Transform your transactional communication into a new service delivery channel that delivers interactive, personalized and targeted communication as per customer’s chosen convenience.
Transactional documents such as statements and advices are more likely to be paid attention to by customers than other type of literature like direct mail and promotions. Given its widespread reach and importance, bank statements can be effective tools for creating engaging conversations with banking customers. With the ongoing shift from paper to electronic format, traditional bank statements are increasingly being replaced with paperless, electronic ones that offer greater scope for interactivity and mobility. Electronic statements with interactive features bring interaction and analysis to the forefront by enabling more meaningful insights into transactional behaviour.
Banks have a tremendous opportunity, here, to engage in dynamic conversations with customers while providing interactive features that give more insight into the traditional data like account, card, loan and transaction summaries, welcome packs, notices and advices. Also, given that this statement is a mandatory requirement, offering engaging communication through this medium can be a competitive differentiator for banks.
Interactive statements is all about..
Interactive Statements are the next level of electronic statements that deliver complete insights of the customer transactional information in the form of intuitive charts and graphs. It further enables customers to perform meaningful actions that include sorting the transactions by category and search the transaction either by amounts, cheque number and the transaction dates.
Thus, the easiest and simple way to improve your bank’s customer experience is by revolutionizing your traditional interaction with customers- taking your electronic or print customer statements with static data onto the interactive platform that offers customers valuable insights of transactional information with analytical capabilities.
As a bank, you can even transform the current statements with personalized views and offer complete customer relationship information in a consolidated manner in one place with further drill-down to access the granular transactional level information with few clicks.
Adoption of interactive statements may bring numerous benefits that includes:
Rich User Interface
With interactive statements, you can offer the summary of a customer’s relationship with your bank in one screen with information of all the products and accounts something similar to the image below. The ease of navigation makes it possible to embed relevant, personalized and highly targeted communication leading to a delightful customer experience.
Unmatched Interactive Capabilities
Interactive statements offer internal retrieval capabilities that enable customers to access granular information about all transactions across products and accounts, right from the summary screen, just with a few clicks. The Intuitive graphs and charts can be designed and developed either to graphically represent the spend analysis or transactional analysis including the analysis of accumulation of reward points.
Empower customers with tools
Interactive widgets built into the statements can enable customers to initiate some transactions such as Requesting ATM Card, Cheque Book, loan top-up, Card limit increase. In addition, you can embed the Loan Calculator widget, which will be based on your lending products, into all or a segmented set of customers statements. This enables your customers to try out a variety of options by changing the EMI amount and the instalment numbers on their own. Similarly, you can build the Deposit Calculator widget and embed the same into, again, all or some segmented customer statements, in the deposit renewal notices.
This way, customers are empowered to make wiser choices through personal trial of various possible combinations and understanding of relevant offers. By leveraging technological advancements and selecting flexible and comprehensive solution, the interactive communication capability can further be extended to any sort of communication that goes to the customer.
High degree of Personalization
Interactive statements allows the flexibility to design customized templates as per each bank’s unique branding and communication needs. This allows for a high degree of brand association and connects with the customers bringing in a personalized experience. The right software solution that offer flexible query based rule engine can bring in the much needed high level of personalization with minimal effort on the bank’s part.
Often, customer statements are loaded with marketing messages and special offers which are not effectively tracked for their success rate and sales lead generation. Interactive statements enable banks to embed highly targeted and customized marketing messages, in line with customer needs and with effective success rate and sales lead generation tracking capabilities.
Achieve Operational efficiencies
Banks need numerous templates for their diverse communication needs that are customer and product specific across offerings and still keep every communication as personalized as possible. With the right enterprise level software, banks can transform their communications in controlled manner and consistent across all channels and platforms with proper audit controls in place. On the operational side, an effective workflow that accommodates all the stakeholders, right from the front office to the back and all the way to marketing teams is very critical to achieving efficiencies. This in combination with a flexible rule engine that enables defining templates, populating financial information and selecting appropriate marketing and compliance message alone can offer complete control over the process.
By selecting the right software solutions, banks can populate the interactive content from a rich and well thought of front end that enable the business user to select the right template, personalized information and right targeted marketing message and appropriate compliance message leveraging the solution’s business rule engine, work flow, template manager and composition engine to ensure execution of the complete process in a systematic and controlled manner.
Along with all this, it is each targeted communication sent out should reach the intended customer through the appropriate channel at the right time. Thus, the Delivery Manager function is critical to the health of a bank’s communication. It ensures the delivery of the communication to the customer through his channel of choice, and has the capability to track the delivery and equipped with the ability to provide a bank’s management with reports giving statistics of critical relevance.
Highly interactive electronic bank statements have taken over the static, paper based ones. What banks need today is a future ready solution that is smart to provide highly analytical features, capable of embedding dynamic widgets, flexible to be customized for each customer and product segment at the discretion of banks’ unique objectives and relevant to deliver highly targeted communication through the customer’s choice of channel.
Thus, a well crafted Communication strategy with a right enterprise class software solution not only delights customers with real-time, personalized, relevant communication and self servicing capability, but also offers banks to further improve operational efficiencies in the communication process.
Interactive communications, packed with the comfort of initiating transactions requests without having the hassle of exiting the statement for the same, the convenience of viewing consolidated information in a summarized format with drill-down capability to access granular information and the high-level of personalization with only relevant and meaningful information truly offers positive interaction by design. This is a sure way of engaging and delighting your customers!