How does an omnichannel approach fulfill the needs of your customers?
It provides one platform for every channel, with a consistent experience between digital and offline touchpoints. Modern lending strategies need to meet people on their terms and on their time. No matter what channel your customers use, they should feel catered to. Recognized. Valued.
With the rise of digital banking, financial institutions have introduced more and more channels to their customers. But it’s important to understand the difference between multichannel and omnichannel — multiple apps and systems built in silos create fragmented experiences for borrowers. Omnichannel banking delivers a connected, seamless experience for every interaction in any channel.
As customer preferences shift to include digital channels, the focus on branches has lessened. A McKinsey study found that “deposits at the 25 largest US retail banks have doubled over the past decade, while their combined branch footprint shrank by 15% over the same period.” While branches are no longer as dominant of a channel, they’re still a key component for a positive banking experience.
BMO Harris has used Blend’s omnichannel banking platform to build upon their outstanding customer service offerings. Loan teams and borrowers can seamlessly move between digital, intermediated, or in-person interfaces. “Maybe a customer is not enthused or doesn’t have the time to do it in a branch — then the banker can send them a link to Blend’s digital app,” said Sean D’Espositio, director of product transformation.
According to Mark Shulman, head of consumer lending, an added benefit to facilitating a smoother self-serve process is more time for lenders to focus on relationship building and more impactful tasks. “I’ve heard several times from bankers that they now have more time to sell,” he said. See how BMO Harris increased year-over-year digital home equity applications by 253%.
Ensure customers never feel disconnected: omnichannel banking examples
Blend connects three core consumer touchpoints — in-branch meetings, phone calls, and in-app applications — into one centralized digital core. Lenders can now rest easy knowing that no matter how an applicant wants to engage, Blend’s omnichannel banking platform provides a way.
Is Sarah hoping for a quick phone call before connecting her accounts? A direct line is just a click away.
Does Theresa need help answering a question correctly in the application, but can’t come into the branch during her lunch hour? Blend’s Co-Pilot functionality allows a loan officer to work directly with her in the mortgage application, no matter where in the world they both may be. Providing real-time assistance remotely helps ease applicant stress and maximizes completion rates.
Is Joe craving in-person reassurance? Contact details for his loan officer are available at every step of the way.
Meet customers where they are — anytime, anywhere
A unified digital lending platform allows consumers to start the process of getting a loan in whatever channel is most convenient and finish in any other. For example, Sarah can start an application online at night, then finish by delivering her documents directly to her loan officer in person. Joe can walk into his usual branch or reach out via phone, then finish his application, document uploads, or e-signing at home on his desktop at any time of day. Your customers will appreciate and value the flexibility provided during an omnichannel experience.
Make it easy, make it pleasant
Show customers that you care about them with simple, guided digital experiences — just like they’d have in person if they walked into a branch. Financial transactions are some of life’s most stressful moments, so the more you can do to deliver an exceptional experience, the happier and more loyal your consumers will be. Blend’s omnichannel approach replaces the haphazard interactions between loan teams and consumers with one elegant experience they’ll remember you for.