The Omnichannel Advantage: How To Shift To An Omnichannel Banking Model

by | May 26, 2022

Does Your Bank or Credit Union Offer a True Omnichannel Experience?

Customer accessing banking through digital channels

Delivering the right customer experience is a top priority for every financial institution (FI). But in a time of ever-changing customer preferences and the proliferation of digital channels, how can your FI keep pace, and provide experiences that are convenient, seamless, and delightful?

The first step to true customer experience excellence is an evaluation of your channels, and how well they integrate. Many modern FIs offer customer interactions through a variety of touchpoints, but relatively few have an architecture that allows a consistent experience as the customer moves between these touchpoints when completing routine banking tasks.

Does your bank or credit union offer a true omnichannel experience, or is your CX better described as multichannel? There’s a critical difference between the two levels of service. Read on to learn more, and to discover how to shift to a true omnichannel banking model.

Doxim can help you operationalize your customer experience strategy and make every interaction count, across all channels BOOK A PERSONALIZED DEMO

What is Multichannel Banking?

You’d be hard-pressed to find a bank or credit union today that doesn’t offer banking services through a variety of channels, digital and physical. However, in many cases these channels do not function as a unified whole.

This means that while customers can complete daily banking tasks through various channels, not all tasks can be completed through all channels (for example, a business customer may have to come into the branch to complete a loan application, while a personal loan can be originated virtually). These uneven service levels can be a source of major frustration for customers with more complex needs.

Multichannel banking is also characterized by a lack of data sharing across channels. This negatively impacts customer experience, as customers may have to tell their story more than once when resolving a service issue or may have to restart an application from scratch if completing it online does not work and they need in-branch help. When channels are not seamlessly integrated, the customer experience becomes disjointed and frustrating.

What is Omnichannel Banking?

Omnichannel banking is an extension of multichannel banking that enables data synchronization and full integration between channels. Omnichannel banking means that your in-branch, brick-and-mortar operations are fully linked with your digital banking operations, including all the various touchpoints of customer and bank interaction, and ensures that information is handed off between touchpoints securely, in real time.

How does Omnichannel Banking Benefit your Customers?

Omnichannel banking offers substantial benefits for your customers, your employees, and your bottom line.

Because customer data is synchronized across channels, omnichannel banking allows applicants to move freely between channels during processes like account opening and loan origination. This seemingly small difference has a huge impact on customer experience as it allows customers or members to change their preferred channel mid-process without losing their progress, repeating steps, or interrupting their sign-up experience.

Similarly, employee experience is facilitated by an omnichannel approach to customer engagement. When all channels are seamlessly integrated, your employees can pull customer data into their current customer interaction (populating an address field automatically, for example, or resuming an application partially completed online). This approach reduces manual work and allows employees to focus on creating a personal connection and providing exceptional customer service – a win/win for both employees and customers.

Get Engagement and Communication Solutions from an Omnichannel Expert

Enhance engagement and communication with digital solutions

As a single, trusted partner offering a holistic solution that will meet all your CXM needs, Doxim can help you operationalize your customer experience strategy and make every interaction count, across all channels.

Doxim’s omnichannel CCM (Customer Communications Management) and CEM (Customer Engagement Management) platforms can empower your business users to generate the frequent, ongoing, and personal interactions your customers crave, and distribute these communications through multiple channels (via print, PDF, HTML, email, text, and online interactive experiences).

The omnichannel capabilities of the platform are such that when a customer calls in to speak to a service representative or engages with a chatbot, both human and machine can provide immediate assistance by calling up the communication or document that the customer received. This keeps every customer communication connected, making multi-step, omnichannel customer interactions a reality.

Behind the scenes, Doxim’s seasoned customer experience experts can also help you encourage customer engagement and consult on creative communication design that delivers a great user experience.

And of course, Doxim’s customer communications management technology offers you all the security and compliance features you require to keep your customers’ sensitive data secure, plus the scalability and flexible pricing you would expect from a modern SaaS-based solution.



Let’s discuss ways to enhance your financial institution’s customer communications to effectively boost customer experience management.

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Josh Noble
VP Sales, Financial Services North America at Doxim
Josh is a solutions consultant by nature, focused on identifying customer communication solutions for financial institutions.
In his position as Vice President of Sales (USA), Josh leverages his experience to understand the needs, and propose solutions, for customer communications management in credit unions and community banks.

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