Going digital – omnichannel engagement for financial services

06 April, 2022

Delivering better service in difficult times is no small feat – but for CINNOX users in the financial services industry, the pandemic has become a springboard for digital transformation that is set to deliver long-term value.

As companies emerge from lockdowns only to face new challenges from upstarts such as virtual banks and digital wallets, “digital” has gone from being the buzzword heard in board rooms to something of a “new normal”. Some financial services providers have even stopped physical processing of loan and credit card information, in a move to all-digital processes.

Once queuing up at physical branches became out of the question due to social distancing restrictions, lenders began accepting applications through digital channels such as instant messaging. Yet sending important and confidential documents digitally still presents a logistical challenge. Because of stringent know-your-customer regulations requiring them to verify identities to prevent fraud, this step remains difficult if not impossible without a secure cloud-based solution like CINNOX.

Using the latest digital tools allows users to engage with a company directly, without the hassle of downloading an app. Customers simply start chatting through a web widget or QR code; they can even go straight to processing loan applications or signing up for a new account.

Better banking through live chat

Another type of CINNOX client which finds omnichannel critical to customer communications, especially in the post-pandemic era, is the traditional bank – in particular, the platform’s unique web widget which drives inquiry traffic towards specific user actions. Everything from opening an account to loan and credit card applications can be initiated through this chat function, which entices customers to engage with a bank more easily. “We find that this kind of chat function provides a less intimidating way to for a potential customer to start a conversation with a financial institution,” says Jimson Dator, Vice President of Global Sales, International Business Unit. “Traditionally banks are not the most approachable compared to other consumer-facing brands, and CINNOX helps them to project a more personable and welcoming image so that customers feel more comfortable with that initial engagement.”

During the pandemic, banks faced an increasing need to be able to reach out to customers via SMS, for updates and notifications – such as announcements on which branches are still open or which have closed. They have also seen value in the ability of SMS to deliver one-time-password verification services, a capability which has increasingly come into play given the lack of access to physical branches.

“Our financial services clients have decided to be more resilient in the face of these difficulties, and moving into that digital space will make them more capable of surviving this ongoing transformation that is happening worldwide,” says Dator.

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