
It’s time for OMNI-DIGITAL BANKING
Though it sounds similar, Omni digital banking is not about offering transactions on multiple digital channels (that’s legacy Omnichannel/Multichannel).
So, what exactly is Omni digital ?
Omni digital banking is about bringing “Digital business models” to life across all possible customer journeys & touchpoints, by sprinkling that dash of intelligence in every moment of truth, by shifting the focus from products and transactions to what the customers value & when, where, how they want it.
Let’s delve deeper to see how a “Truly” Omni digital customer journey helps enhance customer engagement resulting in scalable revenue expansion for Banks.
Nick is a 28-year-old digital native, who like most people his
age prefers communication via chat. He is active on several
social media platforms and is comfortable sharing his
information online for better quality services. He depends on
his smartphone for completing online transactions and is
interested in receiving personalized deals and offers.
He recently visited the bank’s website, browsed through
different products, and spent most of his time in the personal
loans section, and did a loan simulation for a USD 2000 loan.
Before exiting the website, Nick registered with the bank to
receive alerts on upcoming deals and offers on his mobile.

- Nick is interested in taking a personal loan.
- He is located near an upscale tech park and he works for an MNC that the bank has partnered with.
- He reached the bank’s website via a search engine PPC ad.
- Nick spent 3.8 minutes looking at personal loan pages and looked at offers related to electronic products.
- He used a loan calculator to see the payback amount for a loan of 6 months
- He registered for offers on electronic goods and specified that his preferred mode of communication is WhatsApp.
“Our research shows that WhatsApp use has risen by 200%+ since March 2020 — the highest growth in any channel with the least amount of Digital Banking Presence”
The bank registers Nick on WhatsApp & sends a welcome message. The next day Nick interacts with the bank on Whatsapp Chatbot. Here's how AI helped personalize the interaction:

Whatsapp Bot: “Welcome back Nick! I
understand that you were looking at our personal loans
yesterday. Would you like to continue the
conversation?” - Automatically recognizes the customer
based on the registered number and initiates a human-like
conversation based on the previous interaction for seamless
continuation of the customer journey.
Nick: “Sure, tell me about the
Prepayment penalty.” – The customer is able to directly
ask his query and easily find the information he is looking for
without having to browse through multiple menu options.
Whatsapp Bot: “The Prepayment penalty for
personal loans is 2%. As an employee of BankBuddy, you are eligible
for instant approval of personal loans up to USD 2000 with no
processing fees. Would you like to go ahead and apply?” – With
the information gathered during the initial interaction about his
employer, AI offers the customer a personalized offer.
Nick: “Yes, what is the interest
rate?”
Whatsapp Bot: “For LC Limited employees,
the discounted APR is 12%. Can I connect you to the agent to process
the loan right away, I promise this would not take more than 15
minutes?” – Instant query resolution
Nick : “Yes” - Initiates priority
routing based on the nature of the product.
SEAMLESS AGENT HANDOFF: The
customer is connected to an agent on the same channel i.e. WhatsApp, to
complete onboarding and answer all questions that the customer might
have regarding the particular product.
Agent: “Hi Nick, this is John, your
live agent. Thanks for your interest in a personal loan, as
an employee of LC Limited you are preapproved for an instant
personal loan, let me help you get the loan processed
quickly. What is the amount that you are looking
for?”
Nick: “USD 2000”
Agent: “Sure, please click on this
link to complete the onboarding, keep your Identity proof,
and Address proof handy to complete the process.”

ON-BOARDING PROCESS:
Document upload, data extraction, Face verification, and information
verification with the customer’s employer who is partnered with the
bank. The customer is then seamlessly handed back to the bot.
Whatsapp Bot: “Your personal loan is
approved. The amount is credited to your account no. XXXX. is there
anything else I can help you with?” – Completes process in
under 15 minutes and initiates automated disbursement
Nick: “Thanks.” - Nick is a happy
customer, gets the amount credited in his account in no time.
FACEBOOK MESSENGER is Nick’s next choice to get in touch with the Bank after 2 months when he decides to pre-pay his loan. With the help of AI, the bank was able to make the cross channel experience completely frictionless. Here’s how the interaction went:

Messenger Bot: “Hi Nick! What can I
help you with today?” – Instantly recognizes the
customer irrespective of the change in channel
Nick: “Close Loan” - AI
understands that the customer is in need of short term credit
and adds this on to the customer persona.
Messenger Bot: “Sure, let me help
you with that. The outstanding amount on your personal loan
is USD 1600, please choose the mode of payment?” -
Seamless continuation of the customer journey, without repeating
information.
Nick: Selects payment option – Secure
inbuilt transactions for quick transactions and payments.
Messenger Bot: “Your transaction has been
successfully completed. We have a special offer just for you on our
Titanium Credit card. Titanium card comes with special offers on
electronic gadgets, enroll today to get up to 30% off on all your
purchases at Best Buy.” – Closes the customer journey loop and
provides behavior-based cross-sell recommendation by leveraging dynamic
attributes of the customer persona including spending patterns(to
purchase electronic goods), financial journey and short term credit
needs.
Nick: “Yes” –Nick confirms his
interest in getting the new credit card.
Messenger Bot: “Great, Your personalized
card is on the way, you will receive it within 24 hours”. – The
customer is kept onboard even after he completes his initial journey
with an intelligent persona-based recommendation at the right time.
The way forward…
Most banks and financial institutions have already adopted the
Omnichannel approach to make their mobile & internet banking services
more accessible. However, with the changing customer behavior and an
increase in the number of exclusively digital customers, it is time
banks made the shift from Omni channel to Omni Digital
banking.
Understand your customers, personalize financial journeys, and enable
frictionless cross-channel “Intelligent” interactions with
AI-based Omni digital banking. Move from rigid transactions to customer
engagement and increase conversions, cross-sell & upsell with
persona-based recommendations at every touchpoint.
Read more about how Composite AI is used to enhance banking experience
https://www.bankbuddy.ai//definitive-guide-to-composite-AI-in-banking