According to Reputation & Customer Reviews Statistics Report published on finance online, 71% of customers are more likely to recommend a business to others if they have a positive customer service experience. On the other hand, 86% of customers are willing to pay more for a better customer experience. With customer experience becoming a key differentiator for businesses, it is important to invest in tools that enhance communication with customers.
This is where multichannel CPaaS (Communication Platform as a Service) comes in. CPaaS is a cloud-based platform that enables businesses to integrate voice, SMS, WhatsApp, and video communications quickly and cost-effectively into existing applications and services. By using multichannel CPaaS, businesses can provide seamless communication experiences across multiple channels, ultimately leading to increased customer satisfaction and loyalty. Specifically for Banking and Financial Companies, multichannel CPaaS can lead to better outcomes.
How Multichannel CPaaS Can Transform Customer Experience in Banking
Customer expectations are increasing, and the banking sector is constantly changing. Customers expect a seamless experience across all channels and want to be able to interact with their banks in the way that is most convenient for them. CPaaS (Communication Platform as a Service) multichannel can assist banks in overcoming these difficulties.
Banks can create and maintain their own contact centre solutions with the help of CPaaS. By quickly combining various communication channels, such as voice, chat, SMS, and WhatsApp, into one platform by using CPaaS, helping offer seamless customer experience as a result.
- Video chat can be used for customer service inquiries, account opening, and other tasks. Video chat provides a more personal and engaging experience than traditional phone or email support. For example, Banks can utilize video chat for video KYC (Know Your Customer). Or a customer who is opening a new account can use video chat to speak with a representative and get help with the process. This can help to make the process more efficient and convenient for the customer.
- Voice can be used for customer service inquiries, account management, and other tasks. Voice is a convenient and efficient way for customers to get help from their banks. For example, a customer who has a question about their account can call a customer service representative and get help quickly and easily. This can help to improve customer satisfaction and reduce wait times.
- SMS can be used for sending account alerts, appointment reminders, and other messages. SMS is a cost-effective way to reach customers with important information. For example, a bank can use SMS to send account alerts to customers when their balance is low or when a transaction is pending. This can help to keep customers informed about their accounts and avoid overdraft fees.
- WhatsApp can be used for customer service inquiries, account management, and other tasks.
For example, a customer who has a question about their account can use WhatsApp to chat with a representative and get help quickly and easily. This can help to improve customer satisfaction and reduce wait times.
It offers a more conversational and casual communication style, allowing customers to feel more connected to the bank and its services.
How to build a better digital banking experience?
In the modern banking landscape, offering a simple and convenient account opening process is essential for luring in new clients and retaining existing ones. The procedure of opening a bank account has been transformed by multichannel CPaaS, which provides a flexible solution that makes use of several channels including phone, video, SMS, and WhatsApp.
This multichannel strategy guarantees people who create accounts with the bank have a smooth and user-friendly experience, making the procedure more practical, effective, and suited to their needs.
Let’s explore the specific use cases of these channels and how they benefit banks in optimizing the account opening journey.
How to improve loan sign up experience in Digital Banking
Both banks and clients go through a lengthy and complicated process to obtain a bank loan. Banks frequently require a lot of information from their customers, which may be a tedious and time-consuming procedure. Additionally, banks must manage a lot of paperwork and manual procedures, which can result in mistakes and delays.
By giving consumers a quicker and more comfortable option to apply for loans, multichannel CPaaS may assist banks in streamlining the bank loan process. Banks may allow consumers to apply for loans via many channels, including video chat, voice call, SMS, and WhatsApp chat, thanks to CPaaS. Customers may select the channel that is most convenient for them thanks to this.
Key aspects of multichannel CPaaS in Banking domain
- Customer Engagement: Multichannel CPaaS enables banks to interact with customers via their preferred channels. Video calls, Voice calls, SMS and WhatsApp messages, are all available for consumers to use when contacting the bank. This flexibility improves customer satisfaction and provides a seamless experience.
- Real-time Notifications: CPaaS platforms can be utilized to give customers notifications about account activity in real-time, including alerts for transactions, balance changes, and security alerts. These alerts can be delivered by push notifications, SMS, voice broadcast or WhatsApp, providing timely and pertinent communication.
- Two-Way Communication: CPaaS solutions facilitate two-way communication, allowing customers to interact with the bank in real-time. Through platforms like WhatsApp, live chats, or phone calls, customers may start discussions, pose queries, or request support. Response times are shortened and customer assistance is improved.
- Authentication and Security: Multichannel CPaaS platforms offer authentication mechanisms to enhance security. Banks can implement two-factor authentication (2FA) or multifactor authentication (MFA) or multichannel authentication by utilizing SMS-based verification codes, voice-based authentication systems, video KYC or WhatsApp-based verification codes. This improves client transaction security and guards against fraudulent activity.
- Analytics and Insights: Multichannel CPaaS solutions often provide analytics and reporting capabilities. Banks can gather data on customer interactions, measure response times, track customer satisfaction levels, and gain insights into customer behaviour. These insights can be used to optimize communication strategies and improve overall customer experience.
Benefits of using Multichannel CPaaS in Banking domain
Here are some additional benefits of using multichannel CPaaS in the banking domain:
- Cost-effectiveness: Banks may see significant cost savings as a result of implementing CPaaS. It does away with the need for pricey internal hardware and software. By using CPaaS, a bank might, for example, link its voice and WhatsApp channels without the requirement for a separate call centre system. Saving money on hardware, software, and maintenance costs is possible with this strategy.
- Enhanced Security: Since CPaaS solutions are frequently hosted in the cloud, they can provide more security than on-premises options. Cloud solutions may expand more readily to meet the demands of a growing organisation and are typically more up to date with the most recent security precautions.
- Greater Flexibility: CPaaS gives banks the flexibility they need to quickly integrate additional channels or functionalities as needed. Because CPaaS solutions are often modular, they are simple to connect with present systems, assisting banks in keeping up with emerging trends and client requests.
- Better Compliance: By giving banks a consistent platform for handling customer communications, CPaaS solutions may help banks comply with regulatory regulations. Banks can avoid fines and penalties for non-compliance by doing this.
Multichannel CPaaS is a powerful tool that can help businesses improve their customer experience, operations, and bottom line. If you are a business looking for a way to transform your customer experience, CPaaS is a solution worth considering.