Leverage Conversational Engagement to Increase Revenue in the Retail Banking Sector
The customer marketplace is getting crowded. It has become a dynamic, modern and highly competitive space. With new businesses emerging each day, they are always looking to grow and outperform their competitors. That’s why they need to be constantly on their toes with getting their name acquainted in the target industry and with customers. One such way to do that is with conversational engagement campaigns. This gives businesses the flexibility to contact customers directly.
Why conversational engagement works?
When you run campaigns or promotions, they don’t always bring in the right kind of customer. However, by using conversational engagement technology, businesses can provide value to their customers by delivering timely and pertinent information via multiple channels of contact.
78 percent of decision-makers have taken appointments or attended events based on an outbound call or email.
Businesses operating in the retail banking sector are positioned to benefit greatly from the implementation of a comprehensive conversational engagement platform. Powered by the right tools, they can leverage multi-channel proactive engagement technology to efficiently connect with current and prospective customers. By adopting a proactive strategy, businesses can improve both productivity and revenue while providing a better experience to their customers. Thus, helping them: * Gain a competitive edge by enhancing customer outreach capabilities * Optimize conversational engagement performance while reducing idle time and demand on agent resources * Capture responses to create personalized product offers and actions for customers To give you an insight into how conversational engagement plays a big role in retail banking, here are a few use cases:
Support incoming leads with priority callback Retail banks invest a lot of time and resources in campaigns promoting products and services such as credit cards, loans and accounts across communication channels. These businesses must ensure the maximum ROI is achieved from each dollar spent on a campaign. A hot lead which is generated from a campaign will begin to cool down almost immediately after they express interest. With incoming leads, a conversational engagement software can automatically process the data and instantly move leads into a campaign for an immediate contact via a phone call, SMS or email. This ensures all leads are contacted while they are hot and most likely to convert.
Improve customer service with SMS Notifications With SMS being a preferred method of contact among millennials, businesses are using it to their advantage because of its cost-efficient nature. From a customer service perspective, SMS holds tremendous value for retail banks. They can notify customers for upcoming or late payments, issues with their account, fraudulent activities, and more.
Two-Way SMS With the introduction of two-way SMS messaging, customers can now respond to messages using fixed response sets. This promotes a seamless experience for both the customer and the agent because messages are not lost in translation or miscommunicated.
A typical two-way SMS interaction with a retail bank looks like this:
ABC Bank sends an SMS message to Customer X, “ABC Bank is offering special home financing offers to all current banking customers. If you would like to speak with a representative about this offer, please reply Yes.”
When the customer responds with a positive reply, he/she is moved into a voice campaign for an agent to contact and follow up on the offer.
The above examples represent a few scenarios where conversational engagement can be used in retail banking. Due to its ability to drive ROI, it continues to grow as a top contact center technology investment and customer service trend. As a constantly evolving medium, it will give businesses the opportunity to deliver innovative services and target the kind of customers they want instead of waiting to be discovered.