What is Omnichannel Banking, and How Does it Grow Revenue?

In a nutshell 🥥 As consumer expectations for seamless digital experiences rise and fintech competitors continue to flood the market, retaining customers in 2025 will be a significant challenge for traditional banks. To keep customers engaged and expand their share of wallet, financial institutions must prioritize customer experience (CX). One of the most crucial strategies for doing so is meeting the demand for omnichannel, real-time service. Below, we provide you with checklists for every channel to get you started with innovating your financial institution’s operations at the most crucial points in your customers’ journey.

The Growing Importance of Omnichannel, Real-Time Service

For three consecutive years, global banking CX quality has declined. This downturn directly impacts customer loyalty, as evidenced by recent studies that rank “getting help from customer service” among the lowest CSAT scores in banking.

One of the primary pain points for consumers is the difficulty in transitioning between digital self-service and human support. A staggering 70% of global consumers value a seamless experience across channels when selecting their primary bank.

However, many institutions struggle to deliver on this expectation due to disjointed support systems, cumbersome identity verification processes, branch staff shortages, and poor integration between digital and human service channels.

Although digital banking is the norm, 63% of consumers still seek personalized, one-on-one conversations with representatives. Banks must focus on providing an emotionally engaging, omnichannel experience that allows customers to move effortlessly between self-service, call centers, and in-branch visits.

By doing so, banks can not only enhance CX but also strengthen customer loyalty and financial outcomes.

What is Omnichannel Banking? 

Omnichannel banking is a seamless and integrated approach to banking that allows customers to access financial services through multiple channels—such as mobile apps, online banking, ATMs, and physical branches—while maintaining a consistent experience. These multiple touch points ensure that (when done correctly) customers can switch between channels without disruption, improving convenience and and promoting their retention with your financial institution.

So, How Can Banks Improve Omnichannel Support?

Creating a well-integrated, customer-centric support system can be overwhelming, but a step-by-step approach can yield significant improvements. Banks must ensure that customers can easily navigate their preferred communication channels while refining each service path—whether online self-service, contact centers, or in-branch assistance—to deliver a consistent and intuitive experience.

Key Components of an Effective Omnichannel Bank Strategy: Checklists for Every Channel ✅

Modern banking customers expect seamless interactions across multiple touchpoints. A robust omnichannel support system improves customer satisfaction, reduces operational costs, and strengthens brand loyalty.

But what are some foundational tactics you can employ for each channel? Behold: Our omnichannel checklists! Every strategic step below is a step in the right direction:

Online Chat and Call Centers Checklist

• Enable live chat with human representatives when needed.
• Direct users to relevant “how-to” articles and self-service pages.
• Offer appointment booking with specialists for complex inquiries.
• Provide after-hours support through callbacks or email options.
• Explore AI-powered chatbots for common customer questions.
• Implement callback or text-back options for long hold times.
• Redirect callers to live chat (during operational hours) for faster resolutions.
• Customize hold messages to guide customers toward self-service options.
• Allow call center staff to seamlessly schedule in-branch appointments.

In-Person Service Checklist

• Display real-time availability of specialists for appointment scheduling.
• Integrate appointment booking flows with self-service options.
• Educate customers on digital self-serve channels during in-branch visits.
• Send pre-appointment checklists of required documents.
• Facilitate video banking with experts across branches.
• Promote in-person booking options on support pages and mobile apps.

Digital Self-Serve Channels Checklist

• Ensure customer service numbers are easily accessible in mobile apps.
• Enable proactive chat windows with contextual information.
• Clarify service availability (exclusively online or in-person).
• Store customer preferences for personalized future interactions.

The Bottom-Line Impact of CX Optimization

Investing in omnichannel support enhances the overall customer experience (CX), leading to increased customer retention and loyalty. By integrating digital and in-person service options seamlessly, banks can reduce service bottlenecks, improve efficiency, and differentiate themselves in a competitive market.

Omnichannel Strategies Unlocked: The Essential 2025 Retail Banking Trends Report

The above is just a hint at what’s inside Coconut Software’s 2025 Retail Banking Trends Report. It provides credit unions and banks with important insights into innovating the customer experience—and revenue opportunities—on every channel.

Beyond omnichannel strategies, the report provides you with: 

• Customer-Centric Strategies: Learn how omnichannel service models and personalization can help your bank meet evolving consumer expectations.
• Actionable Insights: Access tactics and checklists that will help get you started with  streamlining digital account openings and higher-value interactions.
• Technological Innovations in Banking: Learn how to leverage the latest in AI, data analytics, and automation to improve operational efficiency, reduce costs, increase bank deposits and become a branch of the future. 
• Powerful Stats and Use Cases: Read real-world stories about how leading banks grow revenue, improve customer experience, and gain a competitive edge.

Whether you’re looking to grow your customer base, deepen existing relationships, or optimize internal operations, this report will help you take decisive action to position your bank for sustainable growth.

*Plus* The 2025 report offers at least three insights that can directly contribute to revenue growth. Unlock the insights now.

The Essential 2025 Retail Banking Trends Report

Learn where to spend—and where to save—for a profitable future.

Access Now

Conclusion: It’s time to get it right on every customer channel

As competition intensifies and consumer patience for fragmented service declines, banks must prioritize omnichannel service to deepen customer relationships. By addressing pain points and ensuring seamless transitions between support channels, financial institutions can create a superior banking experience that drives loyalty, engagement, and long-term profitability.

2025 will be a defining year for customer retention and technical innovation—will your bank rise to the challenge?

Frequently Asked Questions

What is operational efficiency in the banking sector? 

Operational efficiency in banking refers to optimizing resources, processes, and technology to reduce costs while maintaining high-quality service. It involves streamlining workflows, automating tasks, and improving customer service to enhance profitability and competitiveness.

How does omnichannel banking promote efficiency in banking?

Omnichannel banking enhances efficiency by integrating digital and physical banking services, reducing the reliance on manual processes, and automating routine transactions. It allows banks to serve customers more effectively across multiple touch points, leading to faster service, lower operational costs, and improved customer satisfaction.

How can financial institutions grow bank deposits?

In a nutshell, bank deposit growth refers to the increase of the total amount of deposits held by banks, measured over a set period of time (think monthly, quarterly, or annually). They’re inclusive of several types of accounts including checking and savings. 

What can banks do to promote loan growth?

Financial institutions looking to nurture and expedite loan  growth should:

• Start with market research and analysis, understanding the balance between existing customers and their concentration of deposits, where the vast share is, and where the most product innovation and marketing opportunities lie.
• Offer competitive rates or incentives to new and existing customers, and
• Provide a seamless digital omnichannel experience that makes it easy for customers to connect with the bank on any channel, and be served immediately.

What is the average abandonment rate of online banking customers?

According to multiple sources, the average abandonment rate for bank customers during the online account opening process ranges between 40% to 68%, with some studies indicating that over 50% of customers abandon the process if it takes longer than 3-5 minutes—or requires more than 10 questions.

How can banks lower abandonment rates?

Banks can lower their abandonment rates by opting for software and strategies that support increased appointments, higher average revenue per appointment, and higher close rates. This can involve leaning into the latest bank technologies that make the customer account opening process much faster, and more seamless. 

Giving them the ability to schedule appointments online in seconds, seamlessly connect with the right advisor at the right branch at the time of their choosing,, and offer truly optimized digital banking solutions (like Alkami) are where contemporary banks are seeing success in lowering their abandonment rates for account openings, and higher-value interactions like loans and mortgages (plus finding ways to reduce queues in banks doesn’t hurt!).