Jun 25, 2024

This is how GPT would help to elevate customer engagement and retention through an Omni channel strategy.

Can your customer locate you easily? Your business depends on your customers, so it's critical to pay attention to how they engage with your brand. Customers have multiple option.....s

Multichannel vs omnichannel Diagram

Can your customer locate you easily?

Your business depends on your customers, so it’s critical to pay attention to how they engage with your brand. Today, customers have multiple options to connect with you but have lack of time & expect quick solutions.

The role of the financial sector can be complicated, managing clients’ money and creating trust between businesses and individuals. As technology evolves, the way customers interact with financial brands changes too, with more moving towards online interactions and mobile banking. This blurs the lines between physical and digital interactions, requiring financial brands to adapt to new ways of working and engaging with customers.

Companies needs to find strategies to consistently show them you care about them rather than only contacting them when you need business.

Here comes the two approaches- Multichannel & Omni channel strategy

Omni channel vs. multichannel

Multichannel strategy refers to the use of several channels to promote and spread a brand’s message. There is no integration between these several channels, they work individually having separate audience

Numerous banks are presently offering client support through multiple channels approach. Customers needs to visit banks, email them, post queries through social media, or ask inquiries on mobile to get services. However, none of the bank employees they speak to are aware of the content of earlier meetings with the client.

Omni channel also describes using several channels to connect with clients. However, in this instance, the various channels are combined to give the client a smooth experience. Any marketing content customers encounter when they go to your website, Facebook page, physical store, or any other channel, will be centered on a single idea or message.

The key difference between multichannel and Omni channel is the focal point of your the strategy.

Multichannel means using more than one channel to increase engagement and is centered around the product or service, while Omni channel involves using all available media channels that integrate to develop stronger customer relationship and is centered around the customer.

Multichannel techniques take a channel-by-channel approach. This indicates a dearth of integration. Customers may choose brands that do provide a comprehensive Omni channel experience instead of those that do not since they are unable to flip between platforms at will.

How banks can benefit using Omni channel strategy

The customer-centric approach filters into the way businesses conduct business. To create brand loyalty, businesses should be looking at ways to satisfy the customer’s needs, rather than just wanting to sell them products. This involves developing a brand voice that is unique to the customer, and ensuring that this voice is heard throughout the customer experience, especially via the various digital channels, which can be challenging when different teams are working on different projects. A brand voice that is genuine and consistent throughout all the different customer touchpoints will build customer trust and loyalty.

In banking, an Omni channel strategy allows banks to engage with the customers through multiple channels. The goal is to provide customers with a seamless experience across all channels and to enable them to complete transactions and access information quickly and easily.

First, it is becoming more important for companies to be accessible on all platforms, and the line between web and app usage is blurred, especially among Gen-Z, who are now assuming control of the buying process.

For example, customers can use mobile banking apps to check their account balances, make payments, and deposit checks. They can also use online banking to transfer money, pay bills, and view account statements. In-branch visits and telephone banking can provide additional support for more complex transactions or for customers who prefer to speak with a representative.

Omni channel Strategy can provide several benefits to the Financial sector

Improved customer experience: Omni channel allows customers to interact with a bank through various channels, such as online, mobile, and in-person, providing a seamless and consistent experience across all touch points and issues can be resolved quickly and efficiently.

Studies have shown that customers who have access to multiple channels are more likely to be satisfied with their banking experience. For example, a survey conducted by Fiserv found that 73% of customers who use multiple channels for banking activities reported being satisfied with their banking experience, compared to only 55% of customers who used a single channel.

Customer- centric approach: The first change that the omnichannel approach aims to bring about is a customer-centric approach. Just as businesses have shifted from a product-centric to a customer-centric approach, so too should the finance sector. Customers should be the number one priority in all that businesses do, especially when it comes to financial services.

Consistency: As customers are shifting to using more digital channels to conduct business, including online bank accounts, mobile banking, and online brokerage, businesses should be doing the same. Creating an experience that is consistent across all digital channels is crucial to maintaining customer trust and engagement. This requires a 360-degree view of the customer journey, starting from the point of contact, via email, web, or mobile app, through to the end conclusion, which is the conversion to a paying customer.

Visibility: Firms can harness the power of the internet to gain more customers and develop a following of loyal fans. Whether through social media platforms or blogs, customers can get in touch with a brand directly via the web, engaging with them digitally and increasing the chances of them converting into a long-term customer.

The rise of review sites and forums like Yelp show how the power of the web is not just about purchasing products online but also about having an opinion and being heard.

Increased engagement: Customers are more likely to be engaged with brands they know and trust. This is why it’s important to establish a presence on the web — whether through a dedicated website or a social media platform. As Omni channel marketing enables banks to reach customers through multiple channels, increasing the likelihood of engagement and building stronger relationships. As a result of delighted consumers being more likely to make repeat purchases, banks see increased loyalty.

