Going Live with Instant Messaging Client Engagement Solutions
Authors: Utkarsh Sinha, Rosie Lim
The business case for banks to engage with clients through social instant messaging channels such as WhatsApp and WeChat has never been stronger. With changing consumer behaviour and an increasingly digital-savvy client base, the use of instant messaging channels as a mode of communication needs to be a key feature in the offerings of virtual banks.
In our earlier article, Bottling the Instant Messaging Genie, we highlighted eight key questions to consider when shaping your bank’s instant messaging strategy. Now we explore how you can do that by leveraging on the following three of our most popular instant messaging use cases.
Use case #1: Research distribution
We live in an age where information is easily accessible and readily available. With the very real issue of users facing information overload, distributing lengthy, stand-alone research publications is no longer relevant nor effective. Users demand concise and actionable information delivered interactively. This is evidenced by a rising number of banks diversifying from traditional reports to webinars or podcasts hosted on popular third-party platforms such as Spotify and YouTube. How, then, do banks leverage instant messaging in this scenario?
One key principle of effective client engagement is to ensure zero friction in the digital experience. When users are compelled to “learn” and use another platform that is outside of their preferred instant messaging channel, the likelihood of continued user engagement is low.
To ensure a high continued user engagement, our research distribution solution is centred on building linkages with third-party applications and bringing research in their various formats directly to the user within their preferred or the most preferred instant messaging chat.
This enables the user to:
Connect with the bank directly through their preferred instant messaging channels
New users can directly access the bank’s offering by scanning a QR code, which triggers an auto-onboarding and connection process. Existing users can simply re-initiate the engagement from a previous conversationAccess interactive research materials including podcasts through an integration with third party applications
Receive research publications in different formats such as images or PDF attachments within the instant messaging chat, as opposed to downloading from a separate link
Connect with a bank’s representative without having to access a separate application
Use case #2: Equity Trading through instant messaging
When it comes to trading today, users are spoilt for choice given the wide array of trading platforms and tools available in the market. However, most, if not all, banks and brokers require users to access a standalone application. For users to trade, they must make the effort to familiarise themselves with the platform’s layout and features which can often be challenging, leading to users dropping off the platform.
Unless a user has a financial background, the initial steps of navigating a platform and placing a trade are often intimidating as users grapple with unfamiliar order request formats and technical jargons. Our solution focuses on bridging the gap with the user through the use of a medium – i.e., their instant messaging channel – that the user is already accustomed to in their daily life. This is further supported by a digital assistant that the user can easily converse with.
Users are enabled to:
Connect with the bank directly through an instant messaging channel
New users can directly link up with the bank by scanning a QR code which triggers the auto-onboarding and creation of a demo account. Existing users can connect directly to their linked portfolioConverse freely in the language of their choice with the built-in digital assistant that has natural language processing capabilities, thereby enabling it to identify intent through the conversations
Check portfolio balances through the statements shared directly over instant messaging chat
Place trades (buy or sell) directly through instant messaging chat
Connect with a bank’s representative without having to access a separate application
Use case #3: Client maintenance via instant messaging
We have all experienced this frustration in some way or another – having to call the bank’s hotline (and being placed on hold for a very long time) or make a physical visit to the bank’s branch as the specific need we have cannot be fulfilled digitally.
Financial institutions constantly have to adopt new technologies and tools, which results in a fragmented and complex systems architecture with multiple applications operating in silo and information misalignment. Consequently, manual intervention is required to master client data across the different systems. To address this universal issue, our solution differentiates itself by enabling users to maintain their profiles digitally via instant messaging chat anytime, anywhere, and directly in the source system.
Users are enabled to:
Connect with the bank directly through an instant messaging channel that is available 24/7
Converse freely in the language of their choice with the built-in digital assistant that has natural language processing capabilities and can therefore process intent even without defined menu options
Effect updates on their profile digitally, such as address change and investment profiling updates. After which, corresponding bank-end approvals will be automatically triggered as required
Connect with a bank’s representative without having to access a separate application
Instant messaging as a strategic opportunity
Using instant messaging as a solution to the above use cases (and many more) have already been implemented – and are being implemented – in global banks across multiple jurisdictions. These Synpulse x Synpulse8 solutions are tailored specifically to meet the needs of our banking clients (and their clients). To find out more about how your bank can leverage instant messaging as a strategic opportunity to engage your clients, or view a demo of any use case, speak with us!
