The balancing act: Omnichannel excellence in retail banking – McKinsey

Written by Walter Rizzi and Zubin Taraporeval

While digital banking has become the default for many customers, there are still those who value the personal touch. And even those who favor banking through an app often prefer face-to-face interactions for complex financial products. As banks continue to make progress in digitizing the customer experience, they must also remember that omnichannelincludes the critical human side of the equation. To maximize sales, banks must effectively combine digital and human channels to create a seamless omnichannel offering. One European bank that implemented changes at scale saw consistent sales growth of as much as 20 percent over two to three years, suggesting that the benefits of optimizing omnichannel capabilities are ongoing and significant.

Approximately 60 percent of active banking customers use digital channels (online and mobile)—and 80 percent of all customer touchpoints occur on digital—according to a 2017 survey of banks in Europe, North America, and Asia Pacific (Exhibit 1). On the other hand, digital channels represent just 25 percent of sales (20 percent online, 5 percent mobile). So, while digital channels have transformed banking in many respects, and customers have embraced it, most sales, whether in the branch or on the telephone, still involve human interaction.

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By Patricia Collins
Patricia Collins Manager of Marketing, Operations, and External Relations Patricia Collins