What conversational messaging means for business
Today, the four largest messaging platforms, including WhatsApp, Facebook Messenger, and WeChat, have more active users than the four largest social media platforms, Facebook, Twitter, Instagram, LinkedIn –– 4.1 billion versus 3.4 billion.
It’s a sign of the times. A decade ago, the rise of social media pushed communications into the public sphere, incentivizing businesses to broadcast content to their followers. Now, consumers prefer secure, 1-to-1 communication, or group channels.
Overwhelmed by as many as 63.5 notifications per day, they’re muting notifications from non-essential mobile apps providing a singular function or one-off transaction. Only 12 percent of consumers prefer a company’s mobile app for receiving communications from a business. These shifts in technology and preferences are driving consumers to seek out more secure, authentic communications.
A powerful opportunity to engage
For companies, this shift represents an opportunity to transform how they connect with customers through personalized, context-rich conversations. …
How leading financial services companies like ING differentiate through communication
From managing an online checking account to communicating with a mortgage advisor, today’s mobile customers are used to receiving texts and other messages from the financial services companies with whom they do business.
Payment-due reminders, low balance alerts, and suspicious activity warning notifications are all essential bits of information that shouldn’t end up in an email inbox. Customers need — and want — to receive these messages in real-time and via SMS, in-app chats, push notifications, and popular services like Facebook Messenger, WhatsApp, and other over-the-top (OTT) messaging applications.
Outside of regulatory compliance, customer retention is the biggest challenge facing financial services firms. According to a CustomerThink study, retail banking customer acquisition costs hover around $200.
With the average customer generating about $150 in revenue each year, a financial business would need to retain that customer for more than a year and a half just to recoup those costs.