Cloud Is Revolutionizing the Banking Industry with Omni-Channel Service

Remember when the advent of ATMs excited consumers? In enabling customers to deposit checks and withdraw cash at their convenience, the ATM represents a pretty ground-breaking innovation. But today we live in a world that is mobile-friendly and Web-dominant, a world where customers are digitally connected and don’t have much time to wait. As such, consumer banking processes have been taken to new levels. Customers want to conduct their banking whenever, wherever and however they want—for example, they want to seamlessly move from a self-service check on a credit card statement to a live agent call in order to dispute a certain charge. This has placed convenience and exemplary customer service at the very top of customers’ banking wish lists.

It’s possible to make these customer wishes come true, and more, by leveraging cloud contact center technology. Cloud computing is ushering in a new era of banking and, as a result, is enabling customer service to be taken to new and exciting heights.

According to research firm Accenture’s latest cloud banking report, the cloud will facilitate business growth and redefine customer relationships, enabling banks to better service customers. Let’s further explore how:

  • Because of the cloud’s agility and integration capabilities, banks are able to provide harmonious customer care across any combination of voice, SMS, mobile, Web and social channels. This allows customers to easily go from analyzing their checking account on the Internet to asking questions about the statement through text messaging. Customers can text the financial services provider, move onto email and then speak to a contact center advisor without ever having to leave the conversation or repeat any sensitive information. The cloud makes these services more convenient, easier to use and more personalized to the individual’s needs.
  • It’s also easier for banks to now add support for additional channels because it’s less expensive to adopt new technology through the cloud. You’ll be able to implement a flexible cloud solution without expending significant upfront capital or additional IT costs. So, your organization will be able to swiftly scale as needed if your business achieves growth from an omni-channel customer explosion. Bottom line: It’s paramount to pick a cloud contact center vendor whose network model supports capacity well in excess of peak call volume.

There seems to be one huge take away from the results of this report: If banks do not realize the importance of setting themselves up for successful omni-channel service, they could lose out on major profits.

In fact, research shows that bank customers are increasingly moving toward mobile devices and social media. For example, Forrester predicts an explosion in the mobile payments market—U.S. mobile payments are expected to reach $90 billion in 2017, up from $12 billion in 2012. There has undoubtedly been a significant uplift in the number of people using mobile devices to manage their personal banking services.

Even more, one in 10 customers look to speak and engage with financial services companies through social media—the volume of UK consumers aged 16 and over who wanted to engage with their bank over social media has jumped from 3 percent to 11 percent over the past couple of years, according to research into consumer habits by Aspect.

As the Aspect and Forrester numbers show, the demand for omni-channel service is indisputable. So, will your company look toward a cutting-edge cloud contact center provider to ensure customers receive more service options and a remarkable customer experience? Click here to learn more about cloud contact center technology today.