--- title: "Doing business outside the box: It’s not just retail that needs to think omni" description: Increasingly customers are expecting omnichannel experiences from industries, including healthcare, and financial services. Find out why. image: https://www.cashflows.com/hubfs/Omnichannel%20image.jpg --- [![blue_logo](https://www.cashflows.com/hs-fs/hubfs/Blog%20images/Blog%20Images%202021/blue_logo.png?width=143&height=26&name=blue_logo.png) ](https://www.cashflows.com) - Products - [ Payment Processing ](https://www.cashflows.com/solutions/payment-processing) ![payment-processing-icon](https://www.cashflows.com/hubfs/Solution%20Menu%20Imagery/payment-processing-icon.svg) #### [Payment Processing](https://www.cashflows.com/solutions/payment-processing) Fast, secure, easy - card processing to support your business #### [Anytime Settlement Get access to your funds within hours](https://www.cashflows.com/solutions/anytime-settlement) #### [Account Updater Automatically update lost or stolen card details](https://www.cashflows.com/solutions/account-updater) #### [Direct Send Pay out to card in minutes](https://www.cashflows.com/solutions/instant-payout) #### [3D Secure V2.2 Get ready for two-factor authentication](https://www.cashflows.com/solutions/3d-secure) #### [Network Tokens Revolutionizing digital transactions](https://www.cashflows.com/solutions/network-tokens) - 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[ Omnichannel ](https://www.cashflows.com/solutions/omnichannel) ![omnichannel-icon](https://www.cashflows.com/hubfs/Solution%20Menu%20Imagery/omnichannel-icon.svg) #### [Omnichannel](https://www.cashflows.com/solutions/omnichannel) Take payments wherever your customers shop - [ Cashflows Advance ](https://www.cashflows.com/solutions/cashflows_advance) ![Cashflows Advance](https://www.cashflows.com/hubfs/Cashflows%20Advance.svg) #### [Cashflows Advance](https://www.cashflows.com/solutions/cashflows_advance) Alternative business financing - [ Solutions for sectors ](https://www.cashflows.com/solutions/solutions-for-sectors) ![CF NAV - Solutions for Sectors 2024](https://www.cashflows.com/hubfs/Icons/CF%20NAV%20-%20Solutions%20for%20Sectors%202024.svg) #### [Solutions for sectors](https://www.cashflows.com/solutions/solutions-for-sectors) Your industry supported with card payments #### [Retailer payment systems Retail payment solutions to support your business.](https://www.cashflows.com/solutions/retail) #### [Insurance payment processing Seamless payment processing for Insurance, Brokers and MGA's.](https://www.cashflows.com/solutions/insurance) #### [Financial services payment solutions From recurring billing, to payout, we’re ready to support you.](https://www.cashflows.com/solutions/financial-services) #### [Veterinary payment systems Payments you can trust to help your business grow.](https://www.cashflows.com/solutions/vets) #### [Dental payment systems Seamless and secure systems for dental payments.](https://www.cashflows.com/dental-payment-systems-cashflows) - [Partner with us ](https://www.cashflows.com/solutions/partnership-opportunities) - [Shift ](https://www.cashflows.com/shift) - About - Resources - Support - [Developers ](https://developer.cashflows.com/) [ Login ](https://www.cashflows.com/login) [ Contact sales ](https://www.cashflows.com/contact) **** - Products - [![payment-processing-icon](https://www.cashflows.com/hubfs/Solution%20Menu%20Imagery/payment-processing-icon.svg) #### Payment Processing Fast, secure, easy - card processing to support your business ](https://www.cashflows.com/blog/doing-business-outside-the-box-its-not-just-retail-that-needs-to-think-omni#Payment-Processing) - [![payments-in-person-icon](https://www.cashflows.com/hubfs/Solution%20Menu%20Imagery/payments-in-person-icon.svg) #### In-Person Payments All you need for taking card payments in person ](https://www.cashflows.com/blog/doing-business-outside-the-box-its-not-just-retail-that-needs-to-think-omni#In-Person-Payments) - [![online-payments-icon](https://www.cashflows.com/hubfs/Solution%20Menu%20Imagery/online-payments-icon.svg) #### Payment Gateway Start taking payments online today ](https://www.cashflows.com/blog/doing-business-outside-the-box-its-not-just-retail-that-needs-to-think-omni#Payment-Gateway) - [![CF NAV - Faster Customer Onboarding 2024](https://www.cashflows.com/hubfs/Icons/CF%20NAV%20-%20Faster%20Customer%20Onboarding%202024.svg) #### Fast Onboarding A game-changing tool that puts you in control of your customer applications ](https://www.cashflows.com/solutions/fast-onboarding) - [![omnichannel-icon](https://www.cashflows.com/hubfs/Solution%20Menu%20Imagery/omnichannel-icon.svg) #### Omnichannel Take payments wherever your customers shop ](https://www.cashflows.com/blog/doing-business-outside-the-box-its-not-just-retail-that-needs-to-think-omni#Omnichannel) - [![Cashflows Advance](https://www.cashflows.com/hubfs/Cashflows%20Advance.svg) #### Cashflows Advance Alternative business financing ](https://www.cashflows.com/solutions/cashflows_advance) - [![CF NAV - Solutions for Sectors 2024](https://www.cashflows.com/hubfs/Icons/CF%20NAV%20-%20Solutions%20for%20Sectors%202024.svg) #### Solutions for sectors Your industry supported with card payments ](https://www.cashflows.com/blog/doing-business-outside-the-box-its-not-just-retail-that-needs-to-think-omni#Solutions-for-sectors) - Partner with us - Shift - About - Resources - Support - [Developers ](https://developer.cashflows.com/) [ Login ](https://www.cashflows.com/login) [ Contact sales ](https://www.cashflows.com/contact) Back [![payment-processing-icon](https://www.cashflows.com/hubfs/Solution%20Menu%20Imagery/payment-processing-icon.svg) #### Payment Processing Fast, secure, easy - card processing to support your business ](https://www.cashflows.com/solutions/payment-processing) ##### Features #### [Anytime Settlement Get access to your funds within hours](https://www.cashflows.com/solutions/anytime-settlement) #### [Account Updater Automatically update lost or stolen card details](https://www.cashflows.com/solutions/account-updater) #### [Direct Send Pay out to card in minutes](https://www.cashflows.com/solutions/instant-payout) #### [3D Secure V2.2 Get ready for two-factor authentication](https://www.cashflows.com/solutions/3d-secure) #### [Network Tokens Revolutionizing digital transactions](https://www.cashflows.com/solutions/network-tokens) Back [![payments-in-person-icon](https://www.cashflows.com/hubfs/Solution%20Menu%20Imagery/payments-in-person-icon.svg) #### In-Person Payments All you need for taking card payments in person ](https://www.cashflows.com/solutions/point-of-sale) ##### Features #### [SUNMI P3 Seamless, secure and speedy payments](https://www.cashflows.com/solutions/sunmi-p3) #### [SUNMI P2 SE Smart POS with the power of Android](https://www.cashflows.com/solutions/sunmi-p2-se) #### [SUNMI P3 Mix All-in-one POS solution for business](https://www.cashflows.com/solutions/sunmi-p3-mix) #### [Countertop card machine Castles Vega Countertop specifications](https://www.cashflows.com/countertop-card-machine) #### [Mobile card machine Castles Vega 3000 Mobile specifications](https://www.cashflows.com/mobile-card-payment-machine) #### [Smart POS card machine Castles Saturn 1000 F2 specifications](https://www.cashflows.com/smart-pos-card-machine) #### [Compare Card Machines Compare our latest card machines](https://www.cashflows.com/compare-card-machines) Back [![online-payments-icon](https://www.cashflows.com/hubfs/Solution%20Menu%20Imagery/online-payments-icon.svg) #### Payment Gateway Start taking payments online today ](https://www.cashflows.com/solutions/online-payments) ##### Features #### [Hosted Checkout Easy, secure and compliant payments for your website](https://www.cashflows.com/solutions/hosted-checkout) #### [Virtual Terminal Phone payments made easy for your team](https://www.cashflows.com/solutions/virtual-terminal) #### [Pay by Link Take card payment on invoices and emails](https://www.cashflows.com/solutions/pay-by-link) #### [Cashflows Portal Access to your data and payment tools in real-time](https://www.cashflows.com/solutions/cashflows-portal) #### [Click to Pay The revolutionary digital wallet](https://www.cashflows.com/solutions/click-to-pay) Back [![CF NAV - Faster Customer Onboarding 2024](https://www.cashflows.com/hubfs/Icons/CF%20NAV%20-%20Faster%20Customer%20Onboarding%202024.svg) #### Fast Onboarding A game-changing tool that puts you in control of your customer applications ](https://www.cashflows.com/solutions/fast-onboarding) Back [![omnichannel-icon](https://www.cashflows.com/hubfs/Solution%20Menu%20Imagery/omnichannel-icon.svg) #### Omnichannel Take payments wherever your customers shop ](https://www.cashflows.com/solutions/omnichannel) ##### Features Back [![Cashflows Advance](https://www.cashflows.com/hubfs/Cashflows%20Advance.svg) #### Cashflows Advance Alternative business financing ](https://www.cashflows.com/solutions/cashflows_advance) Back [![CF NAV - Solutions for Sectors 