Alerts and notifications are redefining financial communications and driving customer engagement says Fiserv research
Financial institutions with a proactive alerts strategy can enhance their reputation as a trusted financial advisor and partner
BROOKFIELD, WI (November 15, 2016) — Fiserv, Inc. (NASDAQ:FISV), a leading global provider of financial services technology solutions, has published a research-based white paper providing recommendations for how financial institutions can utilize alerts and notifications to strengthen their position as a trusted financial partner.
Leveraging data from a recent Fiserv study, the white paper, titled Push Notifications Are Redefining Financial Communications, provides guidance for financial institutions on the types of alerts and notifications desired by consumers and businesses. The paper outlines how the right strategy can enable financial institutions to increase customer engagement, reduce fraud exposure and grow revenue. It also identifies the different roles met by alerts and notifications and when it is appropriate to use each type of communication.
Businesses and consumers both expect real-time alerts about security, fraud prevention, fee avoidance and problem avoidance, such as when their account access changes, unusual activity occurs at an ATM or when a credit card transaction exceeds a pre-set limit. Business customers also have a particular interest in when deposits have cleared or fail to clear. Financial institutions wanting to open and strengthen engagement with consumers and businesses should tailor communications according to these preferences.
The Fiserv white paper also outlines strategies for promoting alerts and driving adoption, emphasizing that it should be an organic process that makes it easy for customers to set up, manage their finances and take action on alerts. An alert strategy calls for the following four considerations:
Thinking customer first: Understand which types of alerts and notifications customers want.
Creating relationships: Communicate with proactive alerts to build trust.
Empowering customers: Encourage customers to seek insight and advice from their financial institutions when managing their financial lives.
Being actionable: Provide the ability to take action on information.
“Consumers and businesses are seeking tighter control of their finances and want real-time information to help guide their financial decision making,” said Jamie Deterding, senior vice president, product management, Bank Solutions, Fiserv. “Financial institutions that utilize a proactive alert and notification strategy, and enable customers to act immediately on the information provided, can establish themselves as true partners in people’s financial lives.”
For more information, download the white paper, Push Notifications Are Redefining Financial Communications, at www.fiserv.com/alerts-strategy.
In a world that is moving faster than ever before, Fiserv helps clients deliver solutions that are in step with the way people live and work today – financial services at the speed of life. Learn more at TheSpeedofLife.com.
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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.
