Innovation and technology

Omnichannel banking, the revolution in client experience

Jessica Reynoso Maciel 2017-12-04

Processes, information systems and action protocols adapted over the first years of the 21st century allowed companies to serve their clients independently through any of the different channels available. Every time a new channel arose, it was offered within existing processes and systems in order to have the products and services already shared by the other channels available.

With the arrival of smartphones, which made it possible for users to connect to the internet at any time, the option of maintaining multiple channels is no longer enough. An integrated vision is also required to solve the needs of the client by interacting in several of the available channels. This new omnichannel or channel integration approach has forced companies (including banks) to rethink and redesign processes and the role that their customers play in them.

The birth of the omnichannel client, who wants to connect through different channels and from any device, has been a major challenge for the banking sector. The client journey, previously controlled by the bank, is now controlled by the client, who decides which channels to use for each step. Now, clients have the power and the bank adapts to their new consumption habits.

Communication and digitalization

And today, the needs of clients change and evolve faster than ever before. Which is why it is important for banks to offer innovative value proposals that facilitate both day-to-day and special transactions, making it possible for the client to conveniently carry out these transactions anytime, anywhere. A digital client wants a digital bank.

Enhance the client experience

According to a study published by Marketforce and the GFT consulting firm, one of the major priorities in the challenges that the banking industry has to face in order to be an important part of the digital life of its clients.

The greatest challenge banks face has been striking the right balance between in-person branch management and online management that takes advantage of technological democratization to offer the client banking experiences adapted to their needs in the “here” and “now”. It is crucial to offer services in all possible channels, in the easiest, most useful and accessible way for the client.

MoraBanc and the commitment to digitalization

Digital transformation has become a crucial project at MoraBanc. Placing the client at the center of our strategy has led us to look for new forms of client relationships in order to offer a unique and omnichannel experience.

The launch of MoraBanc Digital, a clear commitment to financial innovation, revolutionized our online presence with a new, more complete, and interactive public website adapted to all devices, intuitive, modern online banking adapted to the needs of the user, and a mobile application that responds to the daily needs of clients.

The project includes a complete investment platform and a free and open online broker for all types of users, and all our digital platforms use cutting-edge tools that include the use of artificial intelligence in order to optimize client service. MoraBanc Digital is constantly updated to include new operations and improvements that allow us to offer digital banking according to today’s needs.

24/7 assistance

As part of the expansion of our channels and services that allow clients to manage their money anytime (24 hours a day, 7 days a week) and anywhere, we recently installed new ATMs in two of our branches, with an improved suite of features –like cash and coin deposits– of particular interest for businesses.

Innovation, quality and the client’s voice

Our strategy also focuses on supporting new innovative initiatives. The LAB Impact Andorra program, which we promote with the help of the Ship2B Foundation, helps connect startups in Andorra with an investment and acceleration platform for projects of a social nature, strengthening our relationship with entrepreneurs. The first edition of our Innovation Lab, an innovation forum that included the participation of a hundred Andorra entrepreneurs and managers, was also celebrated this year.

And since we know that listening to what our clients have to say about our digital services is the best way to always be at the forefront of digital banking, to improve our tools we hold co-creation meetings and workshops with clients and suppliers. We also measure client satisfaction through our NPS (Net Promotor Score Program), which makes it possible for us to closely track the opinions (and feelings) on a range of platforms on a daily basis. In fact, many of the improvements that we will roll out on our digital services platforms in 2018 come from ideas and suggestions that our clients have given us through this two joint-participation projects.

Walker, there is no path…

Because nothing has been written in stone. Although the big “players” in the international banking sector have been setting the tone, each case has its specificities and the biggest disruptions are surely still to come.

In fact, perhaps the time has come for omnichannelity to give way to a new service concept: optichannelity. This refers to the integration of artificial intelligence and big data to the different client relationship channels, thus optimizing points of contact through the opportunities offered by these new technologies.

Adaptation to the phenomenon of hyperconnectivity is crucial for new companies, including those in the banking sector. Integrating different channels into a fluid experience for the clients is a challenge that requires an ability to adapt and evolve that is more important than ever before. The major challenge now is to progressively transform multichannel management in an adaptive and versatile way in order to offer an integrated experience that meets the new client needs.

And to make a path to walk, you need to take the first step. And keep going!