Customer Experience / Finance / Daniel James

Dealing with finances is a sensitive matter. There is an inherent need for significant security, with many checks and balances in place to ensure clients feel safe and secure.

Financial services have long struggled to figure out how to make client communication easy and satisfying. Instant messaging is now, without a doubt, a very helpful tool for dealing with client communication issues in the financial services sector.

Here are some common challenges evident among many finance companies in communicating with clients, all of which can be mitigated through the adoption of smart and secure instant messaging solutions.

Ensuring Security and Privacy

Dealing with sensitive financial information requires heightened security and the assurance of the privacy of any communications with the client. Without this, clients’ data could be exposed to fraud and theft, which would be untenable for any financial services company. 

Capco research has shown that about 75% of financial services customers will migrate to another financial services provider if fraud becomes a concern. This is why as many as 70% of banking executives view privacy as one of the most critical factors in the banking environment of the information age.

Ensuring Compliance

Regulatory compliance has long been a necessary evil for ensuring that security, privacy, and safety are maintained in the financial sector. Strict regulatory requirements include meticulous record-keeping and ongoing reporting. 

The stringent need to remain compliant can sometimes hinder client communications. The need to have digital communications be compliant is critical, as has been seen in years past with some forms of unregulated digital communications being banned by some countries’ financial sectors. However, this should be tempered by ease of use and simplicity to avoid undue frustration.

Client Onboarding

The verification of client identities can be complicated, especially when conducted remotely over the phone, online or by email. Collecting the necessary documentation can be an arduous process. 

Even with multiple checks and balances in place, fraudulent activity can still slip through the cracks. This can make client communication difficult and even tense at times. However, modern digital communication solutions can be used to streamline this process.

Customer Support

The need to provide timely customer support in the financial world is critical. After all, people take money very seriously, and struggling to get hold of someone to provide support in an emergency situation can be extremely stressful. 

According to The Financial Brand, as many as 64% of financial services customers were frustrated with how difficult and time-consuming it was to resolve issues with their financial services provider.

Financial service companies are faced with an increased need to provide financial customer support remotely, which can be challenging.

Providing Education And Information

Financial services vary widely, and the products available can be fairly complex. Not all clients are completely up to speed with what is available, what is possible, and what is not. Therefore, communicating with clients who need help and education on their financial products is a dire need that is not always easily addressed. Services such as instant messaging can make this process smoother and provide information on-demand.

Providing Customisable and Personalised Service

As many as 72% of financial services customers reportedly want more personalised attention and support. They also want to be able to customise their communication levels and, in about 60% of cases, receive instant communication on account activities so that they can make informed decisions regarding their finances. Providing this personal touch can be challenging, particularly when communication channels are limited.

Enabling Scalability

As a financial service company grows larger, it will have to deal with more clients. Managing client communications on larger scales can be complex, making it challenging to provide a personalised and truly helpful experience while remaining compliant, safe, and secure. Technologies such as instant messaging can make this process more streamlined and simplified.

Financial service companies need to ensure that their client communication technologies and strategies are in keeping with world-class standards and benchmarks. Get in touch with the team at Message Matrix today to find out how our unique message switchboard service can elevate the way you engage with clients and staff. Transform your business today.

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