Leading Banks Transform Customer Experience by Orchestrating Digital and Human Interactions

In today's rapidly evolving banking landscape, leading financial institutions are redefining the way they engage with customers. By integrating channels and leveraging their mobile apps as powerful orchestrators, these banks are providing a truly differentiated customer experience.

This approach promotes seamless digital and human interactions, eliminating the traditional notion of separate channels. Inspired by consumer companies and retailers, banks embracing this model have witnessed remarkable outcomes, including increased digital sales, enhanced cross-selling, heightened customer activity, and top-quartile customer experiences.

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The Evolution of Distribution Models: The evolution of banking distribution models has presented banks with the challenge of effectively orchestrating customer interactions across multiple channels.

A modern bank is equipped with call centers for voice support, branches for in-person interactions, dedicated sales forces for mortgages, relationship managers catering to key customer segments, mobile apps, internet banking, and websites.

However, these disparate channels often result in fragmented customer experiences, which necessitates a holistic transformation.The Mobile App as the Primary Customer Interface: To overcome the limitations of traditional distribution models, leading banks have recognized the potential of their mobile apps as the primary customer interface.

The mobile app serves as a gateway for customers to not only purchase products and resolve issues but also access human support whenever required. By consolidating all banking activities and communications in one place, customers can oversee their journeys seamlessly, further enhancing convenience and satisfaction.

Promoting Conversational Customer Engagement: By integrating digital and human interactions, banks are striving to create conversational customer engagements. Through their mobile apps, banks are implementing innovative features such as chatbots, virtual assistants, and instant messaging, allowing customers to have real-time conversations with human representatives whenever necessary.

This personalized approach builds trust, strengthens relationships, and ensures that customers receive the assistance they need promptly.The Power of Orchestration: Orchestration lies at the heart of this new distribution model. Leading banks are leveraging data analytics, artificial intelligence, and machine learning to orchestrate customer journeys across various touchpoints.

This enables seamless transitions between digital and human interactions, ensuring continuity and eliminating friction. Banks can anticipate customer needs, proactively offer personalized recommendations, and deliver tailored experiences that exceed expectations.

Banks that have embraced this integrated channel approach are reaping significant rewards. The early results are compelling, with a doubling in digital sales, a threefold increase in cross-selling, a 40 percent rise in customer activity, and an elevated customer experience ranking in the top quartile.

By breaking down channel silos and focusing on delivering a cohesive and personalized customer journey, these banks have gained a competitive edge in the industry.

Leading banks are pioneering a new era of customer experience by integrating channels and leveraging their mobile apps as powerful orchestrators. This transformation allows for seamless digital and human interactions, eliminating the traditional channel-centric approach.