Menu
Banking Exchange Magazine Logo
Menu

Banks should upgrade mobile alerts to two-way interactions

Push notifications not only provide alerts but offer immediate options to take responsive actions

Banks should upgrade mobile alerts to two-way interactions

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.

More information

John Ginovsky

John Ginovsky is a contributing editor of Banking Exchange and editor of the publication’s Tech Exchange e-newsletter. For more than two decades he’s written about the commercial banking industry, specializing in its technological side and how it relates to the actual business of banking. In addition to his weekly blogs—"Making Sense of It All"—he contributes fresh, original stories to each Tech Exchange issue based on personal interviews or exclusive contributed pieces. He previously was senior editor for Community Banker magazine (which merged into ABA Banking Journal) and for ABA Banking Journal and was managing editor and staff reporter for ABA’s Bankers News. Email him at [email protected]

back to top

Sections

About Us

Connect With Us

Resources

Webinar: From KYC to IDV

How three leading banks are utilizing cutting-edge
digital tools to onboard, win, and wow customers

Time/Date: June 23, 2021 11:00 a.m. ET

Digital adoption, already moving at warp speed, accelerated seven years into the future during the COVID-19 pandemic. As the number of bank branches continues to fall, with at least one study predicting all branches will disappear by 2034 (Fox Business) and foot traffic declining (Vox), today’s most innovative banks are charting a new, digital-first path to win over customers while increasing security, meeting KYC compliance requirements, and winning customers to drive revenue.

In this webinar, you’ll hear from John Baird, Founder & CEO of Vouched, Tyler Crawford, COO of Bankers Healthcare Group, Anand Sathiyamurthy, CPO of Flagstar Bank and Daniel Sheehan, Chairman & CEO of Professional Bank as they describe their vision for digital transformation and how customer expectations are changing to digital first. They’ll also explore how fostering an innovation mindset creates new ways to tackle complex KYC problems and allows them to quickly compete in new markets and win customers.

REGISTER NOW!

This webinar is brought to you by:
Vouched Logo