By Nick Millward, VP Europe at mGage
As our lives have become more digitally driven, many of us are relying on mobiles to manage various aspects of our daily life. When it comes to finance, Business Insider found that almost 90 percent of people said they regularly used mobile banking, which rose to a whopping 97 percent when millennials were asked the same question.
With mobile usage having increased by 30 to 40 percent since the pandemic, channels such as mobile messaging are opening the door to new opportunities. Messaging has played a key role in customer interaction due to its convenience and quicker access to support, as well as eliminating the need to wait in call queues and speak to a live person. To ensure excellent customer service, businesses must continue to adapt to meet customer demand, and explore new technologies as they emerge.
Messaging meets consumer demand
How many of us have been left on hold for a prolonged period of time when trying to contact a business? This type of service results in unhappy customers, thus reducing satisfaction and trust which can often result in a cancelled service. According to mGage research, 78 percent of consumers feel more in control when interacting with banks via SMS, while 75 percent prefer texting over voice for customer service.
Another noticeable change since the pandemic is that more people have started to use apps as physical branches have reduced their opening hours. Mastercard research found that three in five people in the UK are now using a mobile banking app instead. Consumer behaviours are changing and with a wide variety of apps and services now available at the click of a button, end users are increasingly turning to mobile messaging as a primary way of connecting with the businesses and services they use the most.
While some leading banks are already using SMS, they should also look at other mobile messaging channels to enhance their customer support. Deploying messaging chatbots on channels like RCS, Apple Business Chat or WhatsApp for Business can answer the most common customer enquiries autonomously, with live agents on hand for any complex issues. This delivers a solution that meets the demand to communicate or initiate a conversation at a time convenient for the customer that is swift and secure. Push messaging is also a highly successful tool that encourages in-app engagement.
It is crucial that organisations are providing services that can offer instant support, whenever it is needed. Consumers do not have the time to sit on hold or scroll through a website looking for support. By taking advantage of these different tools being available across the channels consumers use daily, banks and financial services can provide the ultimate convenience for customers and show them that customer service is at the heart of the organisation.
Establish trust and confidence with Verified SMS
When it comes to finance many people are extremely wary about the services they use, as they only want to communicate over the most secure channels. Consumers now receive more messages over multiple platforms than ever before, making it harder to identify which messages are truly legitimate. According to Which? a total of over £200 million was lost to bank transfer fraud in the first half of 2020 alone, highlighting how easy it can be to fall victim to dangerous scams. Criminals can often pose as a trusted service provider, but there are now tools that can be implemented by banks and financial institutions to lower concerns and increase the trust of customers.
One tool that can be used is Verified SMS. Verified SMS allows consumers to quickly recognise a business as trustworthy and works by verifying, on a per text basis, that messages are sent by the company they claim to be from. The user can see the sender’s business name, logo, and verification badge at the top of the message thread, providing peace of mind. Brands can also become verified on the RCS messaging channel with the sender verification feature that works in a very similar way.
Research by mGage shows 77 percent of users prefer Verified SMS to standard SMS, with 70 percent saying this channel would also make them more confident about doing business with a brand. This is because Verified SMS builds trust and restores confidence, with consumers assured that any information they receive is legitimate. This is especially important when it comes to banking due to the highly sensitive information that is always shared. By understanding the needs of the consumer, and ensuring their concerns are alleviated, businesses that use verified SMS or RCS messaging are perceived more positively, with a higher customer satisfaction.
Changing consumer behaviour
As society continues to be driven by digital advancements, mobile will continue to transform how consumers interact with businesses and financial services. The pandemic has had a huge impact on organisations across all sectors, so meeting customer demand has never been more important. People have turned to digital and mobile services, which has been reflected in the recent messaging growth we saw at mGage. This change in behaviour is going to transform how consumers want or expect communication to be in future.
With the shift to digital there will always be people taking advantage and fraud will remain a major concern for many. Communication tools, such as RCS and Verified SMS, provides the ultimate opportunity to interact with customers on their terms, while raising confidence and satisfaction, and helping to reduce financial security concerns.
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