It’s fascinating to watch as banks evolve and transform into truly integrated organisations that combine their online capabilities with their offline capabilities and deliver seamless customer experiences throughout. Analytics is an integral piece of the puzzle without which the whole structure is in imminent danger of collapsing, resulting in a diminished customer experience.
Imagine yourself as a customer who wants to set up a small business. Your paperwork is filed with a local bank for a pre-approved loan using a desktop computer. Pictures of the required documents are taken and uploaded using your mobile device. Using your tablet, a real-time payment is made towards the down payment. For the final step, the initial part of the customer journey is completed with a signature at a branch office.
These types of transactions — occurring across locations, devices and channels — are becoming increasingly common. Digital-savvy customers are demanding a unified experience regardless of the interaction medium they choose.
In the banks’ war rooms, where executives plan and sharpen their omnichannel strategies, it is transaction models such as these that they are looking to hone. Their vision is to create powerful, relevant and satisfying omnichannel experiences.
This is where analytics comes in to bridge the gaps in the narrative, capturing pain-points and alleviating them, boosting decisions that support the big picture, plus weaving through disparate experiences and turning them into streamlined engagement journeys.
Building integrity with compliance
For an omnichannel experience to be truly flawless, it is imperative to ensure that standards for regulatory compliance, data protection, privacy and security are being met throughout the entire process. This goes a long way toward building trust with customers, as well as ensuring channel adoption.
- Opportunities: Today’s advanced analytics can detect compliance gaps and failures even before they occur. This means you can take corrective actions well in advance and avoid expensive mistakes.
- Challenges: With the sheer volume of data being generated by omnichannel interactions, it can be difficult to capture, store and analyse data, and to find systems that are capable of ingesting raw data from siloed systems and processing them into meaningful sets.
Storytelling with data visualisation
With omnichannel analytics, the whole data story is narrated in numbers, facts and figures collected from all your client interactions and business systems. With data visualisation, you can turn these stories into fascinating visual snippets that are more consumable. Data visualisations can also be made interactive.
- Opportunities: When you provide the decision-makers in your organisation with visual data and the big picture it affords, interpretation and decision-making happen more smoothly.
- Challenges: Although in an omnichannel analytics system artificial intelligence (AI) does the bulk of the heavy lifting, it is recommended that the personnel and decision-makers upgrade their digital skills to work alongside systems people.
A new narrative with chatbots
Chatbots are quickly becoming an industry-wide norm. Omnichannel chatbots offer a human-like touch, answering questions, providing customer service, educating and informing users, and extending your bank’s reach by working tirelessly and around the clock.
- Opportunities: Chatbot analytics can be important tools in measuring and monitoring user experiences and sentiment as they happen across channels.
- Challenges: Investing in an omnichannel analytics platform that can work with all of your data — structured and unstructured, qualitative and quantitative — can be a real challenge.
Analytics are vital tools for a smooth, consistent customer experience. Without them, your bank’s omnichannel strategy can’t be developed and applied cohesively. There are more than a handful of challenges as you execute your strategy. However, the certain advantages of data analytics, and the insights they uncover, make working through the challenges worthwhile.