Hello bank, I’d like my balance please
As sixty four percent of consumers with texting capabilities prefer to use texting over voice as a customer service channel, the challenge is clearly set for industries across the board. Consumers are tired of being tied to a phone or computer to wait for customer service help and creating dialogue and support through text messaging provides a quick and efficient answer to consumer needs.
Financial institutions are no exception to this wave of changing norms in consumer relations, with a high percentage of these institutions who have already incorporated mobile messaging believing that doing so has greatly impacted customer experiences.
How can financial institutions make the most of on-the-go interaction with its customers?
Simple things like text reminders of bank appointments and bill reminders are a good start. Text alerts when account transactions are made, like ATM withdrawals, would allow customers to immediately text back to alert the bank if the transaction was not done by them and further action is necessary to resolve the situation. Any type of suspected-fraud alert notification would allow consumers and their financial institutions to deal with security issues in a swift manner.
Using virtual assistants, or “chat bots,” to interact with customer text messaging, the bank can provide services such as sending up to date bank balances, information about savings accounts, stocks, or other personal assets the customer has linked to the bank.
This kind of personalized experience through text messaging is perceived as highly valuable and positions the financial institution as the financial guardian to the customer’s assets.
What are the pitfalls of setting up text communication with customers?
- Not asking for permission. There are few things as scary as seeing your bank balance on your phone without having given your bank the authority to send it to you. Customers need to know they can control the flow of information to their mobile device.
- No way to opt-out. Consumers are always worried about their future options. If they don’t know there is a simple way to stop receiving mobile communication, they may never opt-in.
- No answer on your end. Consumers today are looking for immediate information with as little face-time as possible. Be ready with a system that can handle the influx of questions and can send individualized responses to customers immediately.
The bottom line is that the consumer market is more and more attached to their mobile devices and want more text-based options for communication. Institutions that can’t keep up and offer immediate information to mobile phones won’t be able to keep up with those institutions that ride the wave and get creative with their connectivity through messaging.