Omnichannel Messaging Enhances the Impact of FinTech AI to Create a Cohesive Consumer Experience

The increased usage of artificial intelligence (AI) has shifted popular channels like Facebook, Instagram, and TikTok from places where we chat, to platforms where we conduct business. Conversational commerce will […]

The increased usage of artificial intelligence (AI) has shifted popular channels like Facebook, Instagram, and TikTok from places where we chat, to platforms where we conduct business. Conversational commerce will only continue to take center stage. Gartner predicts that 70% of all consumer interactions will involve mobile messaging, chatbots, and machine learning by 2022.

The financial sector, once viewed as a stodgy industry, has taken notice. Financial technology (FinTech) has revolutionized the way banks and other financial institutions interact with customers. According to Deloitte, the adoption of digital technologies is the most significant new trend in the financial industry. New customer communication tactics are enabling banks to take their piece of the pie and eat it, too, creating swift, secure, and personalized experiences that meet consumers where they already are.

While AI has proven to be highly beneficial to FinTech, banks and other financial companies can take the process one step further by boosting the impact of AI with omnichannel messaging.


How the financial industry is using AI


Simply put, AI solves problems. It enables organizations to trim their bottom line. Autonomous Research predicts that AI will allow financial institutions to slash their operational costs by 22% by 2030. Artificial intelligence also enhances the customer experience. It can quickly analyze staggering amounts of data in real-time, immediately verifying a person’s identity or creditworthiness.

However, banks must be providing these types of services to the end-user through all secure channels. Omnichannel messaging makes a company’s job easier by increasing reach, engagement, and impact. 


How omnichannel messaging can amplify FinTech


Today’s savvy consumers now expect seamless digital experiences in all aspects of their lives. Banking is no exception. However, only 34% of mobile customers and 44% of online consumers have stated that their online banking services are simple to use.

Numerous tech companies take advantage of the traditional banks’ shortcomings and pivot into finance with robust digital offerings. For instance, Apple now offers credit, and Amazon is dipping its toes into small business loans.

Today, banking apps send alerts, notifications, and reminders for account transactions. To improve the customer experience, these interactions should mimic the experience of seeing a bank manager face to face. Consumers should have the ability to contact their bank on their channel of choice to report suspicious activity, reduce their overdraft limit, or request a new card. Moreover, they should be able to do all of this within the chat.

More than half of consumers report that messaging is the easiest, most convenient way to contact a company. By utilizing the powers of omnichannel messaging, banks can offer a better digital experience to their clients.


Conversational commerce is a two-way street


Financial companies need to prepare for when a customer responds to their notifications. This preparation requires an additional layer of connective tissue that unifies communication across channels into one platform that enables agents to understand the context and what outbound messages a client responds to. Agents are left in the dark without this critical information, and nimble, personalized responses are nearly impossible. A solution like Mitto’s Conversations can help achieve this. 

Banks aren’t the only financial institutions that can benefit from omnichannel communication. Insurance companies can also cultivate meaningful consumer connections by sending customers direct reminders about their policy renewals on any channel of their choosing. Clients can directly interact with an agent, providing a frictionless experience. 

For instance, a customer can sign up and opt-in to receive real-time updates through SMS. A month before their policy expires, an email will let them know. If the customer has questions, a chatbot can be activated to suggest a new policy that the customer can either accept or, if they have additional questions, put them in touch with an agent directly.


How can financial institutions leverage these tools to improve the customer experience?


Mitto can help. Our omnichannel messaging services for the financial industry provide banking companies with elevated engagement, more reach, deeper customer connections, and smoother operations.

To discover more, text our team today at (424) 653-3380. We’re here to help!