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CPaaS and Conversational AI Benefits To Banking Sector

Communications Platform as a Service (CPaaS) brings together various communications like SMS, social messages, calls, emails, etc. for better customer engagement. This all happens in the cloud: The latest tech optimizes the way businesses communicate with consumers on various channels.


Communications are pivotal to creating a personalized experience for companies, but the way we connect and communicate is constantly evolving. Companies search for more flexibility in their communication stack than they can get from the “one size fits all model”. As service solutions are growing increasingly popular, it needs to ensure that today’s companies can access the functionality they need in a flexible cloud base platform. Without overspending deployments and maintenance in the channels like (CPaaS) Communications platform as a service. It lets them connect and collaborate their way while keeping up with changing technological needs – without breaking the bank.


A new Outlook in Banking Sector:


The Global Pandemic has bought new challenges to banking & finance services and has redefined customer expectations. Banking has explored new channels to help their clients and customers in communication. This has turned to omnichannel self-service methods to manage their accounts 24*7. This is where CPaaS step in to help conversational AI platforms. Combining these with APIs to automate customer service interactions and ease the journey for both customers and banks.


In recent times, the BFSI sector has to deal with new challenges like operational obstacles and addressing service accessibility. Hence, they have adapted to new digital channels to help customers to understand government programs, adjust budgets and manage accounts.


So let’s discuss a few cases where you can use SMS and IVR services in the BFSI sector.


1. Applications & Personalized Offerings
Studies show that consumers are actually willing to provide more information if they know they will receive more custom offerings. Sending a welcome SMS + personalized offerings during the service onboarding is not only a chance to create a relationship with your customer but also gain insight into additional value adds you may be able to provide.


2. Account & On-Demand Service
Automatic text reminders can help you reduce delinquency risk and encourage customers to bring accounts up to date on time. 85% of texts are opened within 5 minutes of receiving them. So the agent efficacy will skyrocket with the increase in the number of customers contacted per minute. The average length of time for an account resolution call is 6 minutes. The average length of time to receive and respond to a text is 90 seconds. That’s a 5X saving. What could your agents do with that time?


3. Compliance & Security
To build your SMS messaging database, you first need consent to engage with a consumer. To do so, you essentially need to ask permission from the consumer. Built-in consent mechanisms help you maintain consent across channels in real-time.

Additionally, deploying automated messaging technologies such as bots can be a proactive measure. It helps in quickly detecting risks or potential compliance failures. SMS messages can serve as a convenient two-factor authentication measure. Helping you to be sure you’re handling customer information with every precaution necessary.


4. Fraud Notifications
You can quickly and cheaply notify customers that fraud was detected on their accounts using outbound IVR. SMS notifications can also address this issue. But IVR adds the additional option of being immediately transferred to a live agent.


5. Loan status and updates
Customers might want to call in to find out the status of their loan or any changes that may have occurred. An IVR system can help route them to the right agent or retrieve the data and play a text-to-speech message that tells them about their loan.


6. Surveys
Customer feedback is important! It’s easiest if surveys are automated and occur at the end of a phone call. Or if you arrange for a system to call customers to collect their thoughts, you can use this to make your customer service and engagement better over the entire customer lifecycle.


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