Financial services

4 ways microservice updates can improve financial services legacy systems

  • jennifer kim twilio
    Jennifer Kim
  • May 25, 2021

Whether you’re a Fortune 500 insurance company, a neo bank innovator, or somewhere in between, here are four small updates around expanding your customer engagement technology that can help you create and nurture meaningful relationships with your customers.

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Even before COVID-19, financial services institutions were experiencing intense digital fluctuation across the industry’s landscape. With consumers expecting a certain level of customer engagement regardless of channel or platform, many financial services firms are looking to modernize to keep up with this level of engagement but struggling to determine where to start in an industry so embedded in face-to-face interactions. 

Prioritizing digitization doesn’t have to mean starting from scratch or a complete rip and replace strategy; institutions can instead look to supplementing their current technology infrastructure (including legacy systems) with microservices to provide these modern features.

Whether you’re a Fortune 500 insurance company, a neo bank innovator, or somewhere in between, here are four small updates around expanding your customer engagement technology that can help you create and nurture meaningful relationships with your customers.

1. A little conversation goes a long way

With call centers experiencing all-time highs, one of the most effective ways to see an immediate impact on the quality of relationships with your customers is by augmenting your existing contact center. This type of microservice update doesn’t require a full rip and replace, and can quickly provide customer account details while allowing your support agents to respond seamlessly with contextual information. For the financial services industry specifically, this time saved with the implementation of an intelligent contact center with omnichannel capabilities can make all the difference as to whether your customer sticks with your business or moves on to a competitor. 

Micro reads: 

2. Zoom in on security 

As financial services companies are forced to implement digitization quickly because of the pandemic and customer behavior post-pandemic, there have been an increase in "bad actors" in phishing attempts and cyber attacks. As a result, increasing digital security measures is crucial for identity verification and preventing customer account takeover and fraud. 

This shift is an opportunity to improve and implement security systems like two-factor authentication as well as updating risk assessments for on-site and remote employees, third-party vendors, as well as for existing and new customers. Because these security micro-services can be isolated, performing this small update will also ensure that a potential security breach won’t threaten your entire institution.

Micro reads: 

3. Don’t short change your customer engagement channels

Even if your employees are heading back to the office, the customers you serve may not be quite so eager to meet face-to-face. They’ve grown accustomed to a certain level of convenience and to stay competitive, updating your omnichannel approach with micro-features that continue to provide virtual customer interaction is a real opportunity post-pandemic. 

Consider adding in omnichannel services such as the option to click-to-call for those individuals who either don’t have access to certain digital communication or prefer a more analog approach to their request. For those who still want a face-to-face interaction but with at-home convenience, are there opportunities to implement a click-to-video option so that a customer can meet with your team remotely? These tiny updates show your customer you are focused on their seamless and safe experience with your business in a way that works best for them.

Micro reads: 

  • How Chime implemented a combination of communication channels from voice to SMS to improve their customer satisfaction rating by 12 percent
  • Why using a simple click-to-call API update resulted in CarFinance increasing their customer conversion rate by 12 percent while enabling them to answer 100+ more customer calls per day.

4. Small scale, big results

Another benefit of starting small is that it’s an extremely effective way to integrate changes into your legacy system with easily replicated APIs. APIs enable businesses to connect multiple databases and create a centralized UI and source of information. This also helps with establishing internal and external consistency across systems to solve for any operational inefficiencies. Instead of having to log on to several platforms for different uses, employees and customers can log in or access one channel of choice to get the right message at the right time.

Over time, this can also help with growth in users/transactions, and if/when you want to add more features, you can do so within the existing infrastructure instead of starting fresh once again.

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Do more with less

By adding microservice updates to your legacy systems, the benefits extend throughout your financial services organization from more optimized internal communication to improving your overall customer journey and experience. As your business transitions back to the office, in whatever format, now is the time to make these small changes for long-term reward.

Financial services

Learn more about how small changes to your legacy system can make a big difference in your customer engagement.

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jennifer kim twilio

Jennifer Kim

Jennifer Kim is an Industry Marketing Manager at Twilio, focusing on the Financial Services industry.