Omnichannel thinking is not new. But with the explosion of channels, an overarching strategy around customer engagement is more important than ever.
Game journeying is perfect.
With ChatGPT all the rage, and customers getting lost in Social Media, engagement strategies more than ever must have an omnichannel narrative. Engaging customers across digital channels (chat, social media, video, mobile , web etc) and non-digital channels (contact centre and branch) is the work of the day, as it always has been.
The Odyssey UX is increasingly well understood for mobile and internet banking UI, with a range of use cases across children, wealth management and lending amongst others evident. In mobile and internet banking the UX can be heavily influenced by the UI, and is more apparent.
There is less reference with other digital channels , ChatBots, ATMs and Social Media, or assisted channels, where there is little, or little control over the, UI. Here the UX has to be more inherent, more intrinsic, more implicit. Yet here the opportunities for Odyssey are equally as exciting, perhaps more so.
Odyssey is a set of player maps and journey orchestration layer for engaging customers around strong money habits. It exists to allow banks and fintechs to reward and support the customer’s pursuits, engage them , build loyalty and grow the business. As digital flattens the world, customer engagement through unique experiences is a critical battleground to get customers to sign up and stay with the service. Moroku Odyssey and its companion design process On-Ramp and white label mobile and internet banking solution, Moroku Money, helps banks and FinTechs provide unique and compelling experiences to attract and engage customers around a telos of wellness, architected around serious games.
Digital customer engagement is the finance industry’s number one priority. To acquire and retain customers and drive value banks and FinTechs must invest in technologies that help them create stronger customer connections or be outcompeted by those that do. Capabilities are sought that allow banks and fintechs to deliver personalised customer engagement. This means understanding where a customer is on their money and relationship journey (personalisation), then providing them with the feedback and support to continue, based on that context (engagement).
This user experience is not constrained to the user interface. A great example across contact centre, mobile and social media exists within the revenue engine of the bank – lending. Lending presents a huge range of opportunities to improve the experience. This starts with the loan application process but also the post sales experience. Customers are getting harder to acquire, nurture and retain and are moving away from their MFI to brokers and fintechs because they can’t see the value. There are routine large amounts of funnel leakage due to poor, clunky experiences that have poor emotional connection and lack empathy with the long and arduous loan journey to home ownership. There is a big desire within the banking executive to nurture the customer through the process form search, borrow, buy and own, with lots of wow moments en route. This is a perfect opportunity for a customer journey architected around game and delivered through a unified omni channel experience.
Bank WOW first engages Moroku to harness their On-Ramp methodology to define the customer journey, the set of challenges and levels the customer journeys on to home and investment property success. This 12-week process understands the bank and customer context along with the set of habits and behaviours that lead to success. From this the Game Frame is established and validated with customers, outlining the journey including the wow moments. An initial digital experience UX is established including social media. After testing this is translated into a UI that is again tested before a pilot is scoped and in turn ends up in production.
Johnny Applesead sees and ad on Instagram advertising Bank Wow’s new product, promising a journey to borrowing success. He clicks the link and begins his loan application. Halfway through he gets stuck and clicks on a piece of content to understand his obligations, activated by Odyssey. This opens up an Instagram page where he watches a short video on serviceability which he then likes, shares with his friends and follows #BankWOW. As he gets through the various phases of the application he receives various game based feedback and reward nudges again, triggered by Odyssey as he overcomes the first set of challenges in the lending mission 1.
With his credit score and lending rating now in the pocket he is ready to submit his loan but has one final question “when will I receive my cash back?” Johnny rings up the contact centre with his registered phone number. The IVR recognises Johnny as a potential new customer and fast tracks him to the new customer team. “Hi Johnny, congrats on the progress you have made with your loan application, how did you find the Instagram content last week?” The contact center system sees where Johnny is on his Odyssey journey, the content he has read and the awards he has received. “yeah, real good thanks, I was just ringing up to see when I’d receive my cash back” You already have ¾ of your cash back sitting in your provisional account Johnny. You will get access to all of it once we get through unconditional approval and after you have submitted your loan application. If you’ve got any questions, just ring up or hit us up on WhatsApp” “Awesome – I’ll get back to it.”
The next day, Johnny connects on to #BankWOW on Whatsapp. As it’s his first time connecting to the bank on Whatsapp he receives the SocialMedia Trendsetter award from the bank and another $10 cashback for his loan, allow of that appearing on his whatsapp message channel, before the messaging kicks off. All of this initiated by Odyssey. Johnny confirms with the bank that the loan application has been received and that they’re expecting settlement in 3 days.
2 days later, Johnny’s phone lights upon the what’s app channel, initiated by Odyssey, informing him that settlement is expected tomorrow as planned, keeping Johnny up to date and engaged. Its settlement day and Johnny gets an email and whatsapp message informing him that settlement is complete, the money is in his account, including the cash back and notification that he is now a level 1 customer. The email outlines the challenges for level 2 including hitting 6 month of on time in full payments at which time a new reward awaits. Fun engaged, omnichannel lending focussed on customer success with Odyssey.
Banking is changing with digital. More and more, customers are expecting more than convenience. They want help, support and emotional connection. Banks want to deepen the customer relationship. Odyssey delivers.