Banking services are generally available 24/7, that’s why customers can make that late-night transfer. Sometimes it reflects immediately. For others, it is processed the next business day. But what if something goes wrong, like credit card fraud? Or what if the customer needs to send sensitive information to complete an application?
A digital postbox
Is a key step in digitisation especially for banks as it checks off different boxes that ultimately improve customer and employee experiences.
How do banks communicate with customers?
So how do banks engage with their customers? What are the platforms they use and what are their common pain points? How can banks improve the way they communicate with their customers? Let’s explore their common pitfalls, as well as a better alternative to existing communication platforms.
Websites and apps
Some banks expect their customers to go to their website for announcements. That would be okay if these websites are secure and user-friendly. Most of the time, they are quite difficult to navigate, and would always lead you to pages where they ask you to either call them or visit your bank’s branch.
As for apps, they are usually mobile versions of websites with no added functionality. Sadly, there are times when website and app services also go down just when you need to transact.
Most of the time, banks resort to emails. Most customers already have accounts and are easy to use. But that presents a danger: phishing emails are getting better and can sometimes beat spam triggers in your inbox. Verizon’s 2020 Data Breach Investigations Report said that “credential theft, social attacks (i.e., phishing and business email compromise) and errors cause the majority of breaches.”
Banks would similarly send SMS to customers for promos and transaction confirmation. But with cases of SMS phishers or smishers spoofing their numbers with bank names, phone communication is not exactly safe either. A convincing message with a legitimate-looking link is easy to craft these days.
If your bank sends important notices via SMS, then criminals may take advantage of that and try to dupe your own customer base.
Social Media and Messaging Apps
In countries especially in Asia and the Americas where social media use is high, banks are also communicating with their customers via social media and messaging apps. They may even employ the use of chatbots to respond to customer inquiries but this may leave customers frustrated at times. These chatbots can only respond to general inquiries and some customers simply prefer to talk to human representatives.
There’s a question of security when using these channels too since it’s very possible for cybercriminals to hack into someone’s social media or messaging app.
A better alternative: Digital postboxes
Using digital postboxes eliminates the security risks mentioned above. Danske Bank, for example, did not just digitise their documents, they also digitised the customer experience.
By using e-Boks’ platform, Danske Bank can guarantee that their customers receive legitimate messages. No risk for spam. No phishing attempts. No paper wasted too.
Need a document signed? Need a transaction request confirmed? These can be done on digital postboxes with ease. More on this later.
What is the best way for banks to communicate with customers?
Once again, let us look at common communication methods used by banks to talk to customers.
Mass sending is easy for the bank
Can be faked by phishers, transactions through email are not secure
Accessible to customers, mass sending is easy for the bank
Can be faked by fishes
Convenient to use since most customers use these apps privately
Conversations are not secure
Most customers are on social media, mass sending is easy for the bank
If you have a very poor customer service system in place, customers will not hesitate to air their grievances on every post you make
Bank’s own app
Consolidates information for customers, serves as a digital one-stop-shop for transactions
Poorly done apps only act as digital phonebooks, app compatibility is also inconsistent across smartphone operating systems.
What makes a digital postbox better than email, SMS, etc?
Using a digital postbox is a key step in digitisation especially for banks as it checks off different boxes that ultimately improve customer and employee experiences.
You don’t need to worry about security. A digital postbox is different from an email and its main advantage over it, as well as SMS, or other convenient-looking message-sending system is security. Digital postbox users are verified, and communication is sent within a closed system. Every message you send is guaranteed to reach a real recipient, the same way you are assured to get legitimate messages from actual senders all the time.
Saved time saves money – Digital postboxes also allow users to sign digitally. For customers, this eases the hassle of going to the bank for the classic ink signature. For employees, this makes it easier to improve existing systems such as payslips and other documents.
Storage is virtually endless – When COVID-19 hit, businesses forced to digitise and digitalise finally realized that they can actually reduce using paper. There is no need to store stacks of documents in a room when you can keep them digitally. Besides, cutting down on physical document reliance does not just help with the cost, it also contributes to ongoing world-saving efforts.
Environment friendly – The issue of climate impact will never go away as the world continues to feel its effects in various forms. That is why businesses globally try in reducing their carbon footprint. Correctly going digital helps a lot.
There are banks whose digital practices are ranked among the best. To learn more about their transformation you can download a free e-book here.
Using a digital postbox can revolutionise your bank’s overall experience: from customers who trust you with their hard-earned money, to your employees that keep your institution. You can do them a huge favor.
- For more than 20 years, we have helped public authorities and businesses securely digitise their communication flows.
- We proudly provide the governments of Denmark, Greenland, Norway, Sweden and Ireland with national digital post solutions.
- Well-renowned international banks, insurance companies and energy service providers have chosen to use the e-Boks platform instead of pursuing their own solutions.