More than 200 financial institutions enhance customer engagement with real-time banking alerts from Fiserv
Immediate insight into account activity helps customers manage their daily financial lives
BROOKFIELD, WI (January 8, 2018) — Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that within the past year more than 200 financial institutions selected Notifi℠ to enable the delivery of real-time event-based alerts, providing customers with immediate, actionable insights so they can better manage their daily financial lives.
“Notifi is changing the way customers look at our bank,” said Stephen Davenport, vice president and chief operating officer, First Savings Bank of Hegewisch in Chicago. “Our customers see alerts as a proactive way we’re communicating information that is important to them, adding significant value to their banking relationship.”
With Notifi from Fiserv, relevant financial events such as a low balance, a pending loan payment or a suspicious credit card transaction, automatically trigger the delivery of real-time alerts. Customers control their communication preferences and can choose to receive alerts via email, text, a secure online inbox, or push notifications delivered through their mobile banking app.
Findings from the 2017 Expectations & Experiences: Household Finances consumer trends survey conducted by Harris Poll on behalf of Fiserv show the growing importance of offering advanced alerting options to the latest generations of banking customers. Millennials (ages 18-37) are more than twice as likely as older generations to track the money they spend using banking alerts (36 percent vs. 17 percent). Millennials are also more likely to find it helpful to receive information about bills due and balances via alerts.
Davenport points out the ability to choose how they will receive alerts – by text, email or push notification – is important to First Savings Bank of Hegewisch customers.
“We’ve seen high adoption of push alerts among customers who use mobile banking and who appreciate the ease of receiving notifications on their device, even if they’re not signed into their mobile banking account,” said Davenport.
Axiom Bank, headquartered in central Florida, saw immediate adoption, with more than 2,000 customers setting up account alerts in the first three months after deploying the solution.
“We actually use Notifi as a counseling tool to help strengthen relationships and improve a customer’s financial health,” said Ron Strand-Sorrell, executive vice president and chief operating officer,Axiom Bank. “Anytime a customer is facing a negative situation, such as an overdrawn account, we’re able to demonstrate how Notifi can help by alerting them when the balance is low.”
Strand-Sorrell notes the value of Notifi extends beyond the notification to make it easy for customers to take action in response to an alert. For example, they can use their mobile device to deposit a check and resolve a low balance before the branch is even open.
For Home Federal Bank, serving south central Nebraska, the fraud prevention aspects of Notifi have been important for building trusted relationships – an experience that’s consistent with consumer research. According to the Expectations & Experiences survey, more than 40 percent of consumers have caught a fraudulent transaction using banking alerts, and 67 percent report transaction-based alerts provide a feeling of security.
“In a world of evolving fraud, Notifi is an advanced tool that can help protect customers,” said Lisa Harris, first vice president and chief operating officer, Home Federal Bank. “We recently had a customer with an attempted wire fraud on an account. We were able to show how real-time alerts could have protected this customer, and then activated alerts on the account.”
“Financial institutions are competing with many other messages and apps on their customers’ devices. Notifi helps our clients cut through the digital noise to reach customers when and how they prefer, with messages that are relevant,” says Eric Jones, senior vice president, product management, Bank Solutions, Fiserv. “This creates a deeper connection with customers and a stronger appreciation for their banking relationship.
About Fiserv
Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and has been recognized as one of Fortune® World’s Most Admired Companies™ for 9 of the last 10 years. Visit fiserv.com and follow on social media for more information and the latest company news.
