Why are real-time financial services important for banks?

By Puja Sharma

One in three under 40 switch banks to get a better mobile experience as customers want more personalized two-way interaction.

Consumers want far more personalised mobile banking experiences that make it easy for them to get real-time 1:1 support anywhere, says a survey of almost 3,000 consumers, commissioned by Sinch. With 93% calling out for personalized financial assessments from their bank, but fewer than 30% receiving them, the survey across 15 countries shows customers would benefit from a greater level of interactive personalized communication with their banks and financial partners.

Customers want two-way, real-time interactions that can solve banking problems as they happen, no matter where they are. Fifty-three percent are frustrated when they cannot reply to a mobile message and one in three under ho have even switched banks to get a better mobile experience. This desire for personalized banking and being able to communicate easily is more pronounced in younger customers, as over 80% of Gen Z surveyed want to solve even more complex tasks using digital channels including completing a loan application or sharing personal information to get tailored financial product recommendations.

Getting answers instantly

In addition, 98% say they want their questions answered quickly, but just 58% experience this. While most banks offer support via email or in-app communication channels, they have yet to capitalise on the opportunity to connect 1:1 with customers and build stronger relationships through text messaging.

It’s about securing trust

The research shows a positive technology experience is highly correlated with securing consumer trust. Banks that do not deliver on good experiences are significantly less likely to have customers that say they trust their banks. Trust is also gained by knowing when human interaction with a customer is needed. Even with widespread usage of automated chat options, in moments of frustration customers still want to hear a human voice; 95% of those surveyed want an option to switch seamlessly from automated messaging to a human conversation from inside the messaging stream.

“Our survey shows that omnichannel engagement is fast becoming the answer for banks to improve customer experience,” said Jonathan Bean, CMO of Sinch. “It is all about interactive, personalized communications that are relevant to customers’ financial goals, and how easy it is to get a response from a person when needed. Though many are still building their trust in digital banking, technology can also help customers feel more secure too. Banks that partner with a reliable CPaaS vendor gain a unique advantage for securing both customer engagement and trust through a wide range of real-time communications and verification solutions, like multi-factor authentication and two-step verification, using channels customers prefer and are familiar with such services.

Key takeaways

• The real-time database help improves customer experience from managing an investment portfolio to using a credit card, financial services institutions are improving customer experiences in every area.
•   Banks must manage risk on a large part of their portfolios, requiring FS to use real-time transaction processing to measure and manage it.
• Customers plan to switch seamlessly from automated messaging to a human conversation from inside the messaging stream.