Real Time Communications Featured Article

Is it Time to Bank on Real-Time Communications?

April 13, 2016

Real-time communications is transforming industries today for its ability to relay information as it happens. From better, more personalized interactions, to faster services, the power of information in real-time has become undeniable.

Some of the industries already benefiting from the use of real-time communications include call centers, healthcare, mobile and even consumer markets. One sector that’s become the latest focus is Financial. In particular the banking industry has become a prime contender as the next big thing in RTC.

Part of this push comes as banks struggle to improve customer service and personalize offerings. The problem they are faced with is how do they meet the needs of today’s demanding customer and ‘wow’ them so they stick around?

Taking a page out of other successful businesses today – banks are now realizing they need to incorporate personalization. Reaching out and sending communications at just the right time for customers is what will continue to bring loyalty. Couple this with all the new technologies and capabilities like wearable tech, social media, mobility and IOT that continue to emerge, and the opportunity for banks to win and keep customers is abundant.

Artificial Intelligence (AI) and machine learning are some of the latest concepts recently discussed in an article by Kim Neuwirth, Director of Product Management at Narrative Science, writing for The Financial Brand. As Neuwirth notes, technology companies have already developed algorithms that track a user’s online habits, creating “deeply personal online experiences.” This data about customer behavior or possible predictions on their needs is automatically generated by a computer and can be used to further enhance engagement as well as improve customer service.

Forward-thinking banks need to consider the next steps. Tomorrow’s customers won’t want to just be alerted of new savings account options for their newborn for example. They’ll want things like proactive fraud monitoring and they’ll want to leverage real-time data generated by the computers to improve their financial well being. 

Edited by Rory J. Thompson

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