The Worlds Leading Banking & Finance Chat Solutions That Drive New Revenue Streams
A large part of a bank’s success — or lack thereof — is owed to their customer service. Given that banks and their services largely revolve around their customers, it makes sense that they’re expected to deliver on top-notch customer care consistently. However, the scenario is quite different on the ground. Many customers experience absurd lengths of waiting time on calls and emails, and often have to run from pillar to post to resolve their issues. A study by IIBF even shows that private banks rank the lowest in the categories of reliability, empathy, responsiveness, assurance and tangibility (source).
Naturally, then, banks need to undergo a transformation in their customer service across income levels and cities in the country.
“We see our customers as invited guests to a party, and we are the hosts. It’s our job to make the customer experience a little bit better.”
– Jeff Bezos, Founder Amazon
How Regulation-compliant Chat Solutions for Banking Sectors Elevate Customer Service
Many consultants and customer care employees currently use WhatsApp to reach out to customers on behalf of their bank. The problem with this is that they have to use their private phone, which is a clear-cut violation of the General Data Protection Regulation under EU law.
Granted, the GDPR doesn’t apply in Indian contexts, but it is still a tad risky to use WhatsApp and private phones to communicate. This is because customers may need to share confidential information about their finances that, if accessed by third parties, can pose severe financial risks for both the customer and the bank.
The best way to circumvent this while still making customer service quick and accessible is to use a secure fintech chat software that is regulation-compliant. It is easier to have more control over data collection and use, and also makes the experience that much more personalised and on-brand for customers.
The Benefits of Using a Virtual Banking Communication Solution
Ways of using messaging apps on a smartphone have gone beyond keeping in touch with friends and family. Today, using a chat API for financial services is one of the easiest methods to maintain easy and direct communication between bank employees and customers. Here are the perks of using a messaging software for your bank:
1. Customers Spend a Lot of Time Online
Given that banks are increasingly going digital and have moved many of their transactions and services online and onto apps, it makes sense to continue meeting customers where they spend most of their time — online. This negates the need for visiting a bank physically in order to resolve problems and allows bank employees to free up their time for higher-level tasks. Over 2 billion people use messaging apps around the world every day, so the fact that they’re already familiar with the process and interface makes communication that much easier.
2. Customers Expect Personalised and Efficient Service
Gone are the days when customers could be clubbed into buckets and contacted accordingly. Today, customers expect individualised approaches from their banks and a one-to-one relationship which is warranted given they are trusting their finances to that organisation. Messaging is a highly personable method of communication, as it allows customers to reach out anytime they need help, as they would with a friend or a family member. Messaging apps are also much more efficient in solving issues and answering queries — this way, customers need not have to wait for 48 hours for a reply to a simple enough question.
3. Customers Rank Proximity and Continuity Highly
Proximity is one of the many reasons that influence a customer’s decision to choose a bank. However, messaging apps bring every bank close virtually, which helps customers reach out at any time they need without having to travel unless absolutely necessary. It also helps that messaging apps can maintain continuity in conversations. This means customers don’t have to repeat themselves and banks already have the necessary history available to be of even more help to their customers.
4. Automation Reduces Costs
Messaging apps can be integrated with chatbots to make the customer outreach process much simpler. Automating messages allows important communication to go out like clockwork, without a human employee needing to keep an eye on things. This way, employees are free for higher-level tasks and regularly scheduled messages or tasks occur as planned.
5. Higher Customer Satisfaction
Messaging apps are innovative, seamless, quick and effective. All of these bode well for customer satisfaction, which is a high-ranking performance factor for a bank’s success. In fact, a Washington Post article states that 70 per cent of people prefer to click on “message us” rather than “call us” when trying to get in touch with customer service.
Use Cases that Back the use of Digital Banking Chat Solution Providers
1. Personal Customer Service
This is quite a common — and successful — use of messaging apps in the banking sector. By using messaging for personalised customer service, banks can engage individually and actively with customers, which is something that doesn’t happen in physical banks or indeed over emails and phone calls. Customers can receive files and information promptly and without booking an appointment. They can also reach out whenever they want, which is not the case with live chat which is only available during working hours.
2. Partially Automated Customer Care
Chatbots can be used in place of 24/7 customer service such that complaints are recorded and basic tasks carried out without any inconvenience or delay for the customer. This increases service efficiency and reduces employee frustration over having to answer similar questions but with different people. These employees can then step in only if the issue is escalated or complex enough to warrant human intervention.
3. Automated Financial Advice
Automation can also be used to inform new and returning customers about the banks’ services and procedures. Many of these, such as opening a new account or applying for a credit card, are faced by customers every day, so automating the answering process makes more sense. It gives customers the answers they need in a flash and saved bank employees from having to repeat themselves or indulge in mundane processes.
4. Push Notifications for Important Information
Customers can be kept up to date with push notifications through their messaging app. These notifications alert them to important announcements from the bank in general or specifically relating to their account with the bank. As a result, critical and confidential information doesn’t get lost in email inboxes, and customers can be urged to act immediately by getting in touch through the messaging app that the notification comes from.
5. Latest Investor and Stock Exchange Information
A data interface or an RSS feed can be used to provide customers with real-time and constantly updated news about investors and stock exchanges. This value-add betters their decision-making and cements your brand in their mind as a reliable and timely source of information. This can also be customised to provide users with only the content that they actively ask for.
Finance Communication Workflow Flow Charts
Here are the Leading Providers of the Best Video and Chat Solutions for Financial Sectors:
With an in-app chat solution from MirrorFly, banks can create an efficient loop between customers and sales employees via email, video and voice call. Customers and employees can share confidential information without worrying about security; a secure cloud infrastructure also stores the required details and keeps them classified. This can be seamlessly integrated into any existing website or app without taxing the infrastructure or causing breaks.
Apphitect has a multi-faceted communication API and SDK that is ideal for banks looking to leverage messaging apps for better customer service. They use cutting-edge technology to deliver a reliable and scalable infrastructure that supports thousands of users at once. Multi-media sharing, screen-sharing, full search and consistent auto-sync ensures that your messaging app becomes a one-stop-shop for all enquiries and tasks a customer might already be carrying out on your website or app.
The messaging API & SDK by EnableX balances both security and innovation, which is ideal for use on existing apps in the banking sector. It is GDPR-compliant and uses industry-standard encryption to maintain confidentiality. Their APIs also have advanced features that enrich the experience, including Know Your Customer, 2-factor authentication, video-enabled ATMs and video banking. This makes EnableX a great choice when creating a video conferencing sdk solution for fintech, insurance & fintech industries.
The communication API for banks from QuickBlox allows clients to reduce the reaction time, delivering timely replies to queries about account balance, application status, fees and transfers, warnings and more. This is ideal for banks looking to automate a certain part of their process through their app or website, to reduce the burden on physical bank branches. The API can be integrated into your bank’s app in a matter of days, such that customers can use it almost right away.
The financial sector, indeed the larger financial sector, has much to gain from integrating chat apps and messaging software into existing or new apps. In the future, the banking sector may well pave the way for the use of real time messaging solutions for insurance companies, which have much in common with banking institutions.