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Banking Communications

Deliver a Millennial Banking Experience with WhatsApp Business

By Banking Communications, Customer Experience, WhatsApp Business

Millennials, who are they?

According to Forbes.com millennials are the demographic born in the 80s and 90s, they make up the majority of the workforce and hold most of the financial power in the economy.

The millennial segment represents the greatest challenge for banks, but for those that meet the challenge, it could be a great opportunity for growth.

Can you name a millennial who doesn’t use WhatsApp?

Millennials are the “always on” generation. They are always online and always connected. These tech-savvy customers expect first-rate services and high levels of convenience from any place they do business with, especially their bank. When these expectations are met, they are more likely to become loyal customers and recommend their bank to others.

What opportunities does WhatsApp Business present for banks?

  • Personalised Service

Banks  can factor user preferences into the chat to create a personalised experience e.g. “Good morning Clement, your current account balance is ZWL350,78”.

  • Fast, accessible customer service

Imagine automating your FAQ’s, outlining loan procedures or serving up forms via a bot over WhatsApp so your customer doesn’t have to hold on a call for over an hour for the most menial task. 

  • On-the-go transactions

For banks to successfully cater to this market, they must offer a robust online experience with standard features such as mobile banking, remote deposit, and online bill payment options. Transactions must happen quickly, smoothly, and without onerous fees. In terms of lending, with the growing popularity of peer-to-peer lending, traditional banks should offer lending options that are easily accessible, digital, fast, and free of speed bumps.

  • Product knowledge which lead to action

Information about all products and services available over chat. Millennials are more likely to try alternatives to traditional banking to meet certain needs, especially when it comes to services such as payment solutions and obtaining loans. Banks can share all their loan information in a compact PDF document as well as downloadable forms that customers can read off their phone and proceed to apply.

  • Outline procedures

In an instance where all information has been shared, banks can collate all the necessary data for application procedures ie. in a form or through a USSD format over chat and customers can be approved for loans, mobile banking, etc. in just a few hours as opposed to several weeks or even months.

The time is ripe for banks to make some critical changes, adjust their strategy to meet the needs of this generation, and stand out in a highly competitive market.  Become an early adopter to millennial banking habits with WhatsApp Business. Contact us at sales@gikko.net

The importance of personalization

By Banking Communications, Customer Experience
Customers’ expectations of the brands they do business with are higher than ever.

 

In a study by consulting group Accenture, they found that 48% of consumers expect special treatment for being a good customer. Failure to deliver against these expectations can have catastrophic consequences. Of those surveyed who had terminated their relationship with a bank, one third said it was because that bank failed to deliver on personalization. And only 22% believed the service they received was personalized to their needs or personal circumstances.

 

The banking industry is used to relying on the idea that people will stay with the same bank for life but this is no longer case.

 

The average adult in Zimbabwe has used the same checking account for about 5 years. Drastic economic changes aside, the financial impact of poor service is quite visible. This change is even more true for the millennial generation and these are the new target market for customers. You want them on board. Keep in mind that this is a generation that is all about research. Not only do they compare prices and services before making a decision but they also take reviews into account.

 

More than 8 out of 10 millennials are open to the idea of switching banks, given the motivation to do so. More than 50% of millennials abandon brands every year, with 25% of those doing so after a single bad experience. Give them three bad experiences and 82% in this age range will switch.

 

A continual loss of customers is far from inevitable and could be avoided if banks and other financial services companies seek out and exploit all possible differentiators that create positive equity. Among these, banks might invest in their brand through marketing, or extend their offerings to allow more flexibility for customers. They might invest more in some aspect of their technology to improve responsiveness or other parts of the customer experience. At the top of the list, though, must be adopting and exploring all aspects of personalization.

 

Personalization can start small. Simply dropping “Dear Sir/Madam” from letters in favor of “Dear Mrs. Moyo” can do wonders in terms of the impression it creates. “The bank is talking to me, about my circumstances,” is the immediate effect. Little things can go a long way, but much larger measures will be necessary to keep up with the competition and achieve the results cited above. Adopting enterprise technology such as the mGate and enabling customer profiling helps make adoption less time-consuming by automating omnichannel communications.

