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Mobile engagement will prove vital for enhanced customer experience in the world of finance

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Mobile engagement will prove vital for enhanced customer experience in the world of finance 1

By Nick Millward, VP Europe at mGage

With the world becoming more digital – as smartphones play an intrinsic part of everyday life – customer behaviours are changing, and the financial services industry should look to further enhance their mobile engagement to deliver exceptional experience and increase customer loyalty. With Gartner predicting that 89 percent of businesses are facing competition based predominantly on the consumer experience, the need for excellent customer service has never been greater.

Today, customers require a seamless experience from their financial service providers, where banking tasks can be handled easily and securely from mobile devices. They also expect businesses to be present at whatever time they want and on whichever channel they use the most.

In fact, 73 percent say they are more likely to leverage digital banking and payments following the current situation. Therefore, financial brands need to commit to a move to mobile and allow a variety of financial tasks to be carried out via mobile messaging to deliver exceptional customer service, which in turn will increase customer retention.

Mobile channels for financial services

Consumers are clear about how they want brands to communicate with them. They want brands to take note of their preferences for which platform to use, to deliver them engaging and interesting messages, or send them information that makes their lives easier, and they want brands to provide some assurance that they have got security right too. There are a variety of channels available for financial services to utilise without customers having to download additional applications from those that they already use frequently. From next-generation Rich Communication Services (RCS), to Push Notifications and SMS, these are all perfect communication platforms for delivering the best possible customer service.

To meet customer demand for more conversational and personalised interaction, businesses should utilise the new RCS messaging platform, which brings text messages to life. In the financial sector, RCS can act as a customer’s real-time branded personal assistant where queries can be answered within the platform by utilising automated chat and rich media items such as mini bank statements can be sent. RCS also builds customer trust with features such as logos and branding and the verified sender scheme, which provides an additional layer of security and boosts consumer confidence. As a platform, RCS can achieve 14 times higher engagement rates and has a two-way nature allowing for users to initiate conversations.

The utilisation of Push Notifications can also prove beneficial for the financial sector to complement the growing use of banking apps, with the message being delivered to the mobile device without the user having to be in the mobile app itself. It allows banks to send timely, relevant notifications to their customers – whether to check a balance, review the latest interest rates, or inform them of the approval of an application. With 55 percent of consumers using their mobile banking app as the primary way to check their account balance, Push Notifications are a key way to alert customers to any changes or important information that they need to be aware of, without relying on them opening the app. Being the most universal form of non-voice communication, SMS is available on any mobile phone device and will remain a key part of a brand’s communication strategy as a channel that many people know how to use, regardless of their demographic. SMS messaging has provided financial institutions with a ubiquitous channel to support the customer journey, with 83 percent of financial organisations confirming that after deploying this technology they have witnessed a greatly improved customer experience.

SMS still remains a technology that can increase efficiency while lowering service costs – providing a cheaper and faster service for consumers that often results in a better service experience too. This will prove key for banks and financial organisations that do not have large call centres, giving customers an alternative form of contact. It also gives businesses a tool for a variety of tasks, such as sending balance updates, fraud alerts, one-time password and payment reminders, as well as using it to verify any new transactions or payees that have been set up via a banking app.

Offering a range of innovative solutions which each bring their own benefits, the power of mobile messaging must not be underestimated, with 88 percent of financial organisations admitting that it has greatly impacted their customer experience. Through these channels, brands can achieve higher rates of engagement in line with customer expectations for instant support.

Customers want brands on mobile

As the world becomes more digital, customers are demanding a move to mobile, making it essential for brands to leverage mobile messaging or enhance their current offering to stay ahead of the competition. With two thirds of consumers now preferring to use text over voice when receiving customer service and 77 percent of people aged 18-34 saying they are likely to have a positive perception of a company offering text capabilities, it is clear that there is a large appetite for these solutions.

With these channels, users can receive support or raise an issue at a time of their choosing to give ultimate convenience. For example, RCS and SMS can be used to report lost or stolen cards, or raise a query relating to a transaction instantaneously without having to wait on the phone for long periods of time.

