Choice matters – how an omni-opti-channel approach feeds experience and efficiency

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The Swiss WealthTech Landscape Report 2024

Engagement channels within the private banking industry have been a topic of much discussion in recent years. This community has always been heavily oriented towards personal service and relationships. For years, that was delivered face-to-face with emails and direct access to the relationship manager. The pandemic and digital capabilities, accelerated by the shift of generation, changed all that, and the world moved online. Today, the aim is to have an omni-opti-offering to enable clients to seamlessly interact with their wealth manager at the time and over the channel of their choice and to switch between channels – for example, starting a conversation about inheritance tax over secure messaging apps and then moving through other channels such as virtual or face-to-face meetings during the process.

Indeed, many clients now expect to have this service proposition as standard; the technology is there and being used as normal in other areas of their lives, so their wealth manager should be able to facilitate it. Thus, providing it is a central component, making things easy for the client and, in the process, boosting customer satisfaction and retention. Creating a more convenient and efficient banking experience, and personalisation through the analysis of customer data from multiple touchpoints to gain a deeper understanding of their customers’ behaviours and preferences enables the bank to offer the right service at the right time.

Having an omni-opti-channel capability also lends itself to operational efficiency; by integrating various channels and leveraging customer data, banks can streamline processes, reduce redundancies, and optimise resource allocation, ultimately leading to cost savings and improved overall profitability. Combined operational efficiency and enhanced customer experience can lead to a competitive advantage.

“Users need to be able to seamlessly move between channels without encountering friction; whether they interact with the bank in branch, online, via mobile devices, or through other channels, the transition should be smooth and consistent.”

Roger Furrer

Director ERI Zürich & Lugano

But what does a good omni-opti-channel offering look like? The central theme is a cohesive, customer-centric, unified approach. Users need to be able to seamlessly move between channels without encountering friction; whether they interact with the bank in-branch, online, via mobile devices, or through other channels, the transition should be smooth and consistent.

A consistent experience means that customers should receive a cohesive and unified representation of the bank’s brand, whether they are engaging with the bank in person or through digital channels. Efficiency, meanwhile, provides a holistic view of the customer, enabling seamless handoffs between channels and ensuring that customer information is consistently accurate and up to date.

Considerations

To effectively navigate the process of changing the way customers contact them, advisers need to analyse and understand the preferences and behaviours of their customer base. This includes determining which channels (e.g., phone, email, video calls, messaging apps, in-person meetings) their customers prefer for different types of interactions. Any changes in customer contact methods must also comply with relevant regulatory requirements, particularly those related to data privacy and security. This includes considerations for recording and archiving electronic communications as required by regulations such as MiFID II and GDPR, ultimately leading to improved customer engagement and satisfaction. Indeed, with security being one of the top customer concerns, any new contact methods need to have security and privacy as a high priority.

This involves implementing robust security measures to protect sensitive information and ensuring compliance with data protection regulations.

By addressing the pain points and the security, the wealth manager can have confidence when talking to customers about their communication options and encouraging adoption. Indeed, although many clients now demand an omni-opti-offering as standard, some can resist change for fear of the unknown. They perceive new communication channels with existing systems and workflows as complex, involving security and privacy issues around their sensitive data. Thus, alleviating these concerns and showcasing the benefits of choice, ease of use, convenience, and efficiency is a good line to take and means that wealth managers can navigate the transition to alternative communication methods more effectively and maximise the benefits for both the business and its customers. Moreover, clients expecting to leverage the benefits of a digital offering can access services provided by external partners of the bank thanks to APIs enabling connection to a whole new ecosystem.

Indeed, fostering cultural openness from customers and internal stakeholders alike to change is essential for businesses to successfully and effectively integrate the best of digital and traditional channels, providing consistent customer experiences across the processes. Businesses that embrace change and prioritise customer-centric strategies are better positioned to succeed in the rapidly evolving digital environment. An open culture within the business actively fosters agility, enabling rapid responses to market shifts and
integrating new channels and technologies into the omni-channel strategy.

Overall, the future of omni-channel will be characterised by a dynamic and evolving landscape driven by technological innovation that blurs the boundaries between physical and digital experiences. This will involve leveraging new technologies like augmented reality, virtual reality, and the Internet of Things (IoT) to create cohesive, immersive customer journeys. As technology advances, integrating emerging technologies such as Blockchain and Artificial Intelligence (AI) will further transform the omni-channel landscape, enabling faster transactions, enhanced security, and real-time data processing.
Flexibility and agility will be crucial for businesses to pivot and meet changing consumer needs.

A commitment to delivering exceptional, customercentric experiences will be engrained in businesses that embrace change, foster innovation, and prioritise customer engagement. Flexibility and agility will be crucial for businesses to pivot and meet changing consumer needs.

Use cases
Personalised financial wellness tools

Banks can develop omni-channel financial wellness tools that provide personalised insights and recommendations to customers based on their financial behaviours and goals. These tools could be accessible through online banking platforms, mobile apps, and in-person consultations, offering consistent support across multiple channels.

Seamless account opening and onboarding

Banks can streamline the account opening and onboarding processes by offering omni-channel support, allowing customers to start an application online, complete it in a branch, and receive personalised assistance through video chat or messaging platforms. This approach provides flexibility and convenience while maintaining a human touch.

AI-powered chatbots and virtual assistants

Banks can implement Artificial Intelligence (AIpowered) chatbots and virtual assistants across digital channels like websites, mobile apps, and social media. These AI tools can provide instant support, answer customer inquiries, and offer personalised financial advice, enhancing the customer experience and accessibility.

Unified customer profiles and data analytics

Banks can leverage data analytics to create unified customer profiles that capture interactions across all channels, including in-branch visits, online transactions, and mobile app usage. By analysing this data, banks can offer tailored product recommendations and personalised promotions that align with each customer’s financial needs and preferences.

Interactive and educational in-branch experiences

Banks can create interactive and educational experiences in physical branches that complement their online and mobile offerings. For example, interactive digital displays, financial education workshops, and personalised advisory services can be integrated to deliver a seamless omni-channel experience.

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