Multichannel Communications in the Banking and Finance Industry
The finance and banking industries are some of the most regulated and secure in the world. People have to be able to trust these institutions with their money and their data so visible security is always a top priority.
Traditionally, the industry relied on forms of communication such as phone calls, emails, and even face-to-face meetings to communicate with customers because they were seen as more trusted and safe. However, the recent proliferation of new communication channels and improvements in verification and security has led more and more companies to adopt channels like SMS, WhatsApp, webchat, and voice to communicate and to provide services that were previously considered too risky to handle over a mobile device. Let's take a closer look at some of the benefits to be gained through adopting multichannel communications in the finance and banking industries.
Multi-channel interactions can build trust
With a multi-channel communications platform, an institution can interact with its customers on their preferred channel - be it SMS, WhatsApp, or Voice. This helps to encourage conversations between the company and the customer because it's happening on the platforms that they use every day to chat with friends and family and make their personal arrangements.
Around the Clock Customer Support
Another great benefit of using multichannel communications for customer support is that support can be available at any time of the day or night. Customers can reach out through your hotline or chatbots 24/7, and they know that help is at hand. This also takes some pressure off the customer service team, as self-service becomes an option for certain issues.
Keep Clients Protected
Perhaps more so than in any other industry, customer data protection, and fraud prevention is vital in the banking and finance industries. Tools like two-factor and multi-factor authentication (2FA or MFA) via an One Time Password (OTP), can be delivered and verified through various channels to virtually eliminate the chance of fraud, and give customers extra peace of mind.
Notifications and Alerts
Another great use case for multichannel communications in finance and banking is notifications and alerts. These can be used for time-sensitive transactional updates, fraud alerts, account balances, and more. By using a platform that supports multiple channels, you can ensure that your messages are always delivered in a timely manner, and keep customers informed of any movement in their accounts or important info that they need to be aware of.
Interactive Voice Response (IVR)
Incorporating interactive voice response (IVR) into a multichannel customer service strategy is a great way to reduce wait times and operating costs. It's also a great way to build trust with customers. They will appreciate not having to wait on hold for an operator and many CPaaS providers offer IVR solutions that can be easily integrated into existing infrastructure.
Virtual Customer Support
One of the latest trends in customer service is virtual customer support. This is where chatbots are used to handle simple inquiries and tasks. Chatbot builders make it easy to create a chatbot that is tailored to your specific needs and ensure that your customer service team is freed up to handle complex queries whilst automated responses handle many of the FAQs.
When it comes to banking and finance, you can't afford to take risks. That's why it's so important to have a robust communications strategy in place. By using a multichannel communications platform, you can add an extra dimension of safety and security. This will help to build trust with your customers and keep them coming back for more without putting your business at risk.