Omnichannel in Banking: Enhanced Customer Experience Across All Channels
The banking industry has undergone significant changes due to digital technologies and changing customer expectations, making a seamless and consistent experience across multiple channels essential. Santander is aiming to optimize the customer journey by transitioning to an omnichannel strategy. Join the challenge to revolutionize the future of banking interaction together with Santander!
#CustomerExperience #OmnichannelStrategy #DataAnalytics
✅ Completed 🏁 Winner Congratulations to CognitX & Azron!
🏆 Prize EUR 5,000 prize pool + collaboration after the challenge
🌎 Scope 🇩🇪 The solutions should be explicitly tailored to the special requirements of the german market.
❓ Q&A Call 🪙 Future Finance This challenge is part of the Future Finance Innovation Program
Did we spark your interest? Read more about the challenge here.
Omnichannel in Banking
The banking industry has undergone significant changes in recent years, with the rise of digital technologies and changing customer expectations - increasingly using multiple channels to interact, including social media, online platforms, and in-store services. Today's customers require a seamless and consistent experience across multiple channels, including online banking, mobile banking and branch services.
Santander aims to enhance and optimize the customer journey across different sales channels. The customer journeys in each channel needs to be efficient and with a seamless unified customer experience. Within the omnichannel strategy all touchpoints should benefit from each other in terms of sales success and rewards.
"Santander is striving for an omnichannel strategy to improve the customer experience. They need to prioritize trends and identify appropriate approaches to enable this.
Challenge
Santander has started the transformation towards omnichannel successfully in 2022, though there are still some challenges ahead. To remain competitive and create a strong Unique Selling Proposition within the German banking sector and across industry boundaries it is required to identify future customer needs, harmonize the existing channels, reduce channel competition/ conflicts and develop a comprehensive strategy to maximize customer added value and loyalty.
Key-Question
- What are the expected trends in the financial sector regarding future customer behavior? Which services / advisory should be further stopped / reduced / improved / new created?
- What are the expected trends in the financial sector regarding customer willingness to pay additional fees for personal advice and services as well as in branches and remote?
- How can we use new technologies such as AI and machine learning to optimize the customer journey and added value within our omnichannel strategy?
- At which Santander customer touchpoints would the use be most relevant / add the highest value? And how?
To address this challenge, Santander identified three mutually reinforcing steps that can be pursued. You can find more information via the tab “Guiding content”.
Goal and target group
The aim is to create a holistic concept as a building block for the development of an omnichannel strategy in the banking sector.
Successful Proof-of-Concept development at the end of the challenge will lead to the opportunity for further pilot projects or other forms of cooperation or hiring, in addition to the prize money.
We therefore welcome participation from startups, established companies, students, and researchers.