Sun. Jul 25th, 2021

Benefits of Transforming the User Experience in Banking Apps

Benefits of Transforming the User Experience in Banking Apps
Spread the love

Transforming the User Experience in Banking Apps: Benefits of adding Chat, Voice, Video API into Banking Apps

Digital transformation is inevitable for every industry; with the right balance of technology innovation and security in communication channels, every industry is trying to incorporate it into their services to retain their customer base; banking is no exception.

Customer care is very crucial for the banking and finance industry. Although most banks have websites and apps primarily for facilitating banking transactions, it lacks user engagement. 

A Research Report by Juniper predicts that almost 90% of banking interactions will occur instantly in real-time through automation by 2022.”

While the demand for more personalized and instant communication is growing, with the increasing popularity of instant messaging and chats, the banking and finance industry is on the verge of Integrating live chat API into banking apps for building customer trust and increasing brand loyalty.

Despite adopting technologies, there are several potential threats and security involved. To overcome these challenges, banks turn to reliable third-party communication service providers capable of deploying software in the bank’s on-premises, adhering to all regulations. 

So, here is all you need to know how you can improvise user experience in banking by Integrating real-time communication APIs in banking platforms. 

 

Transform User Experience:  Integrate Communication Features into Banking Platforms

A Customer-centric approach in banking platforms is not about adding multiple elements for interactions; instead, it must emphasize the high-touch points essential to establish a channel for instant communication.

Generally, a bank’s website or app may provide all information and provisions for banking transactions; customers might still want to reach out to their financial advisers, bank relationship manager and discuss. The growth of messaging apps, personalization and enriched user experience has indeed taken customers’ expectations to the next level. Hence, you need to Hence, a best choice to build video conferencing apps for banking industry with  live chat, text messaging, voice call features and get the following outcomes:

  • Better customer care support.
  • Huge savings on time & money.
  • Improved user experience with a higher retention rate.

Moving Further, Here’s the list of few use cases that depict how the communication features will enable you to improvise the bank-customer relationship.

 

  • Highly  Responsive Customer Care

By integrating a live video chat SDK for banking platform, offering spontaneous and responsive customer care support is possible. The main purpose of incorporating a live chat into any website or mobile app is to provide instant response to queries, ask relevant questions to users, and complete the transactions. It is so easy to implement, result-driven, and cost-effective. 

Instant messaging allows customers to instantly reach their advisors and managers and by using live chat to get their queries resolved and permit instant authorization and approvals on all impending banking transactions.

Adding live voice calling api for banking mobile apps renders a complete personalized user experience. Further, including these communication functions in the application enables banking institutions to offer hassle-free communication channels.

 

  • eKYC Compliance & Security

The banking institution requires its customers to share several pieces of information, including personal data. Banks and financial institutes must oblige the Know-your-Customer (KYC) compliance as it is mandatory. 

Before online banking, KYC verification was a tedious process; now, it is easy. The e-KYC(electronic Know-Your-Customer) Compliance process involves several aspects such as encrypted file-sharing, including pdfs and media sharing like photos and certificates, voice authentication, HD-video calls, encrypted & secure messaging. All the data have to be stored securely, archived for retrieval.

By integrating a chat API & SDK into the banking app, all these must-have functionalities will  be readily available in one place and help to save time, money, and effort. Hence, it is significant to consider the KYC compliance for identifying the functionalities needed to build chat solutions for banking apps.

 

  • Personalized Push Notification

Push notification is a powerful tool that helps customers to complete any banking transactions. Whether a customer is planning to open an account, make a transfer, apply for a loan, account closing, set up an investment fund, oror commercial trade, can trigger personalized notifications to indicate the process completion and alert when an action is impending to support customers.

When banks Integrate messaging API for banking section, it provides the opportunity to keep the customer informed through notifications and encourages them to continue availing the ongoing banking service without deviations.

Sending, reading, and responding to push notifications can occur while accessing the app for other purposes.

Why Choose 3rd Chat APIs & SDKs Provider?

Chat, Voice & Video API & SDK integration into a BFSI app empowers the bank and finance institutes to deliver high-enhanced solutions. Personalizing online support, remaining compliant with regulations, and implementing effective real-time communications is all you need to have in a banking platform. 

A Chat Integration improves user engagement, transparency, user trust, conversions and increases transaction speed. Also, with the physical appearance fading away, technology urges customers to opt for banking services with voice commands and touch screens. Moreover, with voice and video calling in banking apps, customers’ interests can be covered and protected.

Hence, the best option to build video chat APIs for banking platforms is to reach out to the third-party software solution provider who can offer the deployment of such software on-premise, offering rich features with secure storage as per your requirement. CONTUS MirrorFly is an ideal choice to choose for building secured, reliable, and fast, responsive banking and finance platforms.

  • Own Cloud & On-Premise Deployment

It comes with a flexible deployment of the chat applications and allows its own cloud and on-premise hosting. So, if you wish to deploy the software directly into your hosting environment or server, they are competent to do it. Otherwise, they provide you the hosting on the cloud. However, in both cases, the data and admin controls are invested with you, and thus, they are a highly reliable solution provider to build messaging solutions for the banking sector. 

  • Encrypted & Secure Communications

The communication server from MirrorFly & client is encrypted with 256-bit SSL and AES 256 encryption to safeguard cloud data. In communication solutions, especially when you integrate live video calling SDK for finance app, the two-way deletion feature ensures the protection of chat and call recorder by initiating auto-deletion in unauthorized access. Also, they are GDPR Compliant. Further, MirrorFly’s server is encrypted with TLS, uses a signal protocol, end-to-end encryption, and offers an X3DH agreement to establish a secret key between client and server.

 

  • Feature Rich & Ready-to-Integrate API and SDKs

The ready-to-integrate API and SDKs allow you to incorporate MirrorFly’s software into your existing app easily. Be it a Video calling API for banking mobile apps or messaging solutions, CONTUS MirrorFly is built compatible for cross-platform implementation and is accessible from all device types. You get ready-to-use rich features like private-1-1 chat, push notifications, voice and video calling, active directory, centralized administration, high-quality video conferencing, live instant chat, secured media sharing. Thus, it offers all the required features for facilitating eKYC in banking apps.


Improve Banking Experience With Real Time Messaging API

Modern-day banking is evolving with digitalization. Banks must integrate Chat, Voice, Video API into their platforms to retain the personal touch with face-to-face interaction, provide convenience in KYC and transactions, strike a brand differentiation, increase customer retention.