Banks should upgrade mobile alerts to two-way interactions
Push notifications not only provide alerts but offer immediate options to take responsive actions
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- Written by John Ginovsky
Mobile alert strategies no longer encompass only basic one-directional communications to customers, but have evolved to include more sophisticated alerts known as push notifications, says research from Fiserv.
Push notifications enable customers to not only view an alert, but conduct a transaction in response to the alert within a secure app. For example, a low-balance alert can include a response option that enables a customer to immediately transfer money into that account right from their phone. This gives customers more control over their finances, and can ultimately boost customer satisfaction.
"With push notifications, financial institutions have an opportunity to transform their existing alerts offering from a reactive, event-driven service to a proactive personal financial management tool," says Jim Tobin, senior vice president and general manager, Mobile Solutions, Fiserv. "An enterprise alert strategy should include a wide variety of alerts distributed via multiple end points and devices. This will enable financial institutions to serve customers at different stages in their lives while keeping pace with regulatory demands."
An enterprise alert system, or a "superhighway" of two-way informational flow, should be seamlessly integrated with all banking channels to support information access and management reporting. The white paper outlines considerations for building and rolling out an enterprise alerts platform, as well as best processes for supporting alerts across channels. These considerations include using a phased approach to roll out alerts, with stages including:
- Stage 1: Account-centered alerts that are specific to account activity.
- Stage 2: Event-based alerts that indicate when an event may prompt a follow-up action
- Stage 3: Security-related alerts that notify the customer when accounts may be compromised.
- Stage 4: Customer care information that can be initiated by the customer or the financial institution.
- Stage 5: Actionable insights that provide financial management tips and guidance based on the customer's activity.
Consumer demand for timely, relevant and actionable alerts has increased and new technologies have emerged, making this an ideal time for financial institutions to revisit their alert strategy.
Tagged under Payments; Risk Management; Mobile;
