How the World is Communicating and Why Banks and Credit Unions Should Pay Attention

Susan is a CMO at a Washington-based financial institution. She loves her team’s outreach strategy, but deep down she knew something wasn’t right. Her promotional emails were ignored, outbound calls went unanswered, and overall engagement was low. She didn’t know why this was happening, but knew that she had to make a change.

If you work at a bank or credit union, you may have noticed there’s a fundamental shift in how communication is delivered and received, and this change is happening at unprecedented speeds. 

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Why Conversational Messaging is a No-Brainer

Financial institutions are experiencing an evolution in terms of how they reach consumers across new mediums of communication. Many have followed the example of fintech companies like Paypal, Marcus, and Credit Karma by offering conversational banking for their customers. These leading fintech firms are creating new value and improved experiences with virtual agents and responsive text messaging.

The building out of these products demonstrates an growing demand for conversational messaging functionality. Here are a few key attributes driving this progress:

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Is Email Dead?

Arguably the most prefered way to communicate digitally in the early 2000’s, email has begun to fade from popularity as more efficient methods are emerging. The rise of email-based spam or unsolicited commercial emails could be a major factor. Kaspersky Labs report states email makes up 70% of all emails sent, while a 2014 email metric report found the portion of spam email was around 90% of emails sent. Or, perhaps it is due to the growing number of message-based applications available offering a real-time conversational platform to connect organizations with consumers.

Here are some key reasons why email is being replaced by a new wave of business tools:

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