2 crucial aspects of channel experiences in Asian banking

Find out how banks can shift from a multichannel to an omni-channel environment.

ABF: How are financial institutions going to shift from a multichannel environment to a true omni-channel experience and redesign new experiences across different channels in branches, online, and at contact centres?

Fiserv Asia: Nick Wilde, Managing Director
Financial institutions need to take into account two crucial aspects regarding channel experiences – firstly that the customers are having experiences tailored to a specific channel, and secondly that customers can enjoy a seamless omnichannel experience.

It is important to remember that consumers use specific channels for specific financial tasks, and that these channels should therefore be adapted to facilitate such tasks with maximum efficiency. Mobile transactions are often completed swiftly and on the move – for example a quick payment or balance check. The channel needs to reflect this, with an easily navigable interface that allows customers to get the job done quickly.

In contrast, banking via a PC should be a much more feature-rich experience reflecting the choice that consumers have made to spend time assessing finances, allowing customers to set up payments and receive advice.

For the markets ready for more advanced services, financial institutions must also must factor these insights into their strategies, priorities and investments, ensuring they invest appropriately in each digital channel – tablet, online and mobile – as each is a distinct channel with its own needs and requirements.

Clearly, an omnichannel capability is also very important, with customers able to start a process on one channel and pick it up again later on another. This means information must also be clear and consistent across channels. If financial institutions can offer this level of capability they will be providing an excellent level of service to their customers. 

Westpac: Harry Wendt, General Manager Digital
The key to this is to design experiences from the customer perspective and to ensure data is shared across channels.

Bank of the Philippine Islands: Manuel Tagaza, SVP and Group Head for Electronic Channels
In previous years, it was important for banks to adhere to a multichannel strategy in order to stay relevant. The needs of bank customers evolved and they could only be addressed by providing additional ways for them to transact and communicate with their bank, apart from the brick and mortar set-up. In light of this, banks developed their own websites so that people can transact online.

They created mobile apps so that customers who are always on the go can do their banking transactions anytime. Banks established in-house contact centers and a social media presence through outlets such as Facebook and Twitter in order to provide alternative venues for fostering personal conversations with the customer. More often than not, the customer experience was very different for each of these bank channels. One less than ideal experience in any of these channels could significantly affect customer satisfaction and loyalty towards the institution as a whole.

The challenge for banks now is to deliver a seamless and integrated/holistic experience across all of their channels. Since the experience will be consistent across all channels, customers should be able to use these channels interchangeably or even concurrently. A transaction can begin in one channel, but can be completed in another channel.

A customer should not concern himself with any back-end intricacies involved in the shifting from one channel to the other during a singular transaction. As far as he is concerned, he can choose to interact with the bank through any channel he wants at any point in the banking/transaction process without compromising on convenience.

With a focus on seamless integration, marketing efforts should also be synergized and unified rather than focusing on each channel separately. This should include combined/integrated analytics across all channels so that the bank can get a clearer picture of who their customers are and how best to reach them. This will also give the bank a more comprehensive profile of their customers, thus allowing them to provide a more personalized banking experience. 

CIMB: Renzo Viegas, Deputy CEO and Head of Consumer Banking
CIMB’s new account services and architecture initiative that we will be introducing shortly is a true example for this. It enables applications and fulfillment of banking products and services to be performed through biometrical verification of the customer using MyKad or other identification cards.

This service allows for instant loan approvals and deposit account openings with a single interaction and it can be place outside our branch. All these translate simply to paperless and fast account opening of your current and savings accounts, on the spot approval of financing products such as ASB and Personal loans, instant approval and issuance of credit cards and debit cards, seamless sign-ups for various bancassurance products, such as ATM Shield, Group Term Life and Group Amanah Saham Assurance, registration of ePIN and mobile number for TAC as part of the standard CIMB Clicks registration - all of which do not require the normal process of going over the counter or the Automatic-teller machine.

This integration further proves our initiatives in streamlining a multichannel environment to a more monetised environment for our consumers’ banking experience. The end goal will be across the multi touch points, in which, customers will have the similar experience with the same capability to transact whether it is through an assisted or self service channel.