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An insight into using multi-channel communication in banking

Modern customers have become used to the convenience of online banking, and their expectations and demands in regards to more digital experiences shall only increase with time. Seamless digital experiences offered by fintech firms of today also contribute to this increasing expectation. Modern day customers care about connecting with banks in the manner they want, when they want and on the channel of their choice. Hence, it has become more important than ever for banks to leverage a Software Multi-Channel Communication Platform that provides a smooth experience to the customers, while also enabling banks to gain an edge over tech-savvy fintech companies.

Embracing a multi-channel communication involves enabling self-service and simplifying two-way communication. In the current age of instant issue resolution and gratification, financial institutions of diverse types and sizes have a great opportunity to create a good brand image and improve customer loyalty by delivering delightful experiences across locations, channels and devices.  For example, a customer may search for home loans on the web browser, continue their research on your website, connect with your brand on WhatsApp and ask questions, and then make decision after going through details of the loan product provided to them through emails.

Prior to designing a strategy for the Multichannel communication system, you need to understand your target audience. Hyper-personalization can only take place if the customers are segmented effectively as per their financial and demographical needs. For example, a Gen Z customer may be interested in low-interest student loans and are likely to use communication channels like WhatsApp and emails. On the other hand, middle aged individuals might be more interested in retirement plans and would want to connect over voice calls or SMS.  Segmenting customers as per their buying patterns, online behavior, interests, demographics and channel preferences is extremely important for successful multi-channel communication.

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