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Putting data first can solve the omnichannel puzzle

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There is no one-size fits-all approach to engaging customers. While brick and mortar locations are currently not an option for many, there are plenty of channels customers are using. While some groups of customers may prefer one channel, others may prefer another channel.

For example younger, more digitally savvy customers may prefer to use mobile apps or chatbots to engage, whereas older customers may prefer to speak with a live person over the phone. As such, it’s important for banks and other financial service providers to take multichannel approach to customer engagement.

Customers applying, and being evaluated, for financial services leave their digital footprints across a variety of channels, including mobile and desktop apps, online and offline retail, and social media. Some – like mobile apps – are monitored closely. Others are virtually ignored, to their detriment.

A data-driven operating model can help organizations better understand which channels are being used and which aren’t. Likewise, applying a data-driven approach to multichannel management can also help identify which channels that maybe deprioritized by the organization, are driving a great deal of value for customers. This can help organizations to divert resources to new onboarding experiences, in real time.

For example, in the current environment, consumers are craving opportunities to engage with other people. Three months ago, few customers would choose to speak with customer support over the phone, but after weeks of isolation, the person to person contact holds great value.

By following users across multiple platforms, identifying patterns of behaviour, and developing insights based on the data collected, marketing teams can better adapt the experiences they create and the services they provide to a wide spectrum of needs and interests – all while optimizing each message they deliver for their chosen audience, platform, and budget.

At the end of the day, collecting the right data and understanding the nuances to which channels customers are using and why, can go a long way in delivering experiences that customer loyalty is built on.

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Data management Payment processing Digital banking Merchant Fintech
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