Making the Business Case for Unifying All Channels Part II: Efficiently & Profitably Process Volumes of Business

Have you ever wondered how many resources your bank is wasting by supporting a hodge podge of customer interaction channels with disparate databases and different application software? And, what kind of experience is this creating for your customers? Consider this. Why is it that your customers wait in line to use expensive channels at the branch to get balance information that's readily available on the Web, ATM, or via IVR? Is it that they don't trust those sources, or are they uncomfortable with inconsistencies in the user interfaces? How many times must a customer contact your organization to get an issue resolved, and do they have to repeatedly explain their problem in the process? What this all boils down to is that there is a very definite cost to NOT unifying your channels. 

A multi-channel strategy for interacting with your customers offers a substantial payback in hard operating costs, such as eliminating redundant system technologies and the support costs for multiple interfaces to the same data. But perhaps more importantly, it creates value by enhancing your customer's experience at each interaction. Here are a few things to think about when you are ready to begin eliminating silos and achieving consistency across the enterprise.              

Access to all information real-time is paramount

You must start by defining the experience that you want to provide your customers, and then work back from there, keeping in mind that the self-service channels are most profitable. So, what can you do to make the self-service channels more attractive? For one, give customers fast access to their most up to date information. Two, approach self-service channels as a vehicle for enhancing the relationship (which leads to the next key element)...  

Make self-service personal & relevant

It's about making each channel totally user-focused; this is essential to being able to optimize channel usage by customer and maximize the return on your investments in self-service channels. Invest in the user interface to make it as friendly and intuitive as possible. Track customer usage and record any service issues or product interests to bring these back into subsequent interactions. The inclusion of personalized information makes self-service meaningful and valuable to the customer. Over time, your best customers can be rewarded for using self-service (special offers, additional benefits, etc.), while the customers whose relationship offers no profitability can be assessed fees for using anything other than self service channels. 

Automate the workflow process

Finally, you must standardize the process workflow across channels; this will not only help bring consistency to the customer experience, but it will also aid in eliminating waste and inefficiencies within your channel investments. The interface and the workflow process should follow a single set of standards for sequence, the use of color, terminology and more; this will help the customer quickly find their way to the information or transactions that they need. Remember though that user acceptance is key, especially with self-service channels. Acceptance is most closely tied to accessibility of information, ease of navigation, and trust in the accuracy of the process.         

The ultimate payoff

While unifying your delivery channels will cut operating costs, streamline processes and remove technology redundancies, the ultimate payoff is what you'll gain from providing a superior customer experience. In integrating your channels, you achieve consistency in the way you serve customers, but you also set a common goal throughout the enterprise, weaving exceptional service into the everyday fabric of how everyone at the institution interacts with customers. And, exceptional service equals profitable, long-term customer/member relationships.