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Heightened customer expectations call for SaaS solutions that are straightforward and effective

  • Written by Michael Ricciardone, Country Manager, Australia & New Zealand at MoEngage

Australia’s financial services landscape is shifting faster than ever before. With customer expectations becoming more exacting and regulations tightening, businesses are now navigating through an intricate maze of challenges.

Over the past five years, the digital revolution has seen banks and fintechs rapidly improving the user experience of their apps, internet banking services, e-wallets, and chatbot solutions. This transformation has come to define the changing face of customer experience. In-person interactions have now become rarer as digital technology becomes the dominant force in banking.

In Australia, the push towards AI-powered personalised services is gaining momentum. A recent poll by Publicis Sapient [1] revealed that over half of Australians believe AI will enhance banking services. This sentiment underscores the critical need for financial institutions to adapt and innovate.

Today, financial institutions have many choices when assembling their martech stack. But often the biggest challenge is finding a solution that provides everything they need in one place. This begs the question: How can financial institutions gain omnichannel customer insights that will help genuinely enhance their service offering?

Addressing the challenge

MoEngage understands that there are many challenges that hinder Australian financial institutions when serving their customers. To address these, the business has developed its new financial services platform, MoEngage for Financial Services.

The platform provides businesses with real-time customer data while rigorously maintaining security. With this platform, Aussie banks and fintechs can improve their digital services, provide more relevant experiences for customers, and drive new growth.

For these businesses, navigating regulatory compliance and ensuring robust data security is a paramount concern in today's financial landscape. With increasing instances of data breaches and cyber threats, financial institutions are rapidly adopting advanced security measures.

To continually address the rising needs of data compliance, MoEngage for Financial Services offers solutions including PII Masking, PII Encryption, PII Tokenisation and SDK Encryption to safeguard customer data, ensure compliance and build customer trust. In fact, it’s the only platform that offers this capability.

Another challenge faced by financial institutions is that legacy systems often deliver fragmented messaging and delayed campaign execution, leading to operational inefficiencies. This does not suit modern financial operations, which need a simpler way to deliver consistent and timely customer experiences.

Customers also expect personalised interactions across all digital channels, and delivering such experiences at scale is a significant challenge. Banks and fintech businesses need to have access to robust insights into customer behaviour and automated customer journeys, allowing them to engage customers with real-time, personalised interactions that boost acquisition and conversion rates. MoEngage’s unified platform combines these functions, reducing inefficiencies and enabling faster, more effective customer engagement.

Along with personalised interactions, financial institutions also need to efficiently communicate with customers via email, SMS, push notifications, and messaging apps. Ultimately, a customer who feels heard is more likely to be a happy customer. And with the MoEngage for Financial Services platform, banks can deliver unified and consistent communications across all channels, helping them lift their rates of loyalty and retention.

Making life easier for financial institutions

As financial institutions continue to navigate the digital transformation journey, the need for advanced customer engagement solutions has never been greater.

MoEngage for Financial Services is designed to equip these institutions with all the tools they need to meet evolving customer expectations and address the challenges they face. By combining enhanced data security, a unified insights delivery system, and real-time personalised customer interactions in an easy-to-use interface, it gives financial businesses the toolkit they have long been needing.

By leveraging this platform, financial brands can not only enhance their customer experiences but also gain a considerable competitive edge in the market.

Source: [1] The Banking Digital and Physical Customer Experience Perception Gap in the AI Era: Publicis Sapient Customer Banking Report 2024

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