How AI can help in achieving Omni channel strategy

An omni-channel strategy, which integrates multiple touchpoints, is crucial for financial institutions to deliver consistent and personalized interactions. With the advent of advanced AI models like GPT (Generative Pre-trained Transformer), new opportunities arise to enhance the omni-channel strategy in the financial sector

  • Enhanced Customer Support and Chatbots:

GPT can be leveraged to build intelligent chatbots that provide instant and accurate responses to customer queries across multiple channels. These AI-powered chatbots can understand natural language and use contextual understanding to deliver personalized assistance. By integrating GPT-based chatbots into various channels such as websites, mobile apps, and messaging platforms, financial institutions can ensure consistent customer support experiences. Customers can get assistance with account inquiries, transaction history, loan applications, investment recommendations, and more, all in real-time.

  • Seamless Cross-Channel Experiences:

GPT can help ensure a seamless and consistent experience as customers navigate across various channels. By leveraging GPT’s language understanding capabilities, financial institutions can unify customer data and interactions, regardless of the channel used. This allows customers to start a transaction on one channel and seamlessly continue it on another without any disruption. For example, a customer can initiate a mortgage application online and then seamlessly switch to a mobile app for document submission or to receive updates on the application status. GPT enables the integration of channels, providing a cohesive experience for customers.

  • Personalized Financial Guidance and Recommendations:

GPT’s ability to understand and generate human-like text allows it to offer personalized financial guidance and recommendations. By analyzing customer data, including transaction history, savings patterns, and investment preferences, GPT can generate tailored recommendations and financial advice. Whether it’s suggesting personalized investment strategies, optimizing budgeting and savings plans, or providing mortgage options, GPT can offer valuable insights to customers through various channels. This personalized approach enhances customer satisfaction and builds trust.

Conclusion

The ability for firms to keep in touch with customers outside of business hours makes it much easier for them to continue the conversation online, whenever they want, as well as increase the productivity of their sales and marketing staff. The more channels that can be used to communicate with customers, the more opportunity there is to be heard and for customers to find the best solution for their needs. This increases the likelihood of them becoming returning customers and developing a fondness for a brand or product that may even lead them to advocate for it to others. The more they can do to gain customer loyalty, the more productive and successful a business can be.

In the fast-paced digital landscape of the financial sector, an omni-channel strategy is essential for delivering exceptional customer experiences. GPT’s advanced language understanding capabilities and generative abilities provide new opportunities to enhance this strategy. Embracing GPT as a strategic tool empowers the financial sector to deliver innovative solutions, build customer trust, and gain a competitive

Decision pointsOpen-Source LLMClose-Source LLM
AccessibilityThe code behind the LLM is freely available for anyone to inspect, modify, and use. This fosters collaboration and innovation.The underlying code is proprietary and not accessible to the public. Users rely on the terms and conditions set by the developer.
CustomizationLLMs can be customized and adapted for specific tasks or applications. Developers can fine-tune the models and experiment with new techniques.Customization options are typically limited. Users might have some options to adjust parameters, but are restricted to the functionalities provided by the developer.
Community & DevelopmentBenefit from a thriving community of developers and researchers who contribute to improvements, bug fixes, and feature enhancements.Development is controlled by the owning company, with limited external contributions.
SupportSupport may come from the community, but users may need to rely on in-house expertise for troubleshooting and maintenance.Typically comes with dedicated support from the developer, offering professional assistance and guidance.
CostGenerally free to use, with minimal costs for running the model on your own infrastructure, & may require investment in technical expertise for customization and maintenance.May involve licensing fees, pay-per-use models or require cloud-based access with associated costs.
Transparency & BiasGreater transparency as the training data and methods are open to scrutiny, potentially reducing bias.Limited transparency makes it harder to identify and address potential biases within the model.
IPCode and potentially training data are publicly accessible, can be used as a foundation for building new models.Code and training data are considered trade secrets, no external contributions
SecurityTraining data might be accessible, raising privacy concerns if it contains sensitive information & Security relies on the communityThe codebase is not publicly accessible, control over the training data and stricter privacy measures & Security depends on the vendor's commitment
ScalabilityUsers might need to invest in their own infrastructure to train and run very large models & require leveraging community experts resourcesCompanies often have access to significant resources for training and scaling their models and can be offered as cloud-based services
Deployment & Integration ComplexityOffers greater flexibility for customization and integration into specific workflows but often requires more technical knowledgeTypically designed for ease of deployment and integration with minimal technical setup. Customization options might be limited to functionalities offered by the vendor.
10 ponits you need to evaluate for your Enterprise Usecases

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