Fintech and Omnichannel Banking Trends For A Connected Customer Experience (SEA Edition)

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    Explore emerging patterns in fintech, trading, investment, payment, and banking industries

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    How personalization and AI contribute to a true omnichannel banking and fintech platform

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    Create a transparent, easy-to-use, and seamless customer experience

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    Design a customer-centric omnichannel model of fintech and banking across all stages of the lifecycle

Learn how fintech and banking industries can drive engagement across all stages of the customer lifecycle

What Does this Ebook Series Contain?

  • Valuable insights from leading banks and fintech institutions across Southeast Asia on customer onboarding, personalizing engagement, and retention.
  • Learn how the changing market conditions have impacted customer behavior and device strategies to respond accordingly.
  • Ways in which advanced analytics and granular data can improve customer interactions.
  • Strategies to improve customer targeting with multichannel messaging.
  • Focused solutions to win back dormant and hibernating customers.

Learn How To Be More Customer-Centric While

Onboard customers with minimal drop-offs. Drive product discovery across different banking categories like digital wallets, auto loans, BNPL, etc.


Learn Frameworks and Best Practices for Customer Engagement Across Fintech and Banking Industries in Southeast Asia

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The Emerging Need for Connected Customer Experience in Fintech and Banking

Why is Omnichannel Banking Strategy Important?

The fintech and banking sector in Southeast Asia has undergone a 360-degree transformation in the last decade. In 2023, customers expect that financial institutions increasingly provide personalized service, immediate response, and convenience of usage.

Without a data-driven, omnichannel approach to banking and fintech, bank and financial institutions risk losing customers to the competition. The benefits of omnichannel banking ensure higher customer transactions and customer satisfaction, resulting in higher revenue and loyalty.

Omnichannel digital banking focuses on the overall customer journey and engaging customers across all stages of the lifecycle.

How can Banks and Financial Institutions Improve Customer Experience?

  • Focus on providing an optimized customer experience. This, in turn, will help them to exceed customers' expectations.
  • Create a seamless onboarding experience and drive product adoption across banking and fintech categories like loans, digital wallets, term deposits, and electronic funds.
  • Integrate multiple channels creating a truly omnichannel banking experience across platforms to effectively communicate with customers.
  • Incorporate personalization and deliver connected experiences across website and app leveraging digital channels like emails, push notifications, in-app notifications, WhatsApp, and SMS.
  • Optimize engagement for online banking, retail banking, and mobile banking respectively.

Learn Frameworks and Best Practices for Customer Engagement Across Fintech and Banking Industries in Southeast Asia

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5 Omnichannel Banking Statistics You Should Know

  • According to McKinsey Asia-Pacific PFS Survey 2021, the adoption of digital banking, fintech, and e-wallets grew by a factor of 1.4x between 2017 and 2021 in the emerging Southeast Asian markets.
  • A study by IT security company Entrust shows that 65% and 71% of banking customers across Singapore and Indonesia respectively use mobile banking to manage their finances and conduct transactions.
  • According to Bloomberg News, the number of active mobile wallets in Indonesia, Malaysia, Singapore, the Phillippines, Thailand, and Vietnam is set to grow to about 440 million by 2025.
  • According to The Payments Promise in ASEAN by Accenture, digital payments are surging in Southeast Asia, having exceeded US$707 billion in 2021 and are projected to reach US$1,169 billion by 2025.
  • According to BCG, up to 10% of deposits and up to 12% of credit card business in Indonesia, Malaysia, Thailand, and Vietnam could move to non-bank digital players by 2025.

Learn Frameworks and Best Practices for Customer Engagement Across Fintech and Banking Industries in Southeast Asia

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Frequently Asked Questions

What is the difference between omnichannel vs multichannel banking?

The omnichannel banking experience focuses on integrating multiple channels to create a seamless experience for customers. Multichannel means multiple channels, both online and offline but this approach doesn’t focus on integrating different channels. In essence, a multichannel approach is more channel centric while an omnichannel approach is customer centric.

What is the difference between omnichannel banking vs traditional banking?

Traditional banking offers face-to-face customer service and support through bank branches, while online banks may not even have a physical office. Omnichannel banking offers a middle way between traditional banking and online banking, offering the best of both worlds through a variety of channels that connects across platforms and devices.

Omnichannel banking improves customer centricity, allows customers to switch between channels and allows for real-time interactions.

How can omnichannel banking solutions improve the revenue of banks?

Omnichannel banking helps banks to optimize their lead generation efforts by analyzing the saving, investment, and spending patterns of customers. A key advantage lies in gaining access to transaction data which can help you find highly qualified prospects whose purchase behavior closely mirrors your existing customers.
Another advantage lies in the ability to measure time spent across different pages across the omnichannel platform. By understanding the behavior of users, banks can efficiently improve upsells and cross-sells, thereby increasing omnichannel sales.

What is the importance of omnichannel marketing in banking?

Omnichannel banking helps banking customers enjoy a seamless consistent experience across channels in real-time. Now, banks can connect with customers across digital channels that are preferred by customers. This not only contributes to channel efficiency but helps banks in cost savings and offers higher customer satisfaction.

How can an omnichannel digital banking platform help banks and fintech institutions?

A banking customer switches between three to four screens before completing a transaction. This is why an omnichannel approach helps traditional banks, digital banks and fintech companies. Banks can use multiple marketing channels to integrate and provide a seamless omnichannel experience. For the customers, a major benefit lies in the ease of moving from the app to the website to push notifications to social media, while experiencing consistency in branding and communications at all touchpoints.

What are some digital channels used by banks and fintech institutions?

Some of the digital channels that can help in marketing personalization and simplifying the customer journey in and out of the banking apps include mobile push notifications, emails, SMS, in-app messages, web push notifications, and on-site messaging (OSM).

How can omni channel digital banking improve customer engagement?

An omnichannel marketing platform can improve user engagement for digital banks. With omnichannel marketing automation platforms like MoEngage, improve your onboarding completion rate and minimize drop-offs with personalized insights into customer behavior.

Drive engagement and digital adoption through AI-driven, personalized messages around your consumers’ behaviors, such as bill payment notifications, loan qualifications, or finding a nearby branch location.

Win back inactive or hibernating consumers by re-engaging them on various channels through personalized offers like a complimentary high-interest savings account or a consultation on investment strategies.

Who is the Banking in the Era of the Connected Customer ebook series for?

This 3-Part Ebook Series is for decision-makers and executioners across retail banking, digital banks, neobanks, investment banks, brokerage firms, insurance, and mortgage companies. This ebook contains a blueprint to streamline digital banking operations such as onboarding new customers, driving product adoption, personalizing engagement, and winning back hibernating and churned customers.

How can artificial intelligence (AI) help an omnichannel banking platform?

Artificial intelligence in banking can help automate manual processes, helping retail banks and other financial services reduce manual effort and time. Additionally, artificial intelligence can also enhance customer experience and accelerate decision making.

How can MoEngage help the financial service industry?

MoEngage is an insights-led customer engagement platform (CEP) that can help banking and other financial companies connect with customers through a variety of channels to automate campaigns. Additionally, MoEngage’s advanced AI-driven analytics engines help marketers gain access to data driven insights.