With 78 percent of consumers admitting that texts have given them more autonomy and confidence when interacting with their bank due to the convenience and accessibility it offers, mobile messaging has proven to be a beneficial resource to improve the customer journey in the financial sector.

Future of messaging

In today’s industry, where customer loyalty is highly valued and it is relatively easy to switch banks, it is imperative that businesses provide the best customer experience and offer a competitive edge. By utilising mobile messaging and enhancing their current communications, brands can unlock convenience and customer-centricity to receive heightened levels of engagement and stay relevant to their customers.

With operational savings by as much as 20 percent, it highlights just how beneficial mobile messaging can be for financial service organisations worldwide. By listening to customer expectations and the growing trends being witnessed in the industry, financial institutions can leverage such solutions to achieve the associated advantages to set them apart from their competition and ensure their success in the future.

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Can a leader’s level of enthusiasm and optimism really impact the bottom line?

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Can a leader’s level of enthusiasm and optimism really impact the bottom line? 2

By Mark E. Brouker, Captain, United States Navy, founder of Brouker Leadership Solutions

Can a leader’s level of enthusiasm and optimism really impact the bottom line? We hear of the leader’s ability to influence others in powerful ways in politics, academia, sports, among other areas. However, in business, profitability is where the rubber meets the road.  How impactful is the leader’s level of enthusiasm and optimism in creating a healthy bottom line?

One of the truly remarkable and rewarding tours of duty I had during my Navy career was with a small group of highly motivated doctors and pharmacists from all three services – Army, Navy, and Air Force. These professionals were all hand-picked to join a newly-formed team which was directed to reduce the escalating cost of prescription medications provided for all Department of Defense (DoD) active duty (Army, Navy and Air Force) and family members. Our task was made more challenging because we were to reduce costs without decreasing quality of care. At that time, there were over eight million men, women, and children eligible for prescription medications throughout DoD. The annual cost was over five billion dollars and climbing fast.

Our boss, Dan, was a brilliant, hard-working, and extremely passionate leader who was highly respected by all. Dan cared for us and we cared for him. We were a tight group. We treated each other as family. Dan’s passion was contagious, and he quickly established a culture of caring, hard work and trust. We were poised for success. Because I was senior to other members of the team, Dan selected me to be his deputy.

The idea of creating a small team to bend the cost curve for the entire DoD pharmacy benefit was novel – it had never been tried before. While the team shared a genuine passion for this noble and ambitious undertaking, early wins were few and far between.

After the 6-month honeymoon period ended, enthusiasm was slowly replaced with frustration.  Every morning we’d meet with Dan to share the progress or, more accurately, lack of progress with our respective projects. It was slow and insidious at first, but sarcasm, frustration and pessimism crept into the meetings. A few of the more vocal naysayers would spew their negative venom and Dan and I would make meager attempts to mitigate the damage, or in times of weakness simply join in. These meetings frequently went much longer than scheduled, drained everyone of energy, and were generally recognized to be a waste of time. In short, neither Dan nor I led these meetings. We attended them. One could feel the energy, passion and trust dissipate like air leaking from a balloon.

Mark E. Brouker

Mark E. Brouker

It was clear that Dan and I needed to change our attitudes. We candidly discussed the culture of pessimism that we were creating and, more importantly, how it was sucking trust and the creative juices from the team. Over a handshake, we agreed to help each other curb our negativity and celebrate small victories that were indeed happening. We’d address the challenges, but not mire in them. We agreed to not let anyone hijack the meeting with their negativity.

We were more careful in the words we chose – we rid ourselves of cynical remarks. We were careful with our body language. No scowling or worried looks. Above all, we focused on staying positive. We’d invest a few minutes before meetings to reflect on past successes, however minor, and mention them at the beginning of the meeting. We’d then address the challenges, and close each meeting with a reminder, once again, of past successes.

Frustration and pessimism were slowly replaced with enthusiasm and optimism. Wins starting coming. More wins followed. Within 2 years, our small team was saving DoD over $100 million annually with no reduction in quality. Our small team was recognized within the industry as a center of excellence. Our success was nothing less than stunning.

