Customer satisfaction is a critical factor in the success of any business, and the banking industry is no exception. In recent years, many banks in the USA, UK, and Canada have adopted messaging platforms like SMS, Viber, and WhatsApp as communication channels to improve customer satisfaction and increase bank revenue.

The Need

Customers have become increasingly reliant on mobile devices to manage their financial transactions. According to a study by the Federal Reserve, 43% of US adults with mobile phones use mobile banking. This trend has highlighted the need for banks to offer mobile banking services that are accessible, convenient, and secure. Messaging platforms provide banks with an effective way to communicate with their customers on their mobile devices. Banks can send messages to:

-    Keep customers informed
-    Collect overdue payments
-    Send fraud alerts and enhance customer support
-    Promote home loans, personal loans, and credit cards
-    Initiate geo-targeted campaigns
-    Send updates on products and services, fraud prevention tips, financial planning advice
-    Deliver appointment reminders
-    Confirm activities and transactions
-    Qualify potential leads

The Solution

The adoption of messaging platforms as communication channels by banks in the USA, UK, and Canada aims to improve customer satisfaction and increase bank revenue. Banks use messaging platforms to provide customers with real-time notifications and updates about their accounts, including account balances, transaction history, and security alerts. Additionally, they opt for messaging platforms for marketing campaigns and promotions to attract and retain customers. Platforms like Viber and WhatsApp can be used for customer support, allowing them to interact with bank representatives in real time.

The Benefits

Messaging platforms like SMS, WhatsApp, and Viber provide several benefits for banks:

-    Offer convenient and accessible communication channel for customers to manage their accounts

-    Provide customers with real-time notifications and updates, reducing the need for customers to check their accounts manually

-    Reduce the volume of calls to their customer service centers, reducing wait times and improving the customer experience

-    Reduce fraud by providing customers with security alerts and two-factor authentication codes

-    Increase revenue through targeted marketing campaigns and promotions

The Results

Several banks in the USA, UK, and Canada have reported positive results from their use of messaging platforms. According to findings by J.D. Power, an all-time high of 67% of retail bank customers in the United States used their bank's mobile app in 2021, marking a seven-point increase from 2020. Additionally, a new record of 41% of bank customers is now categorized as exclusively digital.

TD Bank uses a personalized SMS text message feature called Relay to communicate directly with customers and relay important, time-sensitive information. This includes updates on store hours, instructions on how to set up direct deposit, and guidance on enrolling in mobile banking, among other things.

Furthermore, a study by Juniper Research estimated that the operational cost savings from using chatbots in banking will reach $7.3 billion globally by 2023.

How Dexatel Can Help

Implementing messaging platforms effectively requires a reliable and secure messaging service provider. Dexatel is a leading provider of messaging services for businesses, including banks. These are designed to help banks achieve their communication goals while ensuring customer privacy and data security.

Through integration, text message marketing, and two-way messaging communication, Dexatel provides banks with a range of solutions to meet their unique needs. The company's secure and reliable messaging services allow banks to communicate with their customers in real time, providing personalized and convenient services.

Furthermore, Dexatel can provide banks with messaging support solutions—Viber and WhatsApp Business API—reducing call center volume and increasing customer satisfaction. Dexatel's solutions are tailored to meet the unique needs of each bank, ensuring that the bank's communication strategy aligns with their overall business goals.

Photos by Agape Grigoryan