What is Omnichannel Personalization?

Posted by ujwal on May 7th, 2019

Omnichannel personalization is currently a hot term for marketers in the Financial Services industry. What is it and why are financial marketers scrambling to attain this capability? To understand this, let’s take a look at a customer’s digital journey.

A customer’s digital journey is defined as the total number of digital experiences that customers get when they interact with a brand. In recent times, this journey has seen a more profound shift. Apart from becoming highly personalized, it’s no longer being confined to a particular digital channel or device. According to the recent survey from Google, users keep changing the devices every frequently. There are possible chances where the customer's look for the products/ services from the website but completes the payment through the mobile app. This makes difficult for the marketers to keep a track of the behavior and data of the customer.

Financial marketers are forced to bring this cross-channel and cross-device factor while driving personalized customer journeys. In other words, today’s consumer expects a seamless and consistent customer journey without distinguishing between devices and channels.

Omnichannel personalization is the act of tailoring personalized experiences for users on a channel which is based on the data collected from the users’ behavior on other digital channels.

An omnichannel personalization approach will give Financial Services organizations the flexibility to capture customer intent and derive the pattern of conversations by leveraging all the channels where consumers interact (from online, branch, phone, or an app), and personalizing these conversations. 

Omnichannel personalization has the capability to enrich customer experience and increase brand loyalty. It’s high time that Financial Services companies use it to optimize the customer journey and stay ahead of the competition