What Omnichannel Looks Like in Business Banking

Emma Schoth

Emma Schoth

August 25, 2022


Today, online banking is something that business customers have come to expect, and if they can’t get it from their current financial institution, they will find somewhere they can. 

Borrowers are becoming less loyal to their financial institutions. In fact, a recent survey of small to mid-size enterprises from Oliver Wyman found that 75 percent of SMEs reported that they have little to no loyalty to their current banking relationships. 

If lenders want to continue to attract and retain new business customers in 2022, they need to be focused on continual improvement of their digital customer experiences. One area of focus for many lenders today is creating consistent omnichannel experiences, so they can meet their customers where they want to be met. 

What Does Omnichannel Look Like in Business Banking

It’s no surprise to lenders that business customers favor online lending, however many of them still see value in in-person visits to the branch for more complex transactions, like small business lending. 

Small business customers view banks and credit unions as trusted advisors, and many prefer to visit branch offices for advice. This leaves lenders with the difficult challenge of balancing digital and in-person interactions

The key to achieving this is through providing efficient omnichannel experiences for business customers. Because no two customers are the same, lenders cannot assume that their customer journey will look the same. Taking an omnichannel approach to business banking ensures that borrowers are able to have the experience they want and need from their financial institution, every time. 

To create a business model that is truly omnichannel, the customer experience must be consistent. In business banking, this looks like allowing borrowers to choose the method that they want to use to obtain the services they need, whether that be in person, online, or both through one consistent and easy to use experience. 

Choosing Technology That Enables Omnichannel Experiences

Building omnichannel experiences starts with choosing the right technology. Through strategic partnerships with fintechs like Numerated, lenders can easily implement technology that enables omnichannel. 

The Numerated platform allows financial institutions to provide customers with a simple and efficient digital application that can be completed either completely through self-service or banker-led journeys. This method empowers lenders to serve their business customers efficiently while also acting as a trusted advisor.

Over 140 financial institutions have leveraged Numerated to create efficient lending experiences for businesses. Learn more about how you can start creating omnichannel experiences for your customers using Numerated by contacting us, today

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