 

Personalized services are imperative for the banking industry.

3 steps to ensure successful message delivery

By Banking Communications, Business SMS, IT Security No Comments

Follow these simple steps when uploading your customer database into the Gikko messaging platform to avoid common errors:

1. Collect the correct data.

The most important data is the mobile number of your client. Having the first and last name of you client is also important for personalisation. Gather this information in an excel sheet.

2. Input data correctly.

The data entered should match the column name, for instance where numbers are involved- bank account numbers should not be in the column for mobile numbers.

3. Include the correct country code.

The mobile number must include the correct country code at the beginning, for example, Zimbabwe’s is 263.

Be secure with our 007 security measures

By Banking Communications, IT Security No Comments

001- Server security

Malware protection is used on all servers and endpoints connecting to production systems to ensure a secure environment. Backup copies of production data are created and tested on a regular basis to ensure continuous data availability. Redundant hardware and fail-over capabilities are ensured for backup systems, mostly including offsite (remote) storage. 

002- Backup security

Backups are encrypted, with physically secured access. Hardware failures on media containing production data are handled exclusively by Infobip personnel, i.e. no 3rd party is allowed to transfer the media out of secure data centre premises. 

003- Monitoring activity of platform

Critical information regarding platform operations and customer data (such as creating, modifying and deleting data, as well as warnings, exceptions, faults and information security events) are properly logged and are monitored and managed 24/7 by Support, Networking and Technical and organisational measures 11 Security Operations teams. 

004- Recording Log-ins

Logs retention varies depending on the criticality and storage systems. API requests logs retention period range from 4 to 10 days (due to excessive storage requirements). Customer User Portal (CUP) audit (authentication) logs are preserved by default for 30 days. Extension of the retention period can be requested, subject to discussion due to the storage requirements.

Security/audit logs (including successful and failed authentication attempts to core production servers) are collected, analyzed and stored securely on the central logging system. Special (extended) logging principles are applied for PCI DSS scoped environments. 

005- Messages Sent Records

Call Data Records (CDRs) containing metadata regarding message traffic are preserved for several months, due to several legitimate business reasons: 

  • lawful purposes, 
  • tax/audit purposes, 
  • billing/dispute processes,
  • clients’ requests (troubleshooting, analysis/reports), 
  • Detecting/ preventing, and investigating spam, 
  • fraudulent activity, network exploits and abuse. 

PCI DSS and critical security/audit logs are retained for a minimum of 12 months.

006- Internal Security

Business data confidentiality from employees perspective is ensured by security and privacy awareness programs and signing of very strict NDA guaranteeing he/she will not misuse confidential information, penalties applied.

007- Further development of security

Logging infrastructure upgrade is being implemented in terms of new communication logs management system, offering more robust and scalable solution. All parts of the email system are monitored in detail: anti-spam servers, main email system servers, load balancers and client access servers. Alerts are sent from multiple monitoring systems to dedicated mailing groups, supervised by redundant support personnel. Logs encryption initiative is currently undergoing, aiming to secure maximum possible extent of data, depending on the available technology. 

 

Banks! 5 must-have notification alerts for 2020

By Banking Communications, Customer Experience

People only have peace of mind when they’re able to keep  track of their financial position, especially during hard economic times, when money is tight and job security uncertain.

Any modern bank should allow  customers to monitor their accounts and get instant updates wherever they are by sending information directly to their mobile phones.

In a survey conducted by Gikko , we established  5 types of SMS notifications that bank customers appreciate most;

  1. Alerts for real-time transactions

Timely updates on account activity made it easy to track balances. This includes letting customers know the second their paycheck comes through. We all know that between the 23rd and the 1st of the following month we’re all waiting for that salary deposit notification. 

