“Users need to be able to move seamlessly and without friction between channels. Whether they interact with the bank in the branch, online, via mobile devices or through other channels, the transition should be smooth and consistent.” Roger Furrer, Director ERI Zurich & Lugano
There has been a lot of discussion about engagement channels in the private banking sector in recent years. This community has always been strongly focused on personal service and relationships. For years, this was done face-to-face with emails and direct access to the relationship manager. The pandemic and digital opportunities accelerated by the generational shift changed all that, and the world moved online. Today, it is about an omni-options offering that allows clients to seamlessly interact with their wealth manager, at the time and through the channel of their choosing, as well as switching between channels - for example, starting a conversation about inheritance tax via secure communication apps and then continuing face-to-face conversations during the process via other channels such as virtual meetings.
Indeed, many customers today expect this service to be offered as standard; the technology is there and is used quite normally in other areas of their lives, so their wealth manager should be able to support them. Providing this service is therefore a key component of making things easy for the customer and therefore increasing customer satisfaction and loyalty. Creating a more convenient and efficient banking experience and personalising it by analysing customer data from different touchpoints to gain a deeper understanding of their customers' behaviour and preferences enables the bank to offer the right service at the right time.
By integrating different channels and leveraging customer data, banks can streamline processes, reduce redundancies and optimise resource allocation, ultimately leading to cost savings and increased overall profitability. The combination of operational efficiency and improved customer experience can lead to a competitive advantage.
But what does a good omni-optimal channel offering look like? The central theme is a coherent, customer-focused, unified approach. Users must be able to switch between channels seamlessly and without friction. Whether they interact with the bank in the branch, online, via mobile devices or through other channels, the transition should be smooth and consistent.
Considerations
To effectively manage the process of changing the way clients engage with them, advisors need to analyse and understand their clients' preferences and behaviors. This includes identifying which channels (e.g. phone, email, video calls, messaging apps, face-to-face meetings) their clients prefer for different types of interactions. Any changes in client contact methods must also comply with relevant legal requirements, particularly around 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 better client retention and satisfaction. With security being one of the top client concerns, security and privacy must be a top priority for any new contact methods.
Although many clients now demand omni-options as standard, some may resist change for fear of the unknown. They find new communication channels complex when combined with existing systems and workflows, and fear for the security and privacy of their sensitive data. Therefore, it makes sense to allay these concerns and demonstrate the benefits of choice, ease of use, convenience and efficiency. This will enable wealth managers to make the transition to alternative communication methods more effective and maximise the benefits for the firm and its clients.
Indeed, fostering cultural openness to change among customers and internal stakeholders is critical for companies to successfully and effectively integrate the best of digital and traditional channels and deliver consistent customer experiences across all processes. Companies that embrace change and prioritise customer-centric strategies are better positioned to succeed in the rapidly evolving digital environment. An open corporate culture actively promotes agility, enabling rapid responses to market changes and the integration of new channels and technologies into the omnichannel strategy.
Overall, the future of omni-channel will be characterised by a dynamic and evolving landscape driven by technological innovations that blur the lines between physical and digital experiences, leveraging new technologies such as augmented reality, virtual reality, and the Internet of Things (IoT) to create cohesive, immersive customer experiences.
The commitment to delivering exceptional, customer-centric experiences will be embedded in companies that embrace change, foster innovation, and prioritise customer engagement.
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