Social media has transformed how customers interact with their financial services provider. In the last few years, one of the core segments of banking which is retail banking, has seen complete metamorphosis led by social media. The two largest social media platforms present a significant insight into how they are disrupting the way we communicate. Look at these stats to gauge the power of social media:
- There are more than 2 billion users on Whatsapp and 1 billion were added in just the last 4 years.
- Whatsapp delivers 100 billion messages a day.
- There are more than 2.7 billion monthly active users on Facebook.
Today’s customers want to be heard, understood and valued. If your bank wants to build trust and stay profitable then you need to adapt to the new way of connecting with customers.
The rise of social banking
As per a Deloitte report, leading banks across the globe are already responding to this trend by evolving into social banks. One of the first mover in this direction was Citibank Inc. Back in 2012, Citibank launched a credit card with social networking as the key feature. The card was launched in Asia’s financial hub, Singapore, to test the growing consumer interest in social media. The card rewarded cardholders for their virtual social activities. This was the start, an acknowledgement of how powerful virtual networking is going to become.
In the last decade, banks have beefed up their online presence to drive customer experience and capture expanding business opportunities. Banks understand that they can no longer be a bystander. Earlier this year, India’s third largest lender, Axis Bank launched basic banking services over the largest social media platform Whatsapp.
Social media contact centers software are rewriting the customer experience in the banking industry
For banks to be empowered on social media and take relevant actions would mean going beyond creating a Facebook page or a Twitter handle. The objective here is to have systems in place on social media where they can interact with their customers with the purpose of faster resolving of issues and provide a wow customer experience.
This is where social media contact center software are helping banks in transforming their customer service on social media. Many banks using Whatsapp banking now provide financial counseling and disseminate information on various products directly to their customers on the same platform. From simple service requests such as account balance information, recent transactions, credit card payments, fixed and recurring deposit details, to real-time interaction on Whatsapp, banks are now using social media extensively.
Another feature that has gained immense popularity in the banking sector is automation of compliance procedures called Know Your Customer (KYC), through live video facilitated by omnichannel customer contact centers. The live face-to-face identity verification is carried out through video call over phone by the customer center agent. This makes the whole process seamless. From the comfort of one’s home, a customer performs the cumbersome process of KYC verification at the click of a button. This has been extremely beneficial during COVID-19 when people could not step out to the banks to update their KYC.
Omnichannel HoduCC Contact Center software for banks
With seamless multiple platform support features, Hodusoft’s award winning omnichannel contact center software is designed to handle high volume contact services for banks. It helps to drive stronger customer connections by facilitating conversations across platforms. Let’s look at the key features of HoduCC Contact Center for banks:
Hodusoft has integrated significant features of WhatsApp with theHoduCC omnichannel Contact Center software for smooth and swift communication between agents and clients. The inbuilt feature allows an agent to access WhatsApp in the contact center window itself. Moreover, like video chat the Whatsapp for business feature is packed with extras for enhanced customer experience. Have a look below:
- WhatsApp Based Ticketing
- Two-Way communication
- Alerts & Notifications
- Rich Media Support
- Seamless integration
- Facebook integration
The seamless integration in the world’s most popular channel Facebook helps to locate and control new customers through HoduCC contact center software automatically and in real-time. The direct mail feature helps in gauging customer interest and highlights curated information accordingly.
- Video chat
The specially designed HoduCC Contact Center for banks can provide personal touch to interactions with its face-to-face video chat feature. It allows customers to engage with customer care agents or bank account managers at the click of a button. The customer is able to voice concerns and seek redressal from the comfort of his home. Video chat has also been made feature-rich with additional capabilities such as:
- Screen Sharing: The software allows screen sharing, which helps in improving video communication efficiency.
- Document Sharing: Through a video chat solution, customer care representatives can easily share presentations, MOUs, and other important documents.
- Call Recording: The software makes it easy to record your call to recall the business conversation.
- Confidentiality: Conversations can be kept confidential with the help of a video chat contact center solution.
The incremental cost on purchase of different software for each task not only entails additional cost but also manifests into extra hours of training, maintenance and overheads. Being feature-rich means HoduCC contact center software saves incremental and additional cost by providing an omnichannel service.
- Targeted sales campaign
Social media conversations help in targeting relevant sales campaigns to the customers, providing a sense of personalisation. Meaningful conversations can also help in increasing product sales or directing qualified leads through the sale funnel.
Let’s swipe and connect
When connecting with customers can just be a click away, you must swipe and join the bandwagon. An emotional connection with a customer over his most loved platform can be a very powerful way of building a long lasting relationship and to become the first choice of the customer. An intelligent, omnichannel contact centre is what you need to make your customers become your brand loyalists and even champions.
If you are from a BFSI and want to know more, reach out to HoduSoft for the best social media customer service software.