How FIs can reduce customer acquisition cost and realize optimum results.

 

A recent Digital Banking report found that financial institutions usually spend escalating cost on their customer acquisition efforts but realized less outcome. Re-thinking and utilizing digital innovation can help to reduce cost and have impressive results. It can provide the opportunity for on-boarding prospective customers, direct engagement with existing clients and promotion of service offerings to increase sales.

Making use of direct conversational, user-friendly, cloud-based platforms will enable financial institutions to utilize existing technology to efficiently serve customers. WhatsApp is the most widely used messaging platform in the world with more than two billion users. In the Middle East and Northern African region, adoption rates have crossed 77 percent and similar adoption rates in other parts of Africa.

With end-to-end encryption and mobile-centric customer service channel through JETHRO WhatsApp Solution, your Bank can deliver a more satisfying customer experience to a wider base.

 

Some customer acquisition features include:

  • Promotions and direct marketing – With a verified WhatsApp channel you can directly market offers to a large number of users by sending direct messages, which function as an automated conversation. For example, banks can send a special promotional offer to users and enjoy the benefit of automatically initiating the sign-up process. This reduces the risk of losing the prospect due to unsatisfactory service experience. It allows banks to offer better customer engagement, by offering more immediate and responsive support.
  • Onboarding of new customers – Your verified WhatsApp channel can facilitate the onboarding of new customers. It supports rich media such as images, documents, and videos which prospective customers can receive and understand to the extent of even your most complex products and services. Through chat banking via WhatsApp Business, you can showcase your banking services to create a great first impression about your focus on customers’ smooth experience. Easy uploads of high-resolution images, or scans of documents, facilitate validation and the KYC process. It’s an easy resource to upload and send multiple documents required for sanctioning loans or clearing insurance claims.
  • Trust as a result of end-to-end encryption – In addition, end-to-end encryption ensures that customers and banking representatives interact in a secure and reliable way that keeps personal information safe. The encryption feature makes it completely secure and easy to use for sending and receiving confidential banking data. With 100 percent deliverability and a high response rate, the solution offers seamless performance always.
  • Automated Information update – This feature enables efficient messaging and record-keeping for banks. It allows sending of real-time requests and information to customers by providing updates/status and responses to customer queries. It can also provide automated FAQs, other relevant information such as account details, links to services offered and more.

 

Customer accessibility options include:

  • QR Code: Placing the QR Code of your verified WhatsApp channel number on your promotional posters will provide an offline entry point. When customers see your posters with the QR code prompting them to connect with the WhatsApp channel, all they need to do is scan the code with their phone to communicate with the contact center. To avail various banking services, customers then need to follow the on-screen instructions.
  • Customers can add the verified WhatsApp channel phone number directly to their contacts and start communicating with the contact center.
  • Social Media (SM) Ads – SM platforms lead targeted audiences to your WhatsApp channel using a link at the bottom of sponsored ads on most popular social networks. Facebook and Instagram adverts with links that click-through to WhatsApp are a popular way to increase reach and raise awareness.

 

Acquisition use case – Increased customer base by 50 percent via Verified WhatsApp channels.

Challenge
An international payment company was exclusively using SMS notification to communicate with customers and was limited in reaching its customers in other countries. The firm aimed to be in contact with existing and prospective customers in a fast, reliable, secure and convenient manner, irrespective of their location around the world and preferably on a convenient platform they are already using.
Solution
Banking updates and authentication via verified WhatsApp Channel. The payment company incorporated Jethro WhatsApp solution into its communication channel and its clients across the globe began to experience efficient customer service.
Results

  • Simple customer on-boarding: Easy account registration and on-boarding of prospective customers with short videos, documents and images.
  • Increased customer satisfaction: Customer base grew by 50 percent.
  • Better customer engagement: Queries resolution success ratio increased to 70 percent. Real-time notifications of account updates and transactions.
  • Increased Trust: Real-time authentication to verify payments.
  • Long-term customer relationship: Efficient capabilities that have served over 40k customers.

In Conclusion

Prospective customers are already familiar with conversational platforms which can have immense impact on your customer acquisition effort at affordable cost. JETHRO is here to help you connect with your customers at every touch point on their favorite app. With automated, personalized banking services, JETHRO WhatsApp solution can transform your customer experience. We can help you to get up and running in no time. Contact us today!

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