Leveraging Advanced Technology to Enhance Customer Engagement in the Omni-Channel Banking Ecosystem

Historically, bankers have built strong relationships by engaging with customers in person. This face-to-face interaction allowed bankers to ask questions, address concerns, and recommend tailored financial products and advice to customers. To achieve the same level and engagement and service in today’s omni-channel ecosystem requires advanced software technology. Banks and other financial institutions must leverage tools designed to detect event-specific touchpoints, assist with stated goals, and listen to the Voice of the Customer (VOC).

These tools enable banks to enhance customer engagement by detecting event-specific touchpoints, such as a customer’s interest, propensity to purchase, and points of friction or frustration. Additionally, these tools can assist with stated goals by offering timely advisory support and education to help consumers meet both their near- and long-term financial objectives. To further enhance the customer experience, it is crucial to listen to the Voice of the Customer by understanding their pain points, analyzing trends over time, and quantifying the overall experience.

Customer engagement (CE) results from a financial institution’s interactions translating into end-user experience. These interactions are crucial and can have a positive or negative influence on a client’s cognitive, emotional, and behavioral investment in a financial institution. To positively affect CE, financial institutions must demonstrate an understanding of a client’s unique needs, issues, financial knowledge, and product interests, showing empathy, and delivering high-quality content that is relevant and timely.

Using advanced technology and analytics enables financial institutions to proactively anticipate customer needs and mitigate friction. For instance, accumulated customer knowledge increases understanding of segmentation and financial needs and goals. By continuously evaluating customer data and attrition risks, banks can deploy strategies to reduce churn and offer personalized solutions. Understanding patterns of behavior allows institutions to segment customers and tailor offerings, ensuring frictionless experiences that align with both client expectations and institutional goals.

For more information download our white paper: "Innovation Drives Customer Engagement Best Practices."