Move Over ‘Multichannel’ Financial Services, It’s Time To Evolve To An ‘Omnichannel’ Approach
A client reached out the other day because he noticed that we’re in the process of unveiling a new title for my practice area. From here on, you’ll predominantly hear Javelin describe things from an “omnichannel” perspective rather than a “multichannel” perspective.
It’s not just a nuance to provide an excuse to print up new business cards, tweak our website, and update my LinkedIn profile. It’s a change that highlights why strategic channel thinking must evolve as the financial services industry knits together separate service channels in an era of “always-on” interactive finance.
In a multichannel framework, the focus is on how to build multiple channels into a business. That enables the customer to decide which channel makes the most sense for a given transaction. As an analogy, imagine that you were a customer trying to decide which door would be most convenient when visiting a store. Customers strolling down Main Street will want to come in the automatic front door. Others coming from the parking lot in the rear would prefer a door that saved them walking around to the front.
Many financial institutions have been taking this approach as they augmented branch banking with online banking, mobile banking, call centers, social media, and so forth. Each is a door that provides customers with more choice and flexibility. But too often the user experience is inconsistent — maybe the side door is manual and there’s no neon sign to provide consistent branding.
In the omnichannel framework, the emphasis shifts to ensuring the brand and experience are consistent and integrated no matter which door the customer comes through. The strategic goal is to ensure that FIs can track and serve customers across whatever channels they use, and to provide a consistent, integrated brand and user experience.
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