How did this happen? It turns out that Dan’s and my behaviors had a much more profound impact on our team members than we could have ever imagined. In fact, studies have shown that the leader’s level of enthusiasm and optimism directly impacts their team members level of enthusiasm and optimism. Why is this the case? A study by Gallup found that employees who are supervised by highly enthusiastic leaders are 59 percent more likely to be enthusiastic than those supervised by unenthusiastic leaders.[1] In other words, the leader’s behaviors, in this case optimism and enthusiasm, are contagious. Further, studies have indeed shown that businesses led by enthusiastic and optimistic leaders were significantly more profitable than those led by apathetic and pessimistic leaders. [2] [3]

Can a leader’s level of enthusiasm and optimism really impact the bottom line? Unquestionably the answer is yes. The leader’s ability to influence in politics, academia, sports and yes, profitability in business, is profound. Those businesses led by leaders who understand, respect, and embrace the strong correlation between the leader’s level of enthusiasm and optimism as it relates to performance and profits – and most importantly practice these behaviors – are at a distinct competitive advantage.

Be a great leader – lead with enthusiasm and optimism.

Mark E. Brouker, Captain, United States Navy (retired), Pharm.D., MBA, FACHE, BCPS, is founder of Brouker Leadership Solutions, and author of Lessons From The Navy: How To Earn Trust, Lead Teams, And Achieve Organizational Excellence. For more information visit http://www.broukerleadershipsolutions.com/.

[1] Gallup, “State of the American Workplace, 2017.” Accessed February 12,2020.

[2] Michael Bush, A Great Place to Work for All (Oakland, CA: Berrett-Koehler, 2018), 26

[3] Marcus Buckingham, First, Break All the Rules (New York, NY: Simon and Schuster, 1999), 40

 

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JPMorgan to launch UK consumer bank within months

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JPMorgan to launch UK consumer bank within months 3

LONDON (Reuters) – JPMorgan Chase & Co will launch a digital consumer bank in Britain under its Chase brand within months, the U.S. banking giant said on Wednesday.

The bank said the new business had already recruited 400 people and would offer a range of products, including current accounts.

The UK venture will be led by Sanoke Viswanathan, who has been named chief executive. Viswanathan was previously chief administrative officer for JPMorgan’s corporate and investment bank.

The digital bank will be headquartered in London’s Canary Wharf financial district, with customers supported from a new call centre in Edinburgh.

Reports about a likely tilt by JPMorgan at the UK consumer market have been circulating for around a year, but the bank had publicly disclosed few details.

“The UK has a vibrant and highly competitive consumer banking marketplace, which is why we’ve designed the bank from scratch to specifically meet the needs of customers here,” said Gordon Smith, CEO of consumer and community banking for JPMorgan.

(Reporting by Iain Withers; Editing by Jan Harvey)

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European regulator clears Boeing 737 MAX airliner for return to service

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European regulator clears Boeing 737 MAX airliner for return to service 4

(Reuters) – Boeing Co’s modified 737 MAX airliner is safe to return to service in Europe, the European Union Aviation Safety Agency (EASA) said on Wednesday, lifting a 22-month flight ban after two crashes of the jet which caused 346 deaths.

EASA Executive Director Patrick Ky said it had “every confidence” that the plane was safe following an independent European review of changes ranging from cockpit software to maintenance checks and pilot training.

“Let me be quite clear that this journey does not end here,” Ky said in a statement.

“We have every confidence that the aircraft is safe, which is the precondition for giving our approval. But we will continue to monitor 737 MAX operations closely as the aircraft resumes service.”

Regulators around the world grounded the MAX in March 2019, after the crash of an Ethiopian Airlines jet five months after one flown by Indonesia’s Lion Air plunged into the Java Sea. A total of 346 passengers and crew members were killed in the two crashes.

The United States lifted its ban in November, followed by Brazil and Canada. China, which was first to ban the plane after the second crash, and which represents a quarter of MAX sales, has not said when it will act.

Relatives of some crash victims have strongly criticised the move the clear Boeing’s best-selling airplane.

EASA represents 31 mainly EU nations, excluding Britain which formally left the bloc this month. Britain is expected to issue its own separate approval on Wednesday.

(Reporting by Sudip Kar-Gupta, Rachit Vats; editing by Jason Neely)

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