  1. Bank Charges & Low Balance

What happens when money is tight and gets a little too close to the red? As we rely increasingly on electronic transfers and debit cards, it becomes easier than ever to lose track of funds. Overdraft fees can add up, but SMS notifications make it easier to know when funds are running low. Our survey indicated that customers are aware of recurring price increases and appreciate knowing more about them to improve their budgeting. They also admitted that they would rather get SMS alerts about  their banking activity rather than having to login online or visit the bank to obtain a balance.

  1. Fraudulent Activity

This keeps customers money safe. Simply sending out an SMS to inform your customers about your security protocols is always appreciated, for instance, 

“Our bank will never call you asking for your personal banking information such as PIN and One Time Password” 

It is also useful to include contact details for further clarification.

  1. Payment Reminders

This reminds customers to make sure their account is funded for regular deductions e.g. loan repayments.

  1. Downtime or Maintenance Alerts

This considerate communication allows customers to plan ahead or take alternate measures while banks undergo routine maintenance and avoid being stranded at the till with groceries that they now have to leave behind.

We hope your banking notifications are providing the optimum customer experience. Feel free to contact us for advice on how to further improve omni-channel communication sales@gikko.net.

Innovation: How banks can stay ahead

By Banking Communications, Customer Experience, Featured
It’s no secret that consumers are looking for the most convenient service for them, and with such a wealth of options, banks need to be agile and ready to upgrade as behaviors shift.

 

Mobile banking apps are no longer enough. The way fintech is disrupting banking urges the industry to find new ways to engage their customers.

 

So, how can banks stay ahead? 

 

Many fintech innovations have hit the banking industry like a bomb: start-ups offered more than digital-only banking and became riddled with customer centricity. To counter this traditional banks have started embracing communication in different channels as a way to communicate their values to their customers. The goal being to meet consumers where they are — even if it’s at the street corner.

 

Poland’s Idea Bank offers customers a mobile ATM to withdraw or deposit cash. Germany’s Fidor Bank allows customers to sign-on to its bank through Facebook. Do you feel like the pressure for innovative banking is on yet?

 

According to KPMG, 43% of the bank CEOs responding to its survey admitted they were concerned about their ability to keep up with the rapid changes in the industry. They know the next generation is demanding ultra-convenient service.

 

Recently, innovative banking think-tank sessions are investigating the future usage of IoT and blockchain. The goal is to bring banking to more customers through improved customer experience. Does that mean banks should open a new department for innovation?

 

Whether or not a bank has an innovation department, it’s important to have an innovative culture that’s encouraged across hierarchy. Keeping the conversation open with the experts is more than necessary.

 

Innovation should always consider what the customers want. Offering omnichannel solutions— like SMS, voice, notifications, email, chat, IoT and chatbots — is increasingly fundamental but must be how the customer prefers to communicate. Innovation is possible — while keeping the environment secure for everyone.

Omnichannel: The future of banking

By Banking Communications, Business SMS, Customer Experience
Banks can leverage automated and event based notifications on a wide range of messaging channels through omnichannel solutions, sharing notifications like anti-fraud alerts, balance statements, payment reminders and withdrawal notifications in a fast, convenient and secure way.

 

Banking and financial services cannot escape the effects of digital transformation, and they’re investing in technology to help facilitate their own and live up to a new paradigm. According to Gartner, the global banking industry will spend $519 billion on IT in 2018, up 4.1 percent year-over-year from $499 billion in 2017. The need to innovate to digitally transform spans both virtual and traditional banks. While brick-and-mortar banks must actively work toward digitization, online banks already operating via a digital model — even those natively built on digital platforms — must also modernize their communication strategies.

 

Keeping Pace through Enhanced Communication
Communication is key to customer experience, and customer experience is
paramount to overall business success. One way to ensure two-way, secure communication via platforms that customers know and love is by implementing omnichannel solutions. Omnichannel enables banks to reach their customers through various messaging platforms, delivering custom text messages and rich content over SMS, chat apps, voice, email, notifications, and Facebook. This custom streamlined communication improves the quality of service companies deliver to their target audiences. Seamless integration of communication helps ensure an easy, modern purchasing and consuming experience for a brand’s customer base. This enables online banks to capitalize on the on-demand nature of digital models and enables traditional banks to reach their target audiences in new, convenient ways. Taking brand-to-customer communication a (necessary) step further, one aspect of an omnichannel solution banks can use is application-to-person (A2P) SMS messaging — commonly referred to as “enterprise” or “professional SMS.” This allows for a direct conversation, authentication of users of online services and delivery of time-sensitive alerts.