2024](https://www.cashflows.com/hubfs/Icons/CF%20NAV%20-%20Solutions%20for%20Sectors%202024.svg) #### Solutions for sectors Your industry supported with card payments ](https://www.cashflows.com/solutions/solutions-for-sectors) ##### Features #### [Retailer payment systems Retail payment solutions to support your business.](https://www.cashflows.com/solutions/retail) #### [Insurance payment processing Seamless payment processing for Insurance, Brokers and MGA's.](https://www.cashflows.com/solutions/insurance) #### [Financial services payment solutions From recurring billing, to payout, we’re ready to support you.](https://www.cashflows.com/solutions/financial-services) #### [Veterinary payment systems Payments you can trust to help your business grow.](https://www.cashflows.com/solutions/vets) #### [Dental payment systems Seamless and secure systems for dental payments.](https://www.cashflows.com/dental-payment-systems-cashflows) [![arow](https://www.cashflows.com/hubfs/Group%2021%20(3).svg)Explore our blog library](https://www.cashflows.com/blog) [Payments](https://www.cashflows.com/blog/tag/payments) [Insights](https://www.cashflows.com/blog/tag/insights) # Doing business outside the box: It’s not just retail that needs to think omni ![Omnichannel; insurance; InsurTech; consumer lending; healthcare; HealthTech; customer experience; omnichannel payments](https://www.cashflows.com/hubfs/Omnichannel%20image.jpg) [By Cashflows Press Team](https://www.cashflows.com/blog/author/cashflows-press-team) With the boom in eCommerce over the past three years, omnichannel has become incredibly popular in the retail space. As customers grow increasingly used to the convenience, choice, and simplicity of this way of shopping, they have begun expecting the same experience from other industries, including healthcare, financial services such as lending, insurance, and more. As tech continues to evolve cross-industry, ease of use and cross-channel consistency is becoming paramount to growth and conversions in these spaces1. An omnichannel payment experience means that consumers have multiple channels to make payments with the freedom to decide which channel they want to use2. Most importantly for the businesses, omnichannel offerings should be connected, meaning that all of these channels are consistent in what they offer the customer in terms of payment options and experiences. The simplicity and familiarity of experience, no matter what the customer is purchasing, encourages repeat buying behaviour3. The interconnectedness of omnichannel payments means they should also all feed back into one reporting system and dashboard, allowing for easy access to data, customer information, and transactions, making the management of payments easier.   Insurance is one industry where we can see an increasing shift to more customer-friendly payment systems, offering a greater choice of how to pay. This is particularly crucial post-pandemic as, whilst consumers in 2020 preferred to purchase insurance policies in-person, after the first few weeks of lockdown, 54% switched their preference to digital4. However, whilst there is an increasingly higher demand for digital all-online solutions, insurance is a prime example of an industry that necessitates a full omnichannel approach. This is because customer preferences of how to buy insurance vary completely, depending not only on the typical factors seen across all industries, such as age, but also the on type of insurance. As most providers offer multiple types of insurance, that means catering to a consumer who wants to buy motor insurance online (which up to 1 in 4 choose to do) or renew their policy at the click of a button but buy life insurance in-person5. This concept isn’t new, with the majority of insurance companies offering online access to motor and household insurance, but the concept of uniform and consistent experiences across channels is something that is still missing from most providers’ offerings, with health and life insurance often involving over the phone or online applications6. With over 77% of surveyed consumers preferring digital channels to pay for health insurance, providers that restrict what types of insurance they are offering online may be seriously impacting their ability to attract new customers7. Implementing consistency cross-channel in terms of how policies can be bought and offering a range of payment options would go a long way to increase conversions, providing the options that customers now expect when making a purchase8. Healthcare is another