The Consumer Perspective: If Consumers Don’t Think in Terms of Channels, Why Should We?

Channel-less Blog

Throw out your preconceived notions of channels.

For years, conventional wisdom has had us thinking about the elements of consumer interactions with FIs in terms of “channels.” We’ve proliferated the branch channel, the call center channel and the ATM channel. And we’ve evolved to include the online channel and the mobile channel. But this approach is actually the opposite of the way today’s consumers view their interactions with banks. Today’s consumer experience transcends cross-channel or omnichannel. In fact, approaches that include “less” actually mean more to consumers today. Effortless. Seamless. Tellerless. Bankless. Wireless. Placeless. Cashless. Cardless. Channel-less.

That’s right. Channel-less.

Does your institution see things from a consumer’s POV?

A traditional omnichannel strategy often focuses on technical applications, driven by the desire to meaningfully orchestrate a consumer’s experience across all touch points and connect siloed infrastructure. A channel-less approach requires FIs to shift their viewpoint, and start by thinking about how the consumer will actually “consume” an experience — regardless of delivery channel.

While both omnichannel and channel-less experiences are creating a consistent series of interactions across all channels – a channel-less approach sees an omnichannel experience as the sum of a whole and not the addition of individual channels.

In the universal analogy of food, a chef handpicks the ingredients for his signature dish. He knows how to prepare the meat, what temperature to fire the oven, how much salt to add, what spices to sprinkle in, how long it needs to cook and how to plate the meal. Technically, he knows exactly what he wants and what the end result should be. He’s orchestrating multiple channels seamlessly – an omnichannel mise en place.

Yet look at the other participant in this exchange: the restaurant patron. She is focused entirely on how that signature dish tastes. She trusts the ingredients, preparation and presentation are to her standards without being in the kitchen, and EXPECTS it will be exactly what she wanted — without any care about what channels were taken for the meal to go from the kitchen to her table.

Therefore, the most important consideration for the chef is not a single ingredient, a specific style of chopping or even the precise plating that signifies the dish’s completion; rather, he must, at all times, keep the final, harmonious vision in his head. He must imagine how his patrons will feel when they take the first bite. He must, in other words, create his dish with the customer experience front and center.

Your engine for new consumer experiences.

We envision a future in which technology isn’t an end in itself or a constraint to be managed, but rather an invisible but indispensable engine for creating and nurturing greater, stronger, more durable and more lasting connections with consumers.

Channels can become intimately intertwined, creating a powerful and profitable relationship between FIs and their customers. This will require a shift in focus that is anything but subtle. A shift that enables your organization to build a new kind of relationship with consumers, one that FITs the sum of all small – and large – transactions. An approach that maintains an emphasis on technology, but leverages it for Fully Integrated and Transformative (FIT)banking™ experiences.

An approach Diebold can help you achieve.

Let’s use our FITbanking philosophy as the catalyst that bridges the digital and physical worlds of currency – to create seamless, channel-less consumer experiences. Connect with us virtually to start a conversation and discuss next steps.