From Text to Video: The Evolution of The Use of Messaging Apps by the Financial Industry and Beyond

In today's fast-paced digital age, messaging apps have become an integral part of our daily communication. This shift in communication channels has not gone unnoticed by the financial industry – many banks and financial institutions embraced the potential of chat apps to connect with customers and deliver innovative services. A decade ago, the thought of receiving a message from your bank containing an emoji seemed far-fetched; yet, here we are today, witnessing an incredible evolution in the way financial institutions interact with their clients. 

As messaging apps gain momentum, the financial sector is finding creative ways to offer customers a more personalized, convenient, and efficient experience. From providing instant customer support to streamlining transactions, messaging apps have become invaluable tools for banks and other financial services. While these organizations venture into the world of emojis, GIFs, and engaging content, they must also walk a fine line to ensure their brand image aligns with the trust and reliability that customers have come to expect.

Let’s explore the transformation of messaging apps within the financial industry and beyond and shed light on the challenges and opportunities that lie ahead for both businesses and consumers.

Banking on Messaging Apps: Combining Engaging Content with a Trustworthy Image in Finance

Messaging apps have become important in the financial world because people find them easy and fast to use. About 58% think these apps are the quickest way to talk to businesses. Rakuten Viber has already been adopted by many financial institutions to send account updates, provide customer service, and promote new products and services. 

Rakuten Viber is a versatile app that helps keep a balance between fun and trustworthiness. It has many features which allow banks to create messages that their customers like. Banks can use eye-catching emojis and media with texts. Rakuten Viber keeps things safe and private and helps banks engage people by mixing enjoyable content with a reliable brand image.

Text, Multimedia, and Chatbots – The Dynamic Transformation of Messaging Apps in the Financial Industry

In recent years, banks have successfully transitioned from traditional phone calls to texting as a primary means of keeping in touch with clients. Messaging offers a convenient and efficient way to communicate, catering to the preferences of today's fast-paced world.

One of the key driving forces behind this transition is the fact that 75% of millennials prefer texting over making calls. Recognizing this trend, banks have adapted their communication strategies to align with it and deliver a more customized experience.

From calls to messages: With the widespread adoption of chat apps like Rakuten Viber, it is now possible to create an entire experience through messaging, from building awareness and driving conversions to providing support and ensuring loyalty. This approach not only helps increase response and conversion rates but also offers a better experience for both the banks and their customers.

Transition to multimedia content: Today’s advanced applications enable banks to use rich multimedia content to reach and communicate with people. Brands on Rakuten Viber can share images, files, and videos in business messages, send stickers and carousels in chatbots, create branded lenses, and so much more. These capabilities help to effectively connect with clients and maintain their interest in the banks’ products and services. Additionally, sharing engaging and informative resources, such as infographics and videos, further enhances the customer experience and provides valuable information.

Implementation of chatbots: Banks have tapped into the benefits of chatbots as they offer 24/7 assistance and are more efficient than traditional phone or email support. Today's customers expect personalized and timely interactions with businesses. Rakuten Viber Chatbots cater to these expectations by providing accurate information, fast response times, hassle-free support, and self-service options. With chatbots, banks can increase satisfaction, loyalty, and overall confidence in their services – while leaving live support agents to deal with more complex questions.

Putting Customer Privacy and Security First

Banks must prioritize customer privacy and security to establish trust and loyalty among their clients. Here are some essential tips for ensuring customer privacy and security:

• Choose secure communication platforms: Opt for messaging apps with robust security features, such as Rakuten Viber, which offers end-to-end encryption for private and group chats and private calls, and encryption in transit for Business Messages. The company adheres to data privacy laws like GDPR, CCPA, and CPRA.
• Implement strong authentication measures: Require multi-factor authentication for accessing sensitive customer information and online financial services to prevent unauthorized access.
• Educate customers on safe banking practices: Regularly inform clients about potential risks, such as phishing attacks and online scams, and provide guidance on how to protect their data and accounts.
• Monitor and respond to security incidents: Establish a dedicated team to monitor and respond to potential security breaches or threats, and have a clear plan in place to handle such incidents.
• Maintain transparency about data usage: Clearly inform customers about how their personal information is used, stored, and protected, and provide options for them to manage their data preferences.
• Encrypt sensitive data: Ensure that sensitive customer information is encrypted to prevent unauthorized access.

Success Stories of Financial Industry Players in Messaging App Campaigns

Ukrsibbank

Challenge: Ukrsibbank, a Ukrainian commercial bank and a subsidiary of BNP Paribas, faced the challenge of increasing client adoption of their mobile app and educating existing users about its full functionality. 

Solution: To address this issue, the bank turned to our trusted messaging partner GMS and used Rakuten Viber Business Messages as a promotional tool, making the most of images, call-to-action buttons, and text to engage new and existing users.

Result: The results of the campaign were impressive: over a three-month period, Ukrsibbank delivered more than 6 million messages via Rakuten Viber, achieving a 14% conversion rate, double that of SMS (7%). Consequently, its app downloads rose by 50% and app usage increased by 30%. This success story demonstrates the effectiveness of messaging apps like Rakuten Viber for targeted marketing campaigns and driving customer engagement.

Raiffeisen Bank

Challenge and Solution: Raiffeisen banka a.d. Beograd, a leading bank in Serbia and a member of Raiffeisen Bank International, aimed to enhance its mobile presence and engage with both current and new audiences by providing an integrated digital experience. To achieve this goal, they developed an animated "free & subscribe" Rakuten Viber sticker campaign and a banking chatbot in the native Serbian language for high-quality customer support.

Result: The campaign proved highly successful among Serbian Rakuten Viber users, leading to increased brand awareness and audience engagement with the chatbot. The results included 850K exposed Serbian users, over 209K sticker packs downloaded, and more than 120K chatbot subscribers recruited. This success story demonstrates the power of leveraging Rakuten Viber to connect with customers and enhance their digital experience.

Embracing the Messaging Era: Rakuten Viber – Leading the Way in Engaging Content and Professionalism for Finance

In today's constantly changing world, banks and financial organizations that use messaging apps like Rakuten Viber can stay ahead and become industry leaders. These chat apps make communication easy, focus on the customer, and improve trust and loyalty.

Moreover, the use of such apps enables financial institutions to tap into new market segments and reach a broader audience, including the tech-savvy and mobile-first generations. This approach allows innovative banks to stay relevant and competitive, adapting to the ever-changing demands and expectations of their clients. Incorporating messaging apps into the financial industry's communication strategy is no longer a luxury but a necessity to thrive in an increasingly digital world. 

Rakuten Viber is a great choice for banks that want to talk to people while still being professional. With many features, an easy-to-use design, and strong safety measures, Rakuten Viber lets companies talk to customers effectively and safely. Banks can use Rakuten Viber to create interesting content, give their customers a smooth and safe experience, and maintain a professional image.