industry that is increasingly benefitting from an omnichannel approach to payments, with research showing that consumers now expect to be able to pay for healthcare in multiple ways, including mobile payments9. As with most other industries, increasingly, customers do not distinguish healthcare payments as any different from payments they make in other industries, such as eCommerce10. Subsequently, customers now expect the same options, consistency, and seamless tech that can be found from retailers. Over half of healthcare customers prefer to pay invoices through an online payment channel, whether that be pay by link or through an online checkout11. Businesses that operate within the healthcare space, particularly those that have been slower to adopt omnichannel experiences, thus risk missing out, not only in terms of providing their customers with an amazing experience, but also on the benefits omnichannel can provide to the business, such as easier payment collection and easy to use data insights. Financial services, despite driving the fintech revolution, has also been lagging when it comes to embracing omnichannel across the industry, particularly in sectors such as consumer lending. The key here, is being able to appeal to multiple demographics, and that’s where omnichannel truly shines. Whilst older generations still like to apply for loans in person, believing it to be more secure, millennials are far more likely to apply via an app or website12. A key strategy to expand the customer base for lenders is to provide multiple lending channels so each borrower can enjoy the needed service using their preferred channel. Even for businesses that a solely catering to a younger demographic within the financial services space can benefit from a physical presence that necessitates an omnichannel offering. Multiple surveys show that people trust businesses with physical offices far more than fully digital ones, with a recent Forbes study indicating that 39% of people believe their money to be safer in brick-and-mortar banks13. Even the youngest generation that can currently apply for loans, and the most tech-savvy, Gen Z, are more likely to apply for their first loan offline14. People want to buy how, where, and when suits them, whether that’s at home, with in-person consultation, or a mix of the two, perhaps going in-person and then making the decision and purchasing later on at home. The key is to offer them the choice and convenience.   ##### **Cashflows** At Cashflows we believe seamless, omnichannel experiences are a must for every industry. That’s why we offer multiple payment methods for multiple channels that all feed in to one easy-to-use dashboard where, not only can you access all your data, but you can turn payment options on and off and customise your checkouts. Interested? [Contact us](https://www.cashflows.com/contact) to find out more.   --- Sources: 1 [Datumize](https://blog.datumize.com/ai-launches-the-omnichannel-revolution-in-the-finance-industry)  2 [AJMC](https://www.ajmc.com/view/omnichannel-payments-are-impacting-healthcare)  3 [Cashflows](https://www.cashflows.com/guide/unlocking-ecommerce-payments?hsCtaTracking=6e242876-119e-4239-9c41-e4bdbe089b4f%7Cf1aa66fa-1725-494a-8488-1052bf461d22)  4 [Gerent](https://www.gerent.com/posts/in-life-insurance-omnichannel-has-become-a-competitive-necessity);[ McKinsey](https://www.mckinsey.com/industries/financial-services/our-insights/moving-to-a-user-first-omnichannel-approach)  5 [McKinsey](https://www.mckinsey.com/industries/financial-services/our-insights/moving-to-a-user-first-omnichannel-approach)  6 Ibid. 7 [AJMC](https://www.ajmc.com/view/omnichannel-payments-are-impacting-healthcare)  8 [FF News](https://ffnews.com/thought-leader/whitepaper/creating-an-omnichannel-digital-experience-for-insurance-companies/); [Insurance Business Magazine](https://www.insurancebusinessmag.com/uk/news/technology/what-does-a-technologydriven-omnichannel-experience-mean-for-insurers-and-consumers-303183.aspx)   9 [AJMC](https://www.ajmc.com/view/omnichannel-payments-are-impacting-healthcare)  10 [AJMC;](https://www.ajmc.com/view/omnichannel-payments-are-impacting-healthcare) [Pymnts](https://www.pymnts.com/healthcare/2022/healthcare-takes-a-page-from-retails-omnichannel-payments-playbook/) 11 [AJMC](https://www.ajmc.com/view/omnichannel-payments-are-impacting-healthcare) 12 [Finextra](https://www.finextra.com/blogposting/20108/omnichannel-vs-multichannel-lending-how-to-expand-customer-base) 13 Ibid. 14 Ibid. ## Related Stories