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August 24, 2020
Conversational banking: CREALOGIX makes communicating via messaging platforms possible
Conversational banking: CREALOGIX makes communicating via messaging platforms possible
Digital Banking
Conversational Banking

Just as communication using messaging apps has led to less reliance on email, we are also witnessing a further development in digital banking of a similar kind: mobile banking using an app is being supplemented by conversational banking. It’s no longer a case of just looking at transactions and accessing information via an app; now conversations are being added into the mix – hence the name “conversational”. While classic online banking has seen users get easy access their accounts and make financial transactions using their own device, this new approach of conversational banking allows banks to tailor customer relationships and improve the customer experience. The best bit: using messaging apps and chatbots allows banking staff to become more efficient as they can interact with several customers at the same time.

Serve up offers on the devices customers use everyday

Recipients of offers are much more likely to engage with them when they are served up in personal messages via channels they use everyday; conversations that originate in this way can then be continued via proprietary messaging platforms without interruption. By delivering relevant and suitable offers at the right moment, banks can dramatically improve the customer experience as customers are encouraged to interact more with them. However, financial transactions of a sensitive nature mean that popular messaging services cannot be used in the way they normally would be – cloud-based services do not offer enough safeguards, while end-to-end encryption does not allow conversations to be documented by regulatory authorities.

A SaaS solution that drives secure conversations

Proprietary conversational banking solutions allow banks to take full advantage of services. By adapting the interfaces and communication logic of the well-known chat platforms, they can immediately deploy them in the banking environment. An institute’s mobile banking app can serve as a container for conversations with customers; the conversation can begin in a messaging service that can be connected via business APIs, and then can be continued in a secure environment that complies with banking standards.

So our customers can implement conversational banking early on and in a cost-effective way, we offer it as a SaaS solution. Projects are kicked off quickly and they noticeably improve the customer experience. Pilot projects soon attract attention and allow a bank to improve its competitive position; the bank can drive customer interest with new functions that offer customers more convenience and the ability to interact with the bank more closely. Deployed on an open platform, the solution is flexible enough to address new customer needs and integrate new offers. Conversational banking improves the customer experience; it not only forms a strong bond between the bank and its customers, but it also sets an excellent basis for sales success – it’s an investment that quickly pays off.

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