Elevating CX in Financial Services | Omnichannel Journey Optimisation

Financial service consumers increasingly expect consistent information to be at their fingertips, regardless of the channel they choose to engage with. Waiting in long queues or having to repeat themselves to different agents is simply a thing of the past. It’s no wonder that 73% of consumers expect a seamless transition between channels. 

This is where the power of journey optimisation comes in. By utilising the right CX solutions and balancing technology with people, financial services providers can enhance their CX and craft seamless customer journeys.  

Here, we’ll delve into the importance of delivering seamless omnichannel journeys for financial clients and why journey optimisation is essential.

The challenge of disjointed journeys

With the digital age came several new channels that consumers use to reach out to their financial services providers. More channels mean a bigger potential for internal silos and disconnected customer journeys.  

This increase in channels means contact centres must manage them well to keep customer data safe and reduce long wait times. Integrating new digital solutions, such as chatbots, into the contact centre can be part of the solution, but many organisations struggle to seamlessly integrate them. In fact, 66% of CX leaders rate their application integrations as average or below. This not only affects the contact centre’s efficacy but also results in disjointed customer experiences. 

These disconnected journeys not only have an impact on customers but also cause frustration for contact centre agents, too. Contact centre agents often find themselves working in siloed operations, using different systems and tools for each channel. A study by Forrester found that 84% of contact centre leaders reported agents using four to ten different applications during a single customer interaction. This inefficiency, inconsistency, and frustration among agents ultimately impact the quality of customer interactions and the overall experience.

Why customer journey optimisation is essential for financial service providers

A customer journey is the series of interactions and steps a customer has with a business from the initial awareness stage to the final purchase decision and beyond. It encompasses every touchpoint and interaction a customer encounters during their relationship with an organisation. 

Now, let’s explore the key benefits of customer journey optimisation for financial services:

• Increased efficiency and productivity: By optimising customer journeys, financial service providers can streamline their processes and eliminate unnecessary steps or friction points. This can reduce operational costs, improve service quality, and increase employee engagement and performance. 
• Enhanced personalisation and relevance: By optimising customer journeys, financial service providers can leverage data and analytics to understand their customers’ preferences, needs, and behaviour. This can enable them to tailor their products, services, and communications to each customer segment and individual, creating more relevant and meaningful experiences across all channels. 
• Empowered agents: Optimised customer journeys not only benefit customers, but also help empower agents. With a unified and intuitive workspace, agents can access relevant information from different channels, provide exceptional customer service, and deliver expert advice to clients. 

Now, let's be honest – creating and delivering seamless client journeys is no walk in the park. It involves optimising the processes and technology involved in CX delivery across various products, segments, and channels. Using an omnichannel contact centre solution is a huge part of crafting seamless journeys.  

The role of omnichannel platforms

Investing in an omnichannel solution that connects all touchpoints and channels into one system is essential for achieving seamless customer journeys. These platforms integrate multiple communication channels, such as email, social media, phone, and web, into a unified system. By centralising client data and interactions, omnichannel platforms enable financial institutions to deliver consistent experiences across channels, regardless of where or how clients choose to engage. 

Omnichannel platforms can help businesses to:

• Understanding consumers better: Omnichannel platforms have the capability to collect and analyse data from various sources, such as web, mobile, social media, email, chat, voice, and offline channels. This comprehensive view of each consumer allows businesses to segment their clients based on preferences, behaviours, needs, and goals. With this valuable information, businesses can tailor their offerings and communications accordingly, leading to more personalised and satisfying experiences for clients.
• Engaging consumers effectively: Omnichannel platforms allow businesses to communicate and interact with clients in real-time through the most appropriate and convenient channel for each individual. This ability to engage with consumers in their preferred channels helps build trust, loyalty, and satisfaction. It also contributes to increased retention and higher conversion rates. And, omnichannel platforms facilitate seamless cross-channel and cross-device journeys, enabling consumers to switch between channels and devices without losing context or continuity. Whether starting a conversation on social media and then continuing it via live chat or switching from mobile banking to a phone call, clients enjoy a smooth and seamless experience. 
• Continuously optimising customer journeys: Omnichannel platforms provide businesses with insights and feedback on the performance and outcomes of their customer journeys. By measuring and tracking key metrics and indicators such as engagement, conversion, retention, satisfaction, and loyalty, businesses gain valuable information to identify and address any gaps, issues, or opportunities. This knowledge allows them to continuously test, implement improvements, and drive innovation in their customer journeys. 

The financial services industry is rapidly evolving, and client expectations are at an all-time high. By embracing omnichannel solutions, financial institutions can optimise client journeys, leading to enhanced CX, increased efficiency, and sustained competitive advantage. The future of financial services lies in the ability to adapt and innovate, and a robust omnichannel strategy is a key step in that direction. 

How we can help

At Puzzel, we are ready to be your dedicated partner in delivering great CX in the time ahead. Our omnichannel contact centre solution has everything your organisation need to help you elevate your CX in the time ahead and stand out from the crowded market.  

Let’s connect!

If this article resonates with your current situation, we’re here to help. Feel free to reach out for a tailored demo or connect with us on LinkedIn by clicking our names below! 

Authors:  
Jacob Gardiner, Senior AE | CX & AX Specialist | FS&I Sector 
Scott Walker, Senior AE | CX & AX Specialist | FS&I Sector