Elevating customer experience (CX) through rich messaging in the financial sector

The best financial services companies show customers they know who they are by greeting them by name – whether on the phone, e-mail, or SMS. They deliver timely and highly personalised messages and digital content based on past customer interactions and real-time browsing behaviour. But most often, its not that easy.

Despite the importance of meaningful customer experiences, many financial services companies have difficulties meeting customer expectations due to outdated technology and legacy systems, lack of data and an inability to orchestrate customer journeys in different channels (including messaging channels like SMS & OTTs).

Engaging customer experiences start with data

With more stringent data privacy regulations, companies must earn the right to collect consumer data. The flood of irrelevant messages leads consumers to find ways to filter, block and ignore e-mails, even e-mails they subscribed to in the first place. Marketing and customer services departments must diversify the way they connect with consumers. Regardless of channel, they must put the customer experience above all else. Providing personalised, instant, and positive customer experiences in the customer's preferred channel increase your company's chance of being more valuable than your competition.


Many companies still lack a 360-view of the consumer, and data is kept in silos. The current martech stack and customer experience applications are sometimes disconnected from managing the customer journey. Or it cannot meet data management and integration requirements. As a result, many financial services companies cannot react to behavioural and engagement-triggered data to deliver targeted offers and messaging to any device or channel.


Send the right message at the right time in the right channel

Your systems should respond to your customer's interactions, automatically moving them from one path in the journey to another in response to their behaviour. This requires gathering real-time data, acting on customer insights at the appropriate time in the journey and an orchestration of your channels. What if your bank proactively could text you saying that they have noticed that you are having trouble accessing your account and thus offers help with a call-to-action button to start a real-time conversation in a blink to solve the problem? When you send the right message, to the right person, at the right time, you'll be able to create experiences that make things easier for your customer, thus building customer engagement, loyalty, and advocacy.

Text messaging builds engagement at any stage of the customer journey

Multiple new channels have added enormous complexity to the customer journey, making it much more difficult to deliver a consistent experience at scale. Legacy systems were not built to support customer-first experiences across multiple channels including mobile messaging channels. Adding new messaging channels, with new rich formats like; Rich SMS or OTT (WhatsApp etc), means new ways to connect and create a stronger bond to your customers. Although first, you need the customer to opt-in for your SMS communication.


In order to be able to send relevant and timely messages in the customer's preferred channel, empower customers to manage their preferences for better ROI.


Use cases for banks & insurance companies

Customers say they find a wide range of SMS notification types useful, whereas promotional notifications are less popular than those focused on utility and value. Banks and financial services companies must invest time in understanding customer preferences. Customers should be able to set preferences about what they want to see and not, and what channels they prefer (e-mail, push notifications, SMS, WhatsApp etc). The most common messaging scenario in financial services is consumers getting a one-time-password for sign-in, there are plenty of other use cases to explore in the customer journey, for example:

  • two-way conversations with customer service
  • appointments and reminders
  • fraud notifications
  • fill out forms via messaging
  • interactive call-to-action messages with landing pages
  • promotional messages; including unique URL:s and personalised landing pages
  • interactive loan calculators

Rich messaging experiences - mobile-first communication

The challenge, but also benefit, of today's marketing- , CRM systems and CX applications, is making sure you treat customers individually in the customer's preferred channel. Rich messaging is here to stay, and it gives customers app-like experiences that improve customer engagement and conversion rates. Rich messaging can innovate the one-to-one dialogue with your customers and lead to real conversations.

Rich SMS and OTT messaging channels allow marketers to create personalised SMS and landing pages using your company's custom font, logo, and branding. Rich messaging supports images, colours, videos, GIFS, CTA buttons, and more for a higher impact.

By leveraging rich messaging, your business can also provide its customers with on-demand support and easy self-service options through simple call-to-action buttons. Customers now no longer need to phone your call-center if they don't want to, instead they can simply send a text message via their favorite channel, reporting things like overcharges, wrong bills, or erroneous transactions. With rich messages, your customers can send a PDF of their bank statement, a picture of an invoice or a transaction statement directly to the customer care department through the preferred messaging channel. Make it easy for your customers.  



About us

At LEKAB, we will help you to get your information out and create engagement across mobile channels by delivering the right message at the right time. We offer digital tools and solutions including messaging APIs to streamline and digitise business processes and communications. We manage everything from complex enterprise solutions to smart and efficient process automation. Talk to us to find out how we can help your organisation to implement SMS or rich messaging solutions in your communication strategy to increase availability, productivity and customer engagement.

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