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How can RCS Messaging improve the banking experience?

With a huge number of active users, RCS (Rich Communication Services) is a new channel offering unbeatable functionality and gaining growing attention worldwide. From group chat to rich media and two-way conversations, RCS messages can be delivered directly to a user’s phone via the same app as regular texts, with no need for any additional apps or hardware.
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Why are brands embracing RCS messaging?

In banking, marketers use multiple channels like email, calls, SMS, and banking apps to reach customers. However, customers are busy and don’t want to stop and start tasks. They want a seamless digital customer experience that lets them do what they have to quickly, without having to switch from one channel to the next. In addition, using a multi-channel approach doesn’t guarantee that customers will see or respond to requests.

This is where RCS comes in. With a long-term goal to replace text messages, many have come to call the app a game-changer.

RCS combines features from apps like Facebook MessengerWhatsApp. It also lets businesses across industries use features like rich media and analytics to learn and communicate with customers.

5 ways RCS is improving the banking experience

1. Improves brand consistency and customer trust with richer content

As the banking industry is trying hard to build and maintain a strong brand, the plain text just won’t do anymore. In recent years, MMS messages have given rise to the need for richer media. RCS can support both rich media and richer content and communication. Banks can greatly benefit from the technology as they can include a Sideways scrollable carousel with rich cards, suggestive replies, branch locator, and more.

By Using branding into their messages through RCS, banks can match their overall branding, in order to reinforce the hard-won trust. Furthermore, through establishing a uniform omnichannel user experience, they can uphold trust and recognition.

RCS Messaging api

2. Increases security and reliability

Customers feel apprehensive about data security due to the digital transformation in banking. Acknowledging the crucial role of personal information in banking transactions, more than 60% of customers worry that their data might be at risk and could face misuse.

RCS Business Messaging aims to eliminate this fear with communication from trusted companies and brands. Utilizing client-to-server encryption minimizes the risk of message hacking. Also, when companies use their logos and symbols that show they are verified, it helps customers feel that the place they are using is safe and reliable.

3. Enhances customer engagement and satisfaction

Text messages, as implied by the name, are solely text-based, constraining customer responses to numbers or brief phrases.

RCS offers both brands and customers more options. By using features such as group chats, videos, audio messages, high-resolution images, forms, and surveys, banks can enable real conversations and make the customer experience more interactive, personalized and convenient. Employing interactive, personalized messages significantly influences customers’ happiness and satisfaction levels consistently.

Banks and other financial services institutions have been slow at adopting personalization strategies. Many are now attempting to catch up, realizing its importance and RCS can help towards that.

4. Ensures quick delivery, quick updates and quick payments

SMS texts have an incredible open rate and people typically read them within 3 minutes. RCS Business Messages perform even better, as recipients typically read these messages within just 2 minutes. RCS Business Messaging enables banks to better understand customers’ responses, facilitates reading of receipts, and better make sense of the choice of their suggestive replies. These features don’t just speed up message delivery; they also assist in keeping conversations going between banks and their customers.

Moreover, utilizing RCS Chat enables banks to promptly send updates for clients to verify unusual transactions or check balances efficiently.

And that’s not all. RCS enables in-message payments, expediting processes and simplifying transaction completion for customer convenience and efficiency.

RCS Messaging api

5. Makes messaging simpler and easier

People feel overloaded by using smartphone apps every day. Yet, when they interact with brands, they prefer to have it all in one place. RCS Business Messaging has the capability to offer users that functionality directly within the SMS app.

Customers easily grasp and use it for executing diverse banking transactions without difficulty. It not only offers great technical advantage, but also simplicity.

This means having transaction details, instant conversations that go both ways, and updated, useful information all available on one channel, accessible from any smartphone.

Ready to get ahead with RCS?

Although mobile carriers have been slow to adopt it, RCS is still in its early days and is ready to replace SMS. For banks to harness RCS’s potential, increased support for the technology from additional mobile networks is necessary.

Banks should prioritize RCS Business Messaging for its game-changing features, offering an innovative user experience worth considering.