With the holiday preparations already in full swing, financial institutions (FIs) will be experiencing increased payment activity. And much of that is done through an app. Almost 75% of consumers sent or received payments through a mobile device in 2022, according to a Federal Reserve study. Yet, some high-profile outages with nonbank payment apps, such as Venmo and PayPal, highlight the need for not only faster payments, but also secure payments—70% of consumers and businesses prefer to use instant payment services through their primary financial institution. That’s good news for banks and credit unions. But, how can FIs most effectively drive adoption of these new payment technologies, such as FedNow, to maximize the investment?
As your institution considers its instant payment strategy, it should look at its interaction technology. Will it be able to help inform and educate your account holders at their time of need? Does it have the flexibility of self-service as well as live support, in case complex issues arise? Can it seamlessly handle transitions from one channel to another, such as chat to phone or video, when needed? Those FIs that can answer yes to these questions regarding their interaction technology will find adoption levels rise faster than those that can’t.
Here are three approaches to set your institution up for success:
1. Seamless support
Before you integrate new payment technology, such as instant payments, ensure that your customer service technology is seamless and allows for easy transitions between channels, such as chat to phone or SMS to video. Offering streamlined communication ensures that frustrated payees or payers will easily and quickly have their questions answered or their concerns addressed for their peace of mind, greatly increasing the likelihood of future usage.
2. Self-service education
While live reps should be available when an issue occurs, many payment questions can be handled through self-service. Adding a chatbot, such as the Glia Virtual Assistant, to your interaction platform will help offload routine payment inquiries and provide general payment education to satisfy account holders and contain interactions. This 24-7 convenience provides the service that consumers want when they need it while a smooth transition to a staff member during business hours offers extra guidance.
3. Collaborative guidance
Using collaborative tools, such as Live Observation and CoBrowsing, provides vital context so that once the instant payments technology is deployed, your staff can see where the customer or member is stuck and immediately help out. Not only does this help solve the immediate issue and drive payment technology adoption, but research has shown that 96% of consumers who have to put forth a lot of effort to resolve their problems are more disloyal.
The importance of payment technologies will continue and so will the necessity of seamless interactions with your customers or members. Ensure that they have a convenient and non-disruptive way of communicating with your frontline staff as you update, upgrade, and modernize your payment systems. Glia provides a ChannelLess™ Interaction Platform that is purpose-built for financial institutions with seamless transitions, iron-clad security, and efficient flexibility for your institution’s ongoing success.