Social Banking

Customers increasingly demand that banks adapt products and communication channels to their habits and needs with agile and effective solutions.

E-banking on social networks

In Latin America, financial institutions do not yet feel ready to offer a service in line with user expectations, according to various studies. Only 9% of banks in Latin America are “very satisfied” with the service they provide in the mobile format, according to Digital Banking Report in the Latam & Caribbean regions by Infocorp.

This aspect became more of a priority and replaced other traditional preferences, such as the proximity of branches, according to the study Insider Intelligence, The Financial Brand 2021.

In addition, Mobile Banking is the second decision factor that consumers consider when becoming a customer of a bank and contracting its services. It went from representing 38% of the weightings in 2019 to 45.4% in 2020.

Conversational Banking: Accelerating Growth and Optimizing Costs

Those banks that bet on conversational banking through virtual assistant solutions on social networks gain a competitive advantage. This development with artificial intelligence opens the door to new businesses, makes transactions more profitable, increases active digital users and improves service.

According to the Accenture report Ready for Conversational Banking, Data shows that conversational banking can accelerate revenue growth by up to 25% and reduce costs by up to 30%.

Transforming and bringing the bank's service to conversational channels makes it possible to integrate different communication networks and provide 24/7 support and, in this way, customers can make transfers, payments, recharges and more, from start to finish, without leaving the messaging platform itself.

While, on the other hand, the Contact Center is also optimized, since tools such as live chat and FAQs are also integrated into the solution.

What is Social Banking all about?

At Infocorp, together with Nerv, we offer the product IC Engagement : an e-banking on social networks that allows customers to execute any type of transaction or query via messaging platforms such as Whatsapp.

This makes it possible to increase revenues since customers can make transfers, open new accounts or recharge their balance, safely on their favorite channels. In turn, it makes it possible to take advantage of the possibilities of up-selling and Cross Selling natively integrated to sell more with less effort.

IC Engagement improves customer service and transforms bank service into an agile service, reducing waiting times for users, who can easily self-manage their inquiries without the need for human intervention.

Finally, by providing 24/7 support, the company becomes a bank Always-On easily accessible. It provides information and provides more than 30 functions available 24 hours a day: checking the latest account movements, transfers, searching for nearby branches and cash machines, viewing balances and blocking cards due to theft or loss, are some of the operations that can be carried out at any time.

At Infocorp, we trust Nerv as a partner since we have an extensive experience together helping banks across the region with this solution: we create a digital experience on social networks to be closer to customers through innovation.

Adopting the service IC Engagement requires approximately one month, between analysis, development and integration. Because we know that our clients are looking for immediate and effective results.

This article is originally from our Partner Nerv ver here.

Would you like to know about our Social Banking solutions with IC Engagement?.

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