If consultant buzzword bingo were a game, the word “omnichannel” would be near the top of the list. Omnichannel was billed as a way for banks to ensure that customers could do anything they wanted, at any time, in any place. Everything, everywhere, anytime.
While commendable, in practice, doing everything in a world where the number of channels continues to expand has proven to be a metaphysical impossibility. It would be impressive if we could all close our mortgage on our phone, but even the best mortgage providers in the world would tell you that only a small percentage of customers can do this. Maybe this will change over time, but until then, bank customers can’t do everything everywhere.
The idea of journeys—laying out simple experiences that customers can follow—has served the industry well as we squish complex banking experiences into form factors like small mobile phones. Yet, no customer really comes to their bank wanting to go down a journey. They come with intents or goals, whether it’s to check a balance, transfer funds, apply for a loan, or deposit money they just received as part of an inheritance. This is where bank journeys have met their match.
To meet customers where they are, banks should go beyond just integrating their channels. Customers don’t expect—nor do they desire—to have everything, everywhere. They simply want their bank to meet them where they are.
I believe this is why, year after year, our research shows that across the world and across all age groups, customers still want branches. They know that a branch represents a fallback option for anything they need. According to Accenture’s Banking Consumer Study, which surveyed 49,300 respondents last year, 65% like seeing branches in their neighborhood as it confirms banks’ stability and availability, while 64% turn to branches to solve specific and complex issues.
Ultimately, what customers want is what they had 30 years ago from the branch: experiences that connect across critical moments in time, with a “call option” to talk to a person who can help them if something is too complex. It’s what a branch manager has always done—remembered who you are, what you are doing, and what you need.
So how do you create a digital version of the branch?
First, banks need to organize data around the customer and build a digital memory that captures every interaction over time and in real time.
Second, banks can use AI and this digital memory to interpret customer signals and anticipate their needs, enabling more meaningful interactions. For example, if a customer showed interest in an auto loan on one channel, the bank’s digital brain could proactively offer a loan.
Third, banks need to rethink experiences by listening to customer signals, guiding the customer to appropriate options, and returning authority to them—similar to how a relationship manager would help guide a customer to find the right product to meet their personal needs.
To bring this to life, bank apps will need to radically change and move from static experiences to fluid ones, where the interfaces adapt to what customers need when they need it, without overwhelming them with options. The goal of the experience is to feel much like a branch.
The real opportunity is not so much in servicing, but in the ability to turn trillions of mobile touchpoints into opportunities to deepen the relationship with the customer and increase products and revenues per customer.
This also means that we are clearly in a world where everything in banking must be mobile-first. This is the starting point, but it’s equally important to use signals from mobile to extend cross-channel. If a customer starts an auto loan on their mobile app, they should be able to go online, walk into a branch, or call customer support and pick up where they left off. Whoever from the bank is managing that channel should be able to see and understand the same signals.
We are already seeing banks start to do this. One example is HSBC, which recently redesigned its mobile banking app to meet the needs of its diverse customer base and remove unnecessary complexity. The app enables a greater level of interactivity and personalization, allowing users to complete tasks more efficiently. It also provides greater access to tools that help customers better manage their finances. Using customer feedback, HSBC continues to create new mobile experiences with fresh features, such as the ability to seamlessly switch devices via QR technology.
The banks that lead in creating superior mobile experiences are likely to outpace their peers in organic growth over the next several years. This doesn’t mean that banks should create a super app that can do everything. It’s about developing a connected experience that offers the right thing at the right moment for each customer. Increasingly, generative AI will be the key to making this a reality. By leveraging AI, banks can create a more connected, context-aware, and adaptive experience that meets customers where they are. It could be a critical differentiator in an increasingly competitive environment.
Omnichannel had a good run, but the future of banking is about being mobile-first and adaptive, with data organized around the customer and a digital memory that makes every interaction feel personal and meaningful.