LONDON, January 17, 2019 /PRNewswire/ --
Infobip, a global communications platform for businesses, today announced the launch of its new eBook, Better Banking through Better Communications. The eBook addresses the challenges and opportunities for banks and other financial institutions striving to keep pace in an industry, and during a time rapidly transformed by technology.
In a mobile-first world, Infobip advises that banks must continue to evolve their existing customer engagement. Expanding into new methods of communication is instrumental to meet the growing demand from consumers desiring financial institutions to provide an always-on service.
A recent study from Viacom supports this, finding 73 percent of millennials expressed more interest in obtaining financial services from a tech company than a bank, and a third of them don't expect to need a bank at all by 2020.[i]
The research discusses that while banks have modernized in recent years, it's not been at the same speed as their customers. As a result, where traditional banks have failed to meet the demand for speed and convenience, other - more agile - vendors have been able to step in and provide this service.
"From our research, it's clear the winning financial institutions in this evolving economy are those working the hardest to modernize, humanize and personalize their customers offerings. The banks stepping up to the challenge, are the ones forging innovative new services that break with traditional practices. Better banking will be achieved through better communications, with a focus on implementing an omnichannel strategy for an enhanced and more personal customer experience," said Marko Koic, Marketing Solutions Manager for the Financial Industry at Infobip.
The eBook also highlights that most global analysts agree that increased personalization has multiple and valuable business advantages for banks. For example, Boston Consulting Group lays out a number of these in its report The Power of Personalization:[ii] It believes the impact of personalization in retail banking will be dramatic, generating a 30 percent to 40 percent sales lift in some product areas, reducing customer churn rates by 10 percent to 30 percent, and lifting customer engagement scores by a factor of 2x to 3x.
The Better Banking through Better Communications eBook can be found here.
Infobip powers enterprises to deliver messages across any channel, any device, at any time and anywhere worldwide. Infobip's technology creates seamless mobile interactions between businesses and people as well as simplifying the integration of almost all communication capabilities. With over a decade of industry experience, Infobip has expanded to include 60 offices on six continents offering an in-house developed messaging platform with the capacity to reach over six billion mobile devices in 190+ countries connected to over 800 telecom networks. The company serves and partners with leading mobile operators, messaging apps, banks, social networks, tech companies, and aggregators.
i. Translate Media: fintech challenge https://www.translatemedia.com/translation-blog/how-fintech-is-challenging-the-voice-of-global-finance/
ii. BCG: The Power of Personalization http://image-src.bcg.com/Images/BCG-The-Power-of-Personalization-May-2018_tcm38-193010.pdf