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While the current environment has posed challenges to virtually every sector, financial institutions and payment providers have an opportunity to exceed their customers’ expectations.

By providing an experience that engages customers with valuable advice and timely calls to action, everyday transactions and payments can be turned into meaningful interactions.

Anyone can benefit from expert guidance. Financial institutions can put themselves in a position to ensure that their customers are fully informed of relevant products and services by way of human interactions. With an increasing number of fraudsters seeking to exploit the COVID-19 pandemic for payments fraud and financial crime, financial institutions can reassure customers that their interactions through authorized channels are secure, and that trusted professionals are at the other end of the interaction.

By providing customers with a complete picture of their financial position and a direct route to the tools they need to make adjustments, banks can make it easy for customers to engage more often on all financial matters. This will help build the trusted relationship between the bank and customer that extends beyond the everyday transaction.

In-app communications specialist Twilio found that 89% of consumers want to interact with businesses using messaging services, two-thirds of whom preferred mobile-based services. Additionally, 85% said they would like to reply to these messages or engage in conversations from that point.

With this in mind, services like smart messaging should reach customers’ core desires: interaction, engagement and responsiveness. Consumers desire a communication channel that supports timely exchanges on matters they wish to engage on.

In order to win over today’s customer, there needs to be a strong digital focus, particularly when it comes to mobile. Once that is off the ground, customers that are the most digitally engaged tend to be the most loyal — especially as it relates to signing up for more services and making recommendations.

By communicating securely and providing advice that is relevant, reliable and timely, over time financial institutions and card issuers will invoke trust and loyalty from their customers and improve engagement rates.

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Coronavirus Digital payments Financial institutions Mobile payments Payment processing