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This is one of the reasons why banks are now turning to new-age solutions. One of the most prominent services that is gaining massive attention in recent times is the cloud communication solutions. With services like IVR, Toll-free number and OTP verification, cloud communication solutions have emerged as the one-stop solution to many of the new age challenges faced by the banking sector. 

According to a report published by Future Market Insights, the global communication platform market is expected to witness an 8.5x increase in valuation between the 2017-2027 forecast period. The global market for cloud communication platforms is expected to reach a market valuation of around USD 12 Billion by the end of the year 2027. The growth has been so massive mainly because of its rising acceptance worldwide.

As most banks offer more or less the same kind of services, the level of customer experience delivered is the only differentiating factor for customers to decide whether to stick with a particular bank or not. Therefore, delivering superior customer service has become a matter of utmost importance for banks to sustain in this highly competitive market.

Let’s take a look at how banks are improving their customers’ experience by implementing cloud communication solutions:

Enhanced customer experience with IVR

IVR has proved to be a game-changer for the banking sector. It is used as a reliable self-service banking feature that interacts with the callers through a list of predefined options and numeric responses.

Initially, the capabilities of IVR were restricted to card theft reporting or account balance inquiry. However, with the introduction of cloud communication solutions, the capabilities of IVR have also grown. With the increasing flexibility, the security measures have also been toughened.

Personalized customer interactions

By integrating the existing CRM system with IVR, banks now have a single platform that lets them view all customer interactions. This is an excellent feature that allows banks to personalize their conversation with a caller, based on past interactions. For instance, the bank representative will have access to the customer’s account details and call history in one place. So, if a customer has been calling to inquire about a product, but has not yet decided on buying the product, the bank agent can subtly bring up the product or an attractive offer that will compel the customer to make a purchase.

Customer verification through missed call service

In recent years, missed call service has gained massive traction in the banking sector. Banks have been rolling out new numbers for different services. Enabling access to basic services through missed calls is an attempt made by banks to provide customers with hassle-free banking experience.

Banks have now started using it for verification purposes as well. The users or callers are now requested to give a missed call from their registered number to verify their identity.

For instance, upon receiving a new debit card, the cardholders are asked to give a missed call from their registered numbers to verify their identity. Also, at the time of debit card pin change, customers are asked to verify themselves by giving a missed call.

Outbound calls for important notifications

The banking sector has always been at the constant risk of fraudulent activities. Banks have witnessed an increase in the number of cyber frauds in recent years. To minimize these occurrences, banks have now started implementing automated call service.

This service is programmed to send an automated call to the account holder’s phone number as soon as any suspicious activity is detected. The automated call gets triggered on various situations depending upon what qualifies as a suspicious activity. In most cases it is multiple failed login attempts, hefty transactions or an unusual activity from an unknown device that are considered to be the red flags on which such calls are triggered.

Promotional messages and payment reminders via SMS

Cloud communication platforms enable banks to send bulk SMS messages to a big list of customers and prospects. Therefore banks can now easily communicate with customers regarding their new offers or promotions. Also, when a customer’s payment is due, banks can send timely reminders. Sending relevant messages to customers in a timely manner will help in increasing their loyalty towards banks.

With cloud communication solutions, all the banking services are now accessible to customers at their fingertips. Customers are no longer required to stand in long queues to avail checkbooks or inquire about the new banking products. Be it SMS, IVR or call notifications, every solution has added value to existing banking processes and has also enhanced the customer experience.

The CPaaS model brings down the complexity of contextual communication and ensures that customer service is no longer a fragmented affair. For banks in particular, against a backdrop of intensifying competition, taking an approach enabled by cloud communication will be crucial in winning and retaining consumers in the years to come.