How Omni-Channel Technology Can Make Your Profits Soar in 2020, and Beyond...

Part 1

This piece expresses the views of its author(s), separate from those of the Inside Credit Conference.

Before we get into increasing your profits, which if you're reading this blog, “profits” are obviously important to you, let me first answer a question that many of you are probably asking right now. What is omni-channel technology and how does it benefit my business and my customers? With the proper technology, the answer is simple, and the profits will increase naturally.

Growing from multi-channel to omni-channel

The multi-channel experience is what most lenders invest in today. They have a store front, a website, a call center, maybe a phone app and maybe an IVR. Each of these most often is its own channel. Lenders use each of these platforms to engage and connect with customers. However, in most cases, they don’t work together seamlessly, and the customer lacks the ability to submit new loan applications, loan payments or receive loan funds at a time or place that is most convenient for the customer.

At its core, omni-channel technology provides the customer with multiple channels integrated into a single channel. This allows lenders to communicate with customers through any channel anytime 24/7/365 without the traditional high overhead.

Your customer has a memory and so should your business

With so many channels through which customers communicate, it is more important than ever to create a powerful and memorable customer experience. If you’re not creating those experiences, aka customer loyalty another lender will. It is true not all customers are the same, some are better than others. But, still, customers want the same thing they’ve always wanted, and that is to be taken care of, to have a place where they feel understood and appreciated. Customers may be more demanding. They have more options than ever. They may want problems resolved faster. But that’s understandable because technology has given us the tools to provide that kind of speed.

Customers want to connect with you, when and where they want to connect with you. The day of being the most convenient place to get a loan by having a brick and mortar on the closest street corner is almost gone. Customers will go through the channel that’s easiest and most convenient for them. It could be a phone, a desktop computer, a tablet whatever communication method they are most comfortable with.

Technology is at the core of every omni-channel and customer relations strategy

If you struggle with omni-channel communication with your customers and potential customers, the good news is that you're not alone. Thousands of customers are applying for loans online from their desktop, mobile device, by telephone, and in stores every day. Lenders who Provide multiple options of engagement and make the process quick and easy, are the ones who will profit the most in 2020 and beyond.

In our next blog we’ll discuss how to implement the multi-channel experience. How to keep control of the customer relation and perhaps most importantly increasing your profitability.

Check back soon for details on registering for 2021!

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