The Consumer Financial Protection Bureau (CFPB) yesterday announced that it will explore how mobile banking and financial services applications can empower consumers—particularly the unbanked and underbanked—to take more control over their financial lives. “For the economically vulnerable, mobile can enhance access to safer, more affordable products and services in ways that can improve their economic lives,” said the federal consumer watchdog in its notice and request for information about banking with wireless devices.
Via the bureau’s issuance:
A major development in the consumer financial services market over the past few years has been the increasing use and proliferation of mobile technology to access financial services and manage personal finances. For example, last year 74,000 new customers a day began using mobile banking services. Using a mobile device to access accounts and pay bills can reduce cost and increase convenience for consumers. By enabling consumers to track spending and manage personal finances on their devices through mobile applications or text messages, mobile technology can help consumers achieve their financial goals.
Enacomm recognizes the valuable role that mobile technology can play in helping consumers manage personal finances. For example, “Outbound Courtesy Messages & Alerts” is one of the modules of Enacomm’s 4Cast™. Perfectly suited for the financial industry, 4Cast is a hosted CRM product that automates intelligent customer interactions, predicts future behavior, and conducts targeted messaging campaigns. With 4Cast’s Courtesy Messages & Alerts, customers can select voice calls or text alerts for things like a low balance or suspected fraud. Enacomm is a leader in delivering the technology recognized by the CFPB that empowers consumers.
According to the Federal Reserve Board’s most recent survey on mobile financial services, one-third (up from 21 percent in 2011) of mobile phone users and over half (up from 42 percent in 2011) of smartphone users utilize mobile banking services (and the numbers are even higher in the underbanked population!). With an increasing number of consumers relying on mobile financial services, it has never been more important for financial institutions to focus on improving customer communication in this contact channel. To win and retain customers and members, organizations have to meet consumers where they are: on-the-go and on their phones.
Mobile is a primary platform for connecting with customers; additionally, it is important for financial institutions to get the full picture of a consumer’s interaction with its brand. This growing channel should be part of a multimodal approach to customer service. By implementing an enterprise-wide policy management solution, communications can adapt to changing customer dynamics in real-time in order to create intelligent interactions.
Enacomm is a leading provider of personalized, multimodal self-service voice and data processing products and services to the financial industry. We can help your organization maximize the mobile channel as part of a larger strategy to win and keep customers. Give us a call at 877-860-0025 and ask for Sales, or drop us a line at firstname.lastname@example.org and we’ll reach out to you with more information.