There are many ways to boost customer engagement and retention in the financial sector, such as improving product and service quality, better value propositions, and more competitive pricing models.
One of the most powerful ways to boost customer loyalty is by providing more seamless communication and customer service capabilities. Much of this can be achieved through the implementation of safe, secure, and compliant instant messaging solutions.
In fact, about 69% of customers say they would rather communicate with businesses through instant messaging than through other channels.
In the modern digital age, where customers are used to using instant messaging in every other aspect of their lives, it’s no surprise that they want communication with their financial services providers to be instant as well.
Research shows that, compared to five years ago, 65% of consumers don’t just want faster service but indeed expect it. From a business standpoint, 81% of brands claim that their customers now expect faster service and solutions to questions and issues compared to two years ago.
While instant messaging is a useful way of communicating with clients quickly, the key is to remember that the communication should be of high quality.
Instant messaging between real human beings, as opposed to AI chatbots, is preferable, particularly in the high-stakes world of financial services. In the US, 47.5% of Internet users believe that chatbots frequently offer unhelpful responses. Just about 100% of consumers would prefer to have quality communication ‒ even if it is slightly slower ‒ than low-quality communication that is instant.
Instant messaging services, when implemented correctly, can connect financial services customers with real human beings, providing high-quality communication and facilitating enhanced customer satisfaction.
In the banking sector, trust is one of the most critical factors in retaining customers. This means that customers need to be assured that their data is secure and safe.
The financial sector is heavily regulated for obvious reasons, but the increased adoption of digital communication tools and online banking has led to a litany of security and privacy concerns coming to the fore in recent years.
Back in 2021, 68% of customers didn’t trust companies with their data. This is not without cause. IBM reports that a staggering 83% of companies surveyed suffered some kind of data breach in 2022 alone.
Therefore, customers must be assured that their data is protected during communication with their bank. With the right instant messaging solution, compliance with regulatory requirements and the assurance of data privacy can be achieved without compromising on speed.
Here at Message Matrix, we believe in creating seamless and safe communication between team members within organisations and clients in the financial community. Contact us today to gain access to our innovative messaging system and boost your customers’ engagement and retention.