How can rich messaging help the finance industry?

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According to The Future of Customer Engagement and Commerce,

“These days it’s all about the customer experience, and many banks are feeling pressure because they are not delivering the level of service that consumers are demanding, especially in regards to technology.”

In an increasingly competitive market, the customer needs to be the focal point of all activity. Customers are demanding a higher level of service from companies, and the finance industry is no exception.

By incorporating the latest technology into your customer communication strategy, you can solidify your brand as a forward-thinking, customer-centric market leader.

Introducing Rich Communication Services (RCS)

RCS is hailed as the future of mobile communications and is set to not only replace standard SMS, but also negate the need for companies to commission independent branded apps. The aim is for RCS to handle all customer communication, from simple, everyday activities, to far richer content than we, as consumers, have ever experienced before.

How can RCS help to propel the reputation of the finance industry?

According to CyrusOne,

“To address the issues facing the industry, financial institutions need to quickly migrate their old technology architectures to next-generation capabilities. Viewing new technology as a strategic growth investment rather than an operational expense…”

RCS could help brands to not only improve their customer communication strategy, but also help to reinforce brand reputation and trust. For the finance industry, this can often be a core problem area, with many spam and phishing scams operating in this space.

Uses of RCS for the finance industry

This is where Rich Communication Services can help; one of the core features is verified sender. A brand cannot send an RCS message to its customers, without first going through a rigorous verification process. Once the brand has been verified by Google, their logo will show at the top of the inbox conversation, along with their official brand name, brand colour and next to each message, a logo.

This should help to reassure the recipient that the finance company contacting them are legitimate and ensure that they feel confident communicating potentially sensitive information in this format.

RCS – a seamless integration into legacy systems

A recent study found that 87.1% of bankers, believed that their current infrastructures were not adequate to support the digital banking ecosystem of the future.

However, RCS can be integrated into a company’s existing systems via a simple and robust API. This means that for the first time, financial institutions are able to compete with technologically-advanced systems such as Fintech without having to invest in expensive software.

Join our Rich Messaging Partner Programme

If you’d like to find out how rich messaging can help your business, we are accepting brands on to our Rich Messaging Partner Programme. To find out how we can help improve communication with your customers, simply get in touch, we’ll be happy to help.

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Amy Robinson

Hi, I’m Amy, Senior Brand Development Manager at Esendex, with a background in digital and international marketing. I love everything to do with digital technology and improving communication between brands and their customers. I also take great pride in combining digital optimisation with user experience.