The Game in Financial Services: Fast, Easy, Personalized, and Engaging Experiences

Fast, easy, personalized, and engaging experiences are the name of the game in financial services. You're not just facing competitors; you're also up against experience leaders from other sectors. What shape is your organization in?

Mobile messaging is a direct line into your customers', clients', or members' hands or pockets. The average person spends 4 hours and 39 minutes a day on their smartphone.1 Every third customer has switched banks to get a better mobile experience, and 53% say they feel frustrated when they can't respond to a mobile message.2 Also, 83% of participants in the Digital Banking Report say that their employees are hindered from meeting customer expectations by disjointed technologies and applications.3

A messaging platform can help mid-sized banks and insurance companies overcome these communication challenges, offering a quick ROI and flexibility to transition into new use cases. You can find six ways for financial service organizations to leverage the power of conversational messaging experiences here:

1. Alerts

Trust is crucial in building deeper relationships in banking, insurance, and asset management. Messaging can be used by organizations to send real-time notifications to customers, clients, or members about suspicious account activities, helping to expose potential fraud more quickly. It can also be configured to warn customers about low bank balances, transaction approvals, ATM usage, or to remind them of upcoming payment dates.

2. Multi-Factor Authentication

Security and privacy are the keys to building trust. Financial service organizations can use a messaging platform to help implement multi-factor authentication to ensure account security. Timely SMS messages can add another level of security for customers, giving them peace of mind when accessing their accounts. Using messaging for critical alerts and multi-factor authentication is a quick way for organizations to modernize their daily operations while increasing efficiency and the time it takes to realize value.

3. Onboarding

Request submission, processing of notifications, credit application approvals, and new account setup are just a few of the onboarding workflows that can be significantly improved with a messaging platform. Your customers want personalized communication on their preferred device. Meet them where they already are and give them the power to respond by transforming routine notifications into two-way conversations.

4. Marketing Offers and Loyalty Programs

How can financial service organizations build deeper relationships in a time when face-to-face interactions are disappearing? By leveraging their vast customer data to create new digital experiences. Your customers, clients, and members are ready to allow you to see more of their financial lives to make smarter decisions. There's a craving for new channels and experiences that increase convenience while keeping data secure. Offer preferred pricing for account consolidation and invite them to join your loyalty program with a coordinated email and SMS campaign for additional benefits or discounts.

5. Proactive Payment Reminders

Smart financial service organizations are not just solving problems but predicting them. A messaging platform helps automate routine account communications such as payment reminders or other customer service interactions to make it easier for customers to do business with you.

6. Personalized Account Recommendations and Communications

Approximately nine out of ten young adults say they want personalized financial advice, but today fewer than three out of ten receive it.4 What if you could offer a new customer a personalized financial evaluation? Are you sending them a purchase guide or offering a video tutorial based on a previous purchase or activity? Think about the possibilities based on what you already know about your customers: a guide to improve credit scores, an evaluation to help set up university or college savings plans, a video to coordinate family insurance plans, and much more! When it comes to content personalization, the sky's the limit.

Delivering highly personalized customer experiences across all your digital channels can help you rise above the market noise.

Your customers are relying on you to help them reach their financial goals. Satisfy them and start conversations with a messaging platform that is easy to distribute and scale across your organization. OpenText™ Core Messaging helps knowledgeable financial service organizations improve their messaging experiences for email, SMS, WhatsApp, push notifications, and more. Download the Core Messaging product overview to learn more.

• [1] Statista: Daily usage time of mobile devices in the United States, 2019-2024.
• [2] Sinch Customer Experience Report, 2022.
• [3] Digital Banking Report, 2022.
• [4] Sinch Customer Experience Report, 2022.

Source: 6 Ways Messaging Supercharges Mid-Market Financial Services - OpenText Blogs