RCS Business Messaging for secure banking

As digital banking takes center stage, many traditional banks are facing a tough decision whether to close branches or focus on online service due to the reduced footfall in branches and increasing costs of maintaining a high-street presence.

This change can leave customers feeling torn between the familiarity of their local bank and the attraction of fast-moving fintech startups. For many, the frustration lies in the old-fashioned paperwork and slow processes at traditional banks, driving them to seek simpler, more efficient options.

With the rise of online and digital relationships between banks and their consumers, ensuring that consumers can trust and feel confident in their interactions has become a top priority for banks and financial institutions.

RCS Business Messaging is a next-generation messaging platform designed to provide a secure, interactive and reliable way for customers to communicate with their banks and conduct transactions. But what makes RCS so effective for banking?

Read on to learn more about RCS for banking, how it helps with compliance regulations, and some of its popular use cases for the BFSI industry.

In our research we found that:

RCS caters to these customer needs offering features that make every interaction more personalized and enjoyable.

Let’s explore some of the top benefits that RCS brings to the banking landscape.

With RCS, banks can incorporate their logo, colors, and other branding elements into messages, ensuring a consistent and recognizable customer experience. This visual consistency not only reinforces the bank’s identity but also builds trust, as customers can easily verify the legitimacy of communications.

RCS messages land straight on customers’ phones, so they don’t need to bother with downloading additional apps. This hassle-free way ensures messages get through and makes banking operations smoother. And now, with Apple coming on board, RCS has the potential to have the second biggest reach, right after SMS, with all the rich features other chat apps offer.

Plus, using RCS lets you step up the messaging game, giving customers a more personal experience. Because what’s more personal than getting important updates and notifications straight to your phone?

Additionally, with RCS, banks can seamlessly integrate links to their products and services, allowing customers to navigate directly from the message to relevant banking features with just one tap. This streamlined process enhances the customer experience and facilitates smoother interactions between banks and their clients.

This is important, as 50% of customers are now willing to purchase complex banking products online, such as investments, stocks, cryptocurrencies, and papers.

RCS enhances customer engagement through interactive and visually appealing messages. It offers features such as high-resolution images, carousels, buttons, and suggested replies, which are particularly effective in banking. Visual content is naturally more engaging and memorable for customers, making it easier for banks to convey information effectively.

For banks, real-time tracking through RCS is instrumental in understanding customer engagement with their communications. By precisely tracking message delivery, views, and clicks, banks can evaluate the effectiveness of their marketing campaigns and tailor their strategies accordingly.

This data allows banks to identify the most engaging content and optimize their messaging to better resonate with customers. Ultimately, real-time tracking empowers banks to enhance customer engagement, improve communication effectiveness, and strengthen customer relationships.

In the banking industry, compliance regulations play a crucial role in ensuring the security and integrity of financial transactions. These regulations, often stringent and constantly evolving, require banks to adhere to specific guidelines and standards to mitigate risks such as fraud, money laundering, and data breaches.

Failure to comply with these regulations can result in severe penalties, loss of customer trust, and damage to the bank’s reputation. Additionally, compliance efforts can be time-consuming and resource-intensive, diverting valuable resources away from core business activities.

This is where RCS can offer significant assistance to banks in navigating compliance regulations. RCS provides:

RCS Business Messaging uses a layered security approach tailored for the banking sector. Messages are encrypted in transit, ensuring they stay secure as they travel from the bank to the customer.

Before sending messages, banks need to register and verify their accounts with Google and the telecom provider, complying with strict telecom regulations. This multi-step verification process, along with additional security measures from carriers, makes RCS a reliable choice for secure banking communications.

Now that we understand RCS’s benefits for banking and how it can help with compliance regulations, let’s explore some of its popular use cases.

BankBazzar conducted in-depth research into their customer base and discovered that their customers were more digitally aware and desired additional features beyond plain text. To meet these expectations, BankBazaar adopted RCS through our customer engagement solution, Moments.

BankBazaar’s marketing team began by sending RCS messages with images and links directing customers to their app to check credit scores. These initial RCS messages achieved an 80% higher click-through rate compared to previous SMS campaigns.

As they grew more familiar with RCS, BankBazaar started incorporating gif images, further boosting engagement. Ultimately this resulted in:

RCS is a great channel for the banking sector because it combines enhanced security with an engaging user experience. This direct and interactive approach helps banks stay connected with their customers, providing a seamless and secure way to manage banking transactions and communications.

Additionally, RCS offers a broad spectrum of use cases directly to customers’ phones without needing additional apps. Banks can enhance customer engagement, increase conversion rates, and grow revenue by delivering personalized messages and promotions directly to customers’ devices.

As an RCS Business Messaging provider and trusted Google partner, Infobip provides banking institutions with the tools and guidance they need to create a solid communication strategy. 

Our customer engagement solution coupled with our customer data platform will make your communication even easier. In combination with RCS, these tools will help you create engaging and personalized campaigns without any coding, maximizing your ROI with top-notch omnichannel marketing.

If you’re one who likes to set high standards and be ahead of your competitors, consider integrating Google Vertex AI for a more humanized banking experience. Here’s what it can do for you:

As RCS experts, we can help you reach your audience, even if they’re as far-flung as penguins on the South Pole!