Customers are using your services through multiple channels. Customer’s access their bank through either the branch or Internet banking or other channels such as ATMs and mobile banking. Multi channel behavior however needs to be intelligently decoded. Mc Kinsey research shows that Multichannel customers spend on average 20 to 30% more than single channel users. More than 80 percent of a broad cross-section of U.S. retailers now report that they sell merchandise through multiple channels. Currently, customer data are rarely analyzed to understand how individual customers behave across channels. This, however, seems to be the key to understanding the intricacies of how the channels work together.
Also it is no point doing the analytics and then not taking action! Multi channel behavior is a huge opportunity for a marketer if you are able to consistently use each interaction to market better! Intelligent use of technology to improve the customer’s multi channel experience can be a huge differentiator!
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