Seven tips for a successful omni-channel banking project

April 4 2019

Digital technology is redefining how customers expect to interact with their banks. And banks are working to transform themselves to catch up and meet market expectations with innovative and engaging interactions and products. But why go through such a transformation?

Although customers embrace digital channels at different levels, they all want consistent, seamless omni-channel banking experiences whether they are retail, small business or corporate. Yes, customer expectations are higher than ever and they want simplicity regardless of the channels they use. Yet, they also demand personalization and convenience.

So how can banks gear themselves up to meet offer rich and engaging experiences across all customer touch points? Here are a few tips:

1. Use one single integrated platform to drive consistent customer journeys

Banks often struggle with different systems in place to manage different touch points. They also want better insights about customers and stronger customer-centricity across the bank's value chain. But, how is this achievable?

By implementing a unified CRM platform based on Dynamics 365 as an end-to-end omni-channel solution, banks can eliminate boundaries between digital and assisted channels. It's a great way to deliver unified communications through one single platform and bring out the bank's fullest potential.  

2. Offer rich channel coverage to engage more with your customers

Digital technology has empowered customers to expect what they want delivered whenever they want. And while "always-connected" millennials demand more and more digital experiences, many customers still appreciate face-to-face contact for their banking transactions.

The best way for banks to respond to these changes in the digital era is to engage with their customers through their preferred channels at the right time. Whether it’s branch, online, mobile, contact center, or virtual assistant, they need to be able to unite all the journeys to offer frictionless customer services. Let's not forget that adopting new technologies including Alexa, Siri, MS Luis and wearable banking is also a huge plus!

3. Go beyond customer-centric

Today's customers want their banks to treat them as unique individuals. It's impossible to provide unique experiences without embedding customer centricity in banks' communications in every step of the customer journey.

By implementing the right omni-channel delivery solution, banks can have the tools to know what customers want better than they know themselves. That way they can offer personalized and fulfilling services.

4. Create the best user experience

Put simply, user experience of employee tools and customer experience go hand in hand. Offering the best user experience with a focus on intuitive operations empowers employees.

An omni-channel framework that is easy to use and integrate improves the bank's operations and eliminates process workarounds. Allowing employees to have the entire customer interaction history at their fingertips adds value to customer experiences.

5. Maximize the value of Dynamics 365 licenses

An integrated omni-channel delivery and CRM solution built on top of D365 enables banks to use the full potential of D365 licenses across the bank's value chain.

6. Make sure you're ready for open API architecture

Banks constantly look for ways to reduce costs, and this also applies to application development and maintenance costs. This goal can be accomplished by implementing an extendable architecture that can be re-used across all channels. An omni-channel solution that leaves legacy applications in place helps banks to repurpose them by integrating content, data, and functionality into a new presentation layer or customer experience. The possibilities created by mixing up APIs, financial data, and other tech are endless. It can benefit customers with personalized or tailored services to the individual's behaviors and lifestyle.

7. Select an "out of the box" solution certified by Microsoft and built by its partners

The demand for rapid development of any omni-channel solution has never been higher. Banks prioritizing speed and agility want the projects delivered in a very short amount of time. Solutions should be delivered with built-in workflow tools and following industry best practices for customer experience. Choosing the right Microsoft partner is critical for the success of an omni-channel project with Dynamics 365. So, choose wisely and make sure they can also provide fast ROI.


Photo by Tim Evans on Unsplash

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About Wim Geukens

Wim was born in 1969. He graduated from Louvain University as Master in Information Sciences in 1991 and from Woluwe University as Master in Biomedical Informatics in 1993. He finished his MBA at Vlerick in 2017. In 2003, Wim co-founded Travi@ta, a Consultancy company dedicated exclusively to Microsoft Dynamics CRM and specialized in FSI, that was acquired by RealDolmen in 2013, where Wim managed the new combined CRM Division within RealDolmen that employed over 70 professionals. In 2017, Wim started a new venture with VeriPark, the only Microsoft Global ISV for FSI, specialized in Omni-Channel delivery, CRM, Branch Automation and Loan Origination. Wim became Managing Director of VeriPark Europe, with a focus on Europe excluding the UK and CEE, but including all French Speaking African countries on top.

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