 

Sending mobile messages from a business application to a mobile user enables banks to meet customers where they’re already actively messaging. According to Deloitte’s 2018 Banking Industry Outlook, mobile is rising to the fore in consumers’ banking habits and preferences. The mobile channel is steadily replacing the branch as the focal point of the banking experience, achieving engagement even beyond that of online banking.

 

Both traditional and online banks should capitalize on this shift to a mobile-centric world by creating a strong mobile offering. Offering constant access, and real-time customized communication and alerts, virtual banks are attractive to today’s always-on customer. Traditional banks can tap into the many benefits of virtual banks by leveraging omnichannel solutions and implementing A2P messaging, giving them the opportunity to keep on pace with the competition and enhance communication with their target audience.

 

While traditional and virtual banks serve specific purposes for their target audiences, both can be enhanced by adopting omnichannel solutions and A2P messaging. Adopting solutions that share personalized messages and are delivered at the
right time via the right channels will increase customer activity and communication effectiveness, ultimately bringing both online and traditional banks into the future.

Demystifying WhatsApp for Banks

By Banking Communications, Customer Experience No Comments
There are several ways banks can use WhatsApp Business to connect with customers and enhance their customer experience.

 

1. DRIVE CUSTOMER ENGAGEMENT
Banks can better engage with customers through real-time conversations and rich communications functionalities. Banks can immediately respond to enquiries by sending and receiving rich messages with high-resolution images, text, file and document sharing.

 

2. MAKE CONVERSATIONS PERSONAL
WhatsApp Business makes it simple for banks to personalize the content of messages for each customer. Personalization includes user attributes such as the customer’s name, user behavior (previous purchase orders for example) or location (country, city).
Today, personalization is key for any business communications. According to Business Insider, 47% of customers will leave a brand’s website if they don’t get customized product lists or information.

 

3. ENSURE MESSAGING SECURITY AND PRIVACY
Clients and customers want the highest level of security, especially when it comes to personal financial data or payment information. WhatsApp Business provides a safe and secure, yet convenient way for customers to chat with their preferred business or financial institution.
WhatsApp Business confirms customers are communicating with a verified business. The customer also approves the dialogue by opting-in before the communication with a specific business takes place. Customers can also be the first to initiate the contact and provide consent to interact.

 

4.  MEASURE RESULTS AND IMPACT
WhatsApp Business is a highly measurable chat app that monitors in real-time whether someone is responding to your messages or writing back and engaging in the conversation. Banks can also receive status delivery and messages seen reports, helping to optimize future conversations even further.

EFFECTIVE COMMUNICATION WITH WHATSAPP BUSINESS

By Banking Communications, Customer Experience, Featured
How can banks effectively communicate with their clients?

 

Customer experience is a brand’s biggest asset today. To optimize it, messaging channels have become one of the most convenient and effective ways to communicate with a company or financial service. With WhatsApp for Business, enterprises can expand their customer-centric dialogue on a chat app their customers already trust and enjoy.

 

By leveraging WhatsApp Business, customers will have the option to receive important banking transaction alerts in real-time. For example, if a credit card has been compromised, the bank agent can reach out and notify the user immediately via chat app instead of over the phone in a secure environment.

 

  • Transactional inquiries: For everyday banking issues, instead of accessing a banking app, reaching out to a call center or visiting a local branch, clients can efficiently communicate over WhatsApp and enquire about everything from the status of a mortgage application, to the process of opening a bank account.
 
  • Customer support: Banks can also conveniently administrate support and time-efficient responses to new enquiries over WhatsApp Business, all within the app. This helps them avoid app development and the management of mobile sessions needed in the typical mobile bank application.