Can unified banking channels fortify customer connections?

Thomas W. Grottke, Tim Reimink, Cullen Hunter
3/15/2022
Can unified banking channels fortify customer connections?

Customers want a seamless experience when it comes to banking services. Technology has made it easier to connect banking channels, but linking one action to the next isn’t enough to meet expectations.

Unifying channels is more than avoiding fragmented interactions and annoying rework. It’s about strengthening relationships with customers. Establishing links across banking channels, sometimes known as omnichannel banking, can help banks provide better service, increase revenue growth, and enhance profitability.

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Seamless experiences improve customer service

Seamless experiences improve customer service - Create a seamless experience

Omnichannel banking requires robust information sharing, process alignment, and connected actions and exchanges across the different points of interaction, including:

  • Branches
  • Call centers
  • Phone banking
  • Mobile apps
  • Digital banking
  • Chat functions
  • Relationship managers
  • Product specialists
  • Back-office operations

A centralized experience starts with minimizing customers’ frustration with repeating themselves. For example, the branch manager can be brought up to speed with previous customer conversations with the call center instead of asking the customer to explain the situation again.

But having an approach that promptly shares relevant information across channels is only the beginning. Ultimately, connecting banking channels should be about building better relationships with each customer.

Interaction data can help banks understand their customers

Interaction data can help banks understand their customers

Smaller banks once had an edge in knowing their customers when interactions were primarily person-to-person and revolved around basic information like marriage status, birthdays, and the bank products they used. Now, that advantage is fading as mobile apps and phone systems supplement in-person banking.

Banks that are gaining the upper hand are the ones that are investing in customer relationship management (CRM) platforms. CRM platforms facilitate the collection of broader data sets, including demographics, service interactions across the bank, and interaction locations. Whatever the bank’s size, they’re able to simulate a customer-centric feel by collecting data to build customer profiles, and this information supports real-time interactions across multiple channels.

Shifts in banking strategy work better across the enterprise

Shifts in banking strategy work better across the enterprise

Thanks to advancements in CRM platforms, investing in technology is no longer the biggest challenge. The difficulty now lies in getting employees to capture relevant customer information.

Building a central customer profile works better when employees at all levels add feedback beyond new accounts and loans. From investment advisers to treasury management officers to retail bankers, everyone needs to add information, such as service satisfaction or account trouble.

Banks can encourage this buy-in by integrating the platform into daily responsibilities, providing ongoing training, and showing how employees themselves can benefit. A far-reaching look at interactions and transactional data can give bankers a real-time view of how customers are using bank services and help them better understand how to meet customer needs.

Banks and customers alike benefit from stronger connections across channels

Banks and customers alike benefit from stronger connections across channels - Solve problems before they start

Once banking channels are running holistically through operating procedures and supporting technologies, organizations can better provide seamless and predictive experiences.

As bank data grows, staff and systems can solve problems for customers before they start. Banks will be able to provide forms for an account of interest, information on a servicing need, or a loan opportunity when the data suggests it’s a logical next step. This approach can build customer loyalty and allow banks to offer better relationship-based banking.

Crowe can help you get more from interconnected banking channels

Crowe can help you get more from interconnected banking channels

Omnichannel banking can help improve profitability, but organizations might need to jump over a few hurdles first. Beyond licensing a CRM platform and planning for enterprisewide adoption, other challenges include justifying the change to leadership and determining a course of action.

Crowe specialists know the requirements, design, and implementation efforts necessary to get organizational buy-in, coordinate operational use, and deliver results for banks and their customers. We understand the business models of successful banks and can help engineer solutions, license software, build out processes, and train employees. Using a tested approach to an omnichannel experience can help banks deliver better value to customers by taking full advantage of technology that strengthens the overall profitability of the bank.

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Thomas Grottke
Thomas W. Grottke
Managing Director, Financial Services Consulting
Tim Reimink - social
Tim Reimink
Managing Director, Financial Services Consulting
people
Cullen Hunter