FIs worldwide have been attempting omnichannel for many years but continue to struggle to meet their customers’ expectations. The results are not for lack of trying but stem from the confusion between what constitutes omnichannel versus multi-channel/digital channel. Both are components but do not represent omnichannel in its entirety.
A winning omnichannel strategy will optimize the right channels, as defined by customers, and allow them to transition between channels seamlessly. This targeted strategy is critical to optimizing capital allocation and designing a customer-centric omnichannel experience. FIs that attempt to develop every channel possible rather than prioritizing the development of appropriate channels will overcomplicate their omnichannel strategy and, more importantly, not address customer expectations.
FIs can only embark on their journey to integrate physical and digital worlds once they thoroughly understand customer preferences. This complex integration is no small feat but is required to enable your target state CX strategy and deliver meaningful change.