Addressing Banking Challenges: Strands’ Solutions for Omnichannel Success

by | Jun 14, 2023

MEBIS Panel Discussion From CX trends to Metaverse and Multichannel Marketing Hubs:  Toolkits for Powering Up an Omni-Channel Dominance

The Mebis event brought together industry experts and banking professionals to discuss the pressing challenges faced by banks in the ever-evolving digital landscape. During the panel discussion moderated by Marcello Baricordi, Strands’ Board advisor, and featuring Ernesto Giralt, Strands’ Chief Commercial Officer, along with other distinguished panelists, the focus was on customer engagement and the implementation of omnichannel banking strategies. Strands, known for its innovative solutions, showcased how their offerings address the challenges faced by banks in different phases of their omnichannel journey.

Phase 1: Decision – Building the Business Case for CX Improvement

One of the primary challenges for banks is building a compelling business case for customer experience (CX) improvement and technology investment. From Strands, we emphasized the importance of clearly articulating the potential benefits, such as increased customer satisfaction, loyalty, and revenue growth. We highlighted the need to engage key stakeholders, especially the C-suite, by providing regular updates, seeking feedback, and using data analytics to back up the business case.

Phase 2: Data Collection – Gathering Insights from Multiple Sources

Banks are dealing with vast amounts of data, ranging from customer attitudes and preferences to purchasing behavior. The need for robust data collection toolkits that can collect data from multiple sources is the key challenge to have comprehensive customer knowledge . This includes customer surveys, social media listening, and a deep analysis of transaction history, financial product purchases and digital touchpoints. Strands’ Open Hub solution empowers banks to collect and integrate data effectively, providing a comprehensive view of their customers.

Phase 3: Data Analytics – Leveraging Predictive Analytics in Real-time

Predictive analytics has become crucial for banks to spot local market trends, predict demand and customers’ needs, to tailor products, offers and advice in real time allowing retail and business customers to make informed decisions. From Strands, we emphasized the importance of leveraging customer data in real-time to drive actionable insights. By employing advanced analytics techniques and machine learning, banks can better understand customer behavior, preferences, and predict business outcomes. Strands’ expertise in data analytics equips banks with the tools needed to thrive in an increasingly competitive landscape.

Phase 4: Toolkits for Customer Engagement – Delivering Hyper-personalized Experiences

Providing hyper-personalized experiences at scale without losing the human element is a significant challenge faced by banks today. We emphasized the need to formulate a perfect strategy by combining automation, machine learning, and human touchpoints. Our solutions enable banks to deliver seamless and frictionless experiences by integrating data and systems across channels, deploying chatbots and virtual assistants, and retaining the availability of human support when needed.

Strands’ insight generation platform is a powerful tool that enables banks to analyze customer behavior, anticipate needs, and create effective insights. With its no-code capabilities, banks can easily and autonomously generate actionable insights without coding skills nor technical expertise. The platform offers a range of pre-built templates that have proven their effectiveness, serving as a quick starting point aligned with banks’ strategies and objectives.

Phase 5: Monitoring Success – Measuring CX Trends and Engagements

Measuring customer experience trends and engagements is essential to evaluate the effectiveness of strategies. Strands believes that a variety of tools should be utilized for measurement, including data analytics, surveys, social media listening, and competitor analysis. Banks can track their progress and improve their digital engagement metrics by monitoring key performance indicators (KPIs) such as customer satisfaction scores and net promoter scores.

In today’s rapidly evolving banking landscape, delivering exceptional customer engagement is paramount for success.  Don’t miss the opportunity to stay ahead of the competition and provide your customers with the personalized experiences they crave. Reach out to our team today to schedule a personalized demo and see how Strands can transform your bank’s customer engagement strategies.

Together, let’s create a future where banking experiences are truly seamless, personalized, and unforgettable. Discover the power of Strands and embark on a journey towards exceptional customer engagement today!

Related Fintech Pulse