As the financial industry undergoes a metamorphosis digitizing the customer experience, customers still expect a seamless experience when moving between channels. A recent Capgemini report showed that 75% of banking customers migrate to fintech competitors who provide a truly omnichannel banking experience.
This blog will examine how top banks implement omnichannel marketing to deliver hassle-free banking.
Data from McKinsey & Company shows that companies that experience faster growth earn 40% more revenue from personalized marketing than peer brands. Mature banks harness the power of multiple-channel techniques using cross-channel and individualized digital marketing to provide bespoke customer journeys.
Wells Fargo coordinates efforts across channels, teams, and branches to implement personalization strategies. They have implemented a Customer Engagement Engine that integrates and aligns all their marketing efforts. This centralized hub prevents customers from falling through the cracks between misaligned channels.
The importance of human intervention to complete the purchase cannot be overstated, as it plays a part in driving conversion after the customer makes first contact through digital platforms. One bank even saw a 30% increase in sales due to a timely and appropriate (within a day) human response compared to a purely digital interaction.
Being consistent is indispensable to succeeding in omni-channel marketing. Moreover, globally, 75% of customers interviewed said that regardless of the channel they use, they expect to receive the same experience from a brand.
Top banks maintain a unified and memorable brand experience across all their marketing channels by aligning their messaging, maintaining visual branding consistency, and providing seamless channel transitions. Doing so not only turns customers into powerful advocates of their brand but also drives meaningful business outcomes.
Another McKinsey report shows that analytics can increase sales productivity by as much as 40%. Data mining techniques give banks insight into spending patterns and online behavior, which allows for identifying the highest-value customers who account for a disproportionate share of revenues.
Some banks saw a 300% jump in commercial campaign conversion rates after enhancing static customer profiles with variables derived from their online activities.
JP Morgan Chase has integrated emerging technologies into their omnichannel marketing strategies to remain competitive. Machine learning, AI, and chatbots are helping the institution automate processes, provide personalized recommendations, and deliver advanced banking services.
In the future, top banks may use the Internet of Things to expand their omnichannel offerings by adding smart devices and wearables into their banking solutions. Customers can safely access their accounts and perform transactions through these interconnected devices.
Blockchain is another critical area banks use to streamline the banking process and provide a transparent and secure way of conducting transactions while eliminating the need for intermediaries.
The omnichannel marketing model is a must-have for top banks to differentiate themselves. Customers may not know the model by that name, but they surely can tell when it’s lacking -for instance, when they can’t perform a seamless channel switch or when their branch banker can’t access their recently submitted online application.
Banks investing in omnichannel sales and excellence can experience significant returns within a few months and continuous improvements afterward.