How do you connect with a customer in an environment full of electronic “junk mail”? Smart notifications are a powerful solution for cutting through the noise
We receive notifications constantly: new WhatsApp messages, emails, bank alerts and texts to authenticate ourselves. But how many of these notifications are really useful for the user?
Enter: smart notifications, a system that works on personalized patterns of understanding, which are guided by spending behavior, consumer recommendations, as well as schedules, activity spikes and tastes.
Smart notifications are a good practice for push notifications, because they deliver relevant communication, which results in several benefits. They help the bank improve customer service, increase loyalty, and allow the profitability of digital channels to grow.
Thanks to the geolocation of transactions and devices, smart notifications can be tailored to the user's location whether they are at home, at the office, getting gas or out of the country. In other words, they take advantage of the actual location to deliver timely information and solutions tailored to the client’s everyday life.
Additionally, that data can be combined with an analysis of the customer's online behavior, using advanced data analysis tools to identify purchase patterns, preferences, income and activity.
With this data, the institution can provide solutions or services that are useful and in line with the user's personal needs – and at the right time.
An example is to send a special offer for a meal - and when better to do so, than on a Friday around lunchtime. This approach for timing notifications can also be applied to offers for insurance or loans when the client books a trip.
With this approach, localizing and personalizing an offer, the notifications add a little extra value for the client – and without interrupting, Better yet, it can ensure a long-term relationship.
For a long time, banks focused on sending standardized information to their users, offering loan options or new credit cards that were little or not at all adjusted to the actual needs of each user, says Marcelo Fondacaro, COO at VeriTran. However, the implementation of smart notifications allows for a change in focus.
Smart notifications give customers what they really need, based on an analysis of their behavior to customize product and service offers – thereby getting closer to the client, maintaining their attention and building their trust. Smart notifications create a closer relationship with the user, fostering loyalty towards the financial institution.
As part of this, it is important to keep in mind that not all customers will want to receive push notifications and many others will block them instantly the moment they no longer seem relevant.
This reflects the importance of creating a detailed strategy to guide the way messages are sent - with the aim of developing a sustainable relationship based on real loyalty, where notifications add value to customers and become part of their daily lives.
Smart notifications include a long-term benefit in terms of profitability for financial institutions.
For example, if a smart notification alerts a user to their upcoming credit card payment, its purpose is to improve the chances of keeping the bank’s credit portfolio healthy. The notification can “prompt the user to pay automatically, to avoid a delinquency”, allowing for greater profitability, adds Fondacaro.
Bank business intelligence, together with handy technological tools can collect valuable data – and deliver a better service to clients.
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