers expect every interaction to feel familiar regardless of the banking channel. Banks should implement omnichannel content management to ensure messaging is personalized yet consistent across channels.
Client profiles, conversation histories, and analytics need to be accessible to support agents to resolve queries faster. Voice banking and chatbots also need to align with human agents to maintain context.
Omnichannel Banking Benefits
Implementing an omnichannel strategy provides significant benefits for banks in terms of improving customer experiences, driving growth, and gaining a competitive edge.
Some of the key omnichannel banking benefits include:
Higher Customer Satisfaction and Retention
- Seamless omnichannel experiences keep customers happy and satisfied as their needs are quickly and efficiently met on their channel of choice
- Aspect Software shares that organizations that use an omnichannel strategy have 91% better year-over-year customer retention rates than those that don’t.
Increased Lifetime Value and Wallet Share
- Omnichannel customers have higher lifetime value – they engage more, buy more products, and remain loyal for longer
- Engaging customers across multiple channels can help increase customer lifetime value (CLV/LTV).
- Banks also gain a larger wallet share through cross-selling and upselling across integrated channels
Omnichannel Banking Statistics Suggesting Stronger Customer Relationships and Loyalty
- Consistent, personalized, and proactive omnichannel engagement makes customers feel valued by banks
- 73% of customers use multiple channels to make purchases, so brands should connect these touchpoints to provide a unified experience.
- Channel integration enables banks to better understand customers and build emotional connections
Competitive Edge Over Traditional Banks
- Omnichannel banking differentiates modern digital banks from conventional banks
- It becomes a key competitive advantage to acquire tech-savvy and demanding customers
- Adoption of emerging channels like chatbots and voice assistants before rivals also enables leading market positioning
In summary, omnichannel banking, when executed well, provides a win-win value proposition for both banks and customers.
Banks must continuously innovate on digital transformation to deliver the integrated experiences that customers have come to expect in today’s age.
Closing Thoughts
Omnichannel banking is becoming a viable strategy for banks that are trying to meet the rising consumer demands. The key statistics show that the online platform in the banking industry is growing.
In order to implement effective omnichannel banking, banks need to break down channel silos and integrate systems. This includes data and processes across digital and physical touchpoints.
The goal is to allow a consistent experience so no matter how people choose to engage with their bank, the process is frictionless. Organizations stand to benefit greatly from omnichannel banking, particularly in consumer retention and loyalty.
Banks that stick to the more traditional system would face a risk of losing more tech-savvy consumers. Adapting omnichannel banking not only allows for banks to stay relevant in the fintech world but it also provides a better customer experience.
