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Published by Ritu Poddar on September 12, 2017

15 Ways BFSI Sector can Benefit from Browser Push Notifications

It’s been years that I actually visited a bank or met an agent to enquire about mutual funds, ULIPs home loans, or credit cards. Everything is available on fingertips. Thanks to the digital boom and the marketing techniques that provide all that information even before we ask!

The smartphone age has completely transformed the way banks and financial institutions interact and engage with their customers and leads. Today’s consumers expect real-time information and updates on their day-to-day finances. And so, banks, insurance agencies, and finance companies, are adopting the most successful communication tool of the recent times: Browser Push Notifications.

Browser Push Notifications (BPNs) can be game changers in the way the BFSI sector works towards its three major goals – Lead generation, Customer Acquisition, and Customer Retention.

Most internet users prefer BPN against emails, to stay updated with the current banking schemes, offers, and other financial information.

Here are the different ways BFSI sector can benefit from the power of BPNs:

  1. Understand consumer perspective

In the BFSI domain, customers and prospects are attracted to financial alerts involving security, fraud prevention, problem avoidance, surveys, etc. BPN is an actionable communication channel that is viewed as an informational, optional, and advertising platform which can deliver such messages in the crispiest possible way. This channel is the best way today to understand your customer’s perspective by analysing the way they interact with the BPNs sent to them.

  1. Deliver messages instantly

BFSI organisations need to be on their toes when it comes to delivering communication relating to change in stock market, market trends etc. While other communication channels do exist, BPN delivers the messages instantly. The customers may not check the emails or the SMS as soon as they receive them, but BPNs are delivered right there when they are active on the browser. So, BPNs are unbeatable when it comes to delivering messages instantly.

  1. Maximize customer experience

The Call-To-Action in BPN can lead the customers to several other banking platforms, such as online and mobile banking, credit card solutions, fraud solutions, and cash management solutions. This would not only intensify efficiency, but will also build synergy that maximizes the customer experience.

  1. Cross-sell & upsell

Gone is the time when banking and finance sectors used only email marketing or cold calling to cross sell or up sell their products. Persuading customers to buy added products, is every bank’s most powerful revenue-boosting tool. Yet, they are unable to cross-sell or upsell effectively because of the low response rate of the other communication mediums. BPNs are now increasingly being adopted by BFSI organisations to boost their messages’ engagement rate.

  1. Engage personally with new visitors and existing customers, even when they are not on the site

With the advent of rich BPNs which can be personalised for each viewer, the opportunities to reach out to the customers and new website visitors one-to-one has increased manifolds. The best part is that they can be engaged even when they are not on the organisation’s website.

  1. Communicate without being pushy

This is exactly where BPNs are widely preferred. They help banks communicate easily without sounding too pushy. They are delivered in real time and that too with just a couple of clicks without the need of contact information. Users who are interested in receiving updates from the bank happily give their consent and readily interact with such messages.

  1. Send transactional communication

BPNs can be used for pushing out transactional communication like payment reminders, due date reminders, etc. As BPNs are delivered instantly, they ensure faster responses and actions on them.

  1. Build brand affinity

BPNs that are unique, personalised, and give real-time moments with contextual information gathered from the customer’s buying habits, preferences, and whereabouts can create a “WOW” moment for them.  With delightful communication that encourages more devotion to your organisation, customers’ brand affinity can be raised.

  1. Send hard-to-miss communication

Low email open rates of 3-4% is what concerns most officials and owners of banking and financial sectors. In terms of open and click through rate, BPNs are way better. They appear as pop-ups in front of the screen making it extremely difficult for the viewer to miss. So, banks can easily convey their messages, and also provide rich user experience by delivering highly critical information in real time.

  1. Enable cross platform accessibility

BPNs can be seamlessly delivered across any digital platform including, mobiles, desktop, and other connecting devices. This has killed the need of developing a separate mobile application. Flawlessly deliver the messages on Android or iOS mobiles without any delay.

  1. Send actionable messages

BPNs are actionable messages that consist of a deep link to the web page containing an offer or banking information. Users are straight-away directed to the desired web page. This feature of BPN is highly effective when we consider the short attention span of the users in today’s mobile-friendly world.

  1. Send location-based information

Across the globe, there are many banks and financial organisations that have started harnessing the power of BPN’s geo-location feature. With this feature, banks can offer programs that allow debit or credit card holders to sign up for discounts at specific retailers and restaurants close to their location. Such location-based information can considerably increase the personalisation level of the communication, getting you great results.

  1. Seek feedback

Obtaining feedback from the customers is as important for financial and banking organisations as it is for any other sector. Seeking feedback over email or SMS usually does not fetch as good response as BPN can. The brevity of the BPN message and the real time characteristic of this channel is what facilitates feedback gathering easily.

  1. Use BPN as an alternative to mobile app notifications for banking

Currently, a bank’s app is used for utility purposes rather than as a marketing channel. Assuming the banking app was used as a marketing channel, very few users use a banking app anyways. So, BPN can prove to be a great alternative to the mobile app push notifications.

  1. Announce offers and new products

BPNs can be directly used to communicate offers, discounts, and new products. The response rate can be easily enhanced by delivering targeted and segmented notifications.

Here are the super advanced features that Netcore Smartech BPN offers and can help you achieve wonderful marketing results. Get started now!

For any query you may have, get in touch with our experts today!

Ritu Poddar

Ritu is a Technical Writer & Content Developer by profession, and a Poet & Creative Writer by passion. She works as Assistant Manager, Content Development at Netcore.