The banking and financial industry has embraced digital changes in the current era.

The industry has moved leaps in creating niche communication channels with customers to engage with and increase operations.

Financial organizations and banks have incorporated CPaaS to be available for customers even in Covid-19 circumstances.

Financial institutions like insurance companies, banks, payment providers, and loan companies need a secure platform to provide fast, and reliable services to customers with fraud protection ability.

CPaaS is a secure platform for real-time communication.

You can integrate voice/video calls, chat, SMS, via API into your applications.

Let us look at how the BFSI has incorporated CPaaS to sustain and made a paradigm shift from a traditional approach to cloud-based CPaaS.

Video Banking:

Fraud and cheating are two factors that every bank must avoid.

By enabling video banking, you can reduce this by identifying the rightful owner of the account.

Face-to-face recognition is possible through video calling and customers can access this feature from wherever they are.

This personalized video calling enhances customer satisfaction fostering a close relationship.

Video calling also facilitates:

1) eKYC:

Know your customer or KYC with video calling is easy. Customers can stay at home and complete the eKYC by answering questions over video and filling forms

2) Kiosks:

Customers can reach the right person by clicking on video calling from a kiosk set up by the bank. They can also request for needed information that would be sent to their registered mobile numbers via SMS

Transaction Alerts:

Whether you are a banking institution or financial industry, you can benefit from push notifications or alerts to your customers.

Once you integrate SMS API, you can engage with your customers by updating them on all the latest happenings, offers, bill reminders, policy renewal dates, and many other information messages.

Other benefits include:

1) Two-factor Authentication:

By integrating SMS API in your application you can enable the two-factor verification including an OTP through SMS from your application.

Customers are assured of going through this simple process, and not depend on multiple channels for communication

2) Live Chat:

Some customers do not want to wait for SMS or speak over the phone.

For them chat is a viable option to resolve an issue immediately.

You can support your customers by providing an in-app chat by integrating chat SDK to your app and build a quick and reliable communication

3) Effective Document Management:

With CPaaS you can allow customers to share files containing KYC documents within the app.

You can send policies and other documents through the file sharing feature.

This reduces the time taken in transactions and enhances your relationship with customers