Customers want to carry out their banking activities when it suits them. They would rather send a quick message to ask a question and solve their problem, than pick up the phone or go into the branch. They also want to communicate with their bank the same way they communicate with their mom – by text.
Messaging or texting is the natural evolution of this pervasive, informal style of communicating. Research shows that customers are turning to their mobile phones to interact with their banks. Mobile has seen significant year-over-year growth and influence in banking engagements, with most retail banks seeing 50-70% of their customers using mobile banking, and other mobile-related services. A strong mobile presence will be critical for fostering long-term relationships between banks and their customers. Messaging is one of the pillars of mobile customer engagement - and customers are asking for it. But if banks aren’t available to customers over their preferred channels, they are missing important revenue-generating opportunities, while potentially leaving their customers disengaged.
A secure texting channel provides the same kind of real-time engagement as a phone call, but with a new level of fluidity as to when the exchange takes place, allowing it to naturally fit into a customer’s life.
A messaging channel, like the one Unblu provides, needs to be part of a proper security solution, otherwise it can create a mess of operational and compliance risks. The ideal solution provides a security layer over the messaging app, encrypting all the information sent by text between a bank and a customer as it occurs. It should also be fully auditable so that information can be retrieved at any time. Instant archiving fulfills the documentation required by financial regulators, taking the struggle out of compliance while allowing banks to engage in relevant, worthwhile and profitable interactions with their client. Finally, to provide customer-centric experiences, texting should seamlessly lead into other channels such as voice or video calls in the same interface.
Messaging boosts the retail customer experience with more engagement
In the retail space, customers are looking for more two-way interaction using their mobile phones. Messaging can be an effective tool for validating a transaction or for conducting routine banking activity such as address changes, new accounts or closing on a loan. When it comes to shopping for a mortgage, Secure Messenger provides the asynchronous channel to stay in touch with bank support and leave the conversation open-ended to ask questions while comparing information. For example, the first message could happen Thursday afternoon when the customer texts a question, but then has to rush off to pick up kids at school and can’t stay in the text conversation long enough to get things resolved. The second message might then happen late Thursday evening or Friday morning, after the agent was able to research the issue in detail. And the conversation continues, when it’s convenient. The customer can engage on their own timetable, and the customer service agent has time to research items for customers asynchronously before texting back. The time pressures of a voice-based call are gone.
Build the client-advisor relationship
In a world with fewer branches, financial advisors now have to rely less on traditional workspace and instead leverage technology to drive customer engagement and build relationships. Their workspace is evolving into a virtual space and they need to be as connected as their clients in order to keep up with them and provide virtual advice that is relevant and useful. Secure Messenger extends their ability to address the needs, wants and preferences of their clientele. With a spontaneous, naturally flowing communication style, the advisor and client can build a trusting relationship without needing to be in the same room.
For advisors, Secure Messenger provides a powerful productivity tool, helping them be more efficient, while providing a secure space to have more engaging interactions with customers. With over one Unblu hundred implementations, we’ve seen how the right tools like Secure Messenger can transform the advisor-client relationship. A private wealth manager can provide real-time investment advice directly to a client via Secure Messenger. This allows quick decision-making on time-sensitive opportunities. The relationship manager can leverage the customer’s moment of truth and be available at the right moment to drive it home.
Safe, secure, and reliable interactions via text messages are critical for the success of a mobile strategy. With Secure Messenger, banks can consistently deliver seamless and relevant interactions. The channel allows banks to get aligned with their customers’ expectations by being available and responsive, and by simplifying their lives. And customers are likely to stay with a bank that makes things easier for them.