<- Blog

How to Improve Finance Communication in the Digital Banking Age

Find out how to improve communication among mobile banking clients and increase their engagement and satisfaction. Take your finance communication to the next level.

Finance Communication: Why Your Consumer Remains Dissatisfied and How to Improve Bank Customer Communication

Relationships are the foundation of traditional banking. In banking, face-to-face interactions and conversations used to be the foundation of the customer relationship.

Technology has advanced in recent years, providing banking customers with new options. It is now much easier for customers to digitally interact with their bank remotely rather than visiting their local branch. Online transactions and communications are quickly becoming the norm.

While it is easy and convenient for customers to manage their finances from home via online banking, the advances in technology have also led to the closure of bank branches and removed the personal relationship feel from the banking experience.

For many people, mobile banking has taken the place of all other interactions with their bank. Before the popularity of online and mobile banking, professional customer service provided by branch staff was critical. Banks engaged customers by establishing rapport and trust through face-to-face interaction. It was also critical in keeping those customers' business.

With one-on-one conversations and personal relationships being mostly a thing of the past now, banks have to come up with ways to maintain relationships and provide excellent customer service.

Why Financial Communication Matters

The goal of continuous communication between banks and existing or potential customers is to build trust. It helps to demonstrate your expertise and values to customers, build strong connections, and alleviate any concerns. As a result, the value of communication in the banking industry cannot be overstated.

The Impact of Messaging in Mobile Banking

The widespread adoption of mobile devices and the rapid acceptance of mobile banking as a viable alternative to the high cost of completing transactions in physical branches is a major draw for finance leaders.

Mobile messaging has a "considerable" or "major" brand impact, according to 83% of financial services organisations. Although 88% of these businesses believe mobile messaging has a significant impact on customer service, only one-third currently use the technology to attract and retain new customers. This presents a significant opportunity for forward-thinking institutions to gain a competitive advantage through the use of mobile phone communications.

Why Your Consumer Remains Dissatisfied with Finance Communication

While more banks are relying on digital communication, They attempt to adapt their web and in-person customer service best practices for the mobile audience, only to discover that their efforts fall short. Mobile banking can be a particularly difficult environment for financial institutions to navigate as they try to acquire, upsell, retain, and engage customers throughout the customer lifecycle.

This in part is due to customers feeling overwhelmed with too many messages containing repetitive or irrelevant information. With 77% of customers being happy to receive personalized content, banks must ensure that only important, interesting, and relevant information is sent to each customer.

Additionally, customers’ short attention spans may affect your communication efforts. So many businesses rely on digital communication, and clients may start to feel bombarded with a constant influx of messages. That means the faster you can pique your customers' interest - and keep them engaged - the better your chances of providing great service and maximizing revenue.

Finally, many banks try the tried-and-true method of hiring more customer service representatives in order to keep customers happy when they have a question or a problem. However, call centers are not the best way to keep customers engaged over time, particularly when it comes to mobile. Call centers solve short-term problems rather than assisting mobile-minded customers in solving problems on their own time and at their leisure. Many clients prefer to fix problems themselves, if possible. By adding a live chat feature, you not only give your customer their solution quickly, but you also cut out the cost and need of operating a large call center.

How to improve banking communication?

With technological advances constantly evolving, banks must keep up in order to find new methods of communication with customers. Banks must continuously monitor customer behaviour and preferences, as well as technological innovations, to streamline the customer communication process. Here are the best tips for your bank to improve communication:

Use Customer Communication Hubs

With the number of customers reaching out daily, it is sometimes easy to lose track of your communication with them, which can create bottlenecks in your workflow. Customers can reach out through a variety of channels including email, instant messaging, and phone calls. In order to keep track of the latest communication with them, communication hubs should be used as a gateway and help redirect communication to the appropriate channels and departments, making it easier for banks to assist a large number of customers.

Implement Personalized Communication

With so many businesses relying on digital marketing these days, customers can get overwhelmed with the number of emails they receive. Make your communication stand out. It should focus on quality over quantity. Do not overwhelm your clients with a never-ending barrage of emails with irrelevant information. To gain valuable insights into customer needs and expectations, marketing departments must collect and analyze customer data. Banks will then use this to deliver personalised and relevant messaging and content based on customer insight data.

Follow Communication Compliance

To streamline communication processes, stakeholders across banking organisations will need to collaborate with other departments of the bank. For example, digital regulatory communications are frequently created and managed with tools designed for marketing communications, such as a CRM system. To ensure compliance while providing superior customer experiences, compliance teams will need to collaborate with marketing and IT teams.

Improve Customer Experience

Good customer service goes a long way. When customers feel seen and heard, they are more likely to stay with you long-term. Automating communication processes ensures that your bank is providing superior customer service.

Listen to Feedback

These days it is very easy for consumers (of any business) to post negative reviews if they feel they’ve been mistreated or inconvenienced. Technological advancements, such as the ability to receive automated notifications via web or mobile if a customer response indicates a negative experience, will enable banks to respond in real-time.

Banks must also monitor and track feedback to ensure resolution and collect data for business process improvement and training. These methods will not only help to reduce negative publicity but will also help to improve the customer experience.

Make Mobile Banking a Necessity

Research states that 80% of Americans own a smartphone, which means online banking should no longer be something that’s ‘nice to have’ - it is now a necessity. After the outbreak of COVID-19, people try to avoid going into physical branches to have their questions answered.

Banking customers expect to be able to complete most banking tasks without leaving their homes. Banking customers used to want the convenience of checking their balance or depositing a check online. Customers are increasingly expecting to communicate in real-time via chat or other mobile features. If you haven’t implemented online banking yet, now is the time.

Conclusion

Mobile banking is the emerging technology that has had the greatest impact on banking in recent years. Its introduction altered not only how people banked, but also how they viewed banking. It is redefining the banking-customer relationship.

Banks must now pay much more attention to the digital world and what customers expect from them there. Institutions must meet our increased demand for immediate visibility and action. They must also develop new digital services to help customers engage and personalise their experiences.

Jul 18,2022 ● 7 min read
Category
Share

More from our blog

Building a Holistic Customer Communication Ecosystem with Mobius
Nov 30,2022 ● 7 min read

This article will explore the importance of the holistic customer ecosystem and how you can leverage sales by improving communication.

Read now ->
Blockchain penetration in the banking sector: a look at the second half of 2022
Sep 14,2022 ● 10 min read

In this blog post, we want to highlight the side of blockchain finance penetration in the banking sector, and talk about real use cases.

Read now ->
How to use GMLC: cases, ideas, challenges
Aug 18,2022 ● 8 min read

In this article we will talk about GMLC that is used for precise mobile positioning, which means that it initiates certain actions on the network to obtain the subscriber's real-time location.

Read now ->

Start innovating with Mobius

What's next? Let's talk!

Mobius Software

As a company you'll get:

  • Get started quickly

  • Support any business model

  • Join millions of businesses

Questions? websupport@mobius.com