In an industry as complex and heavily regulated as banking, effective communication is not just important—it’s critical. Yet, many banks continue to rely on outdated internal communication methods that lead to significant inefficiencies. Overloaded email inboxes, missed critical updates, and inconsistent messaging across branches are just some of the issues that plague these traditional systems.
Missed Critical Updates? It’s Time for a Change.
As the banking sector becomes increasingly competitive, these communication shortcomings can result in missed opportunities, reduced employee productivity , and ultimately, a decline in customer retention. In a world where staying ahead is no longer just about numbers, the ability to communicate effectively and efficiently across all levels of an organisation is a game-changer.
The Power of Modern Internal Communication Tools
This is where the next generation of internal communication tools, like Qcomm, come into play. Designed to overcome the limitations of traditional methods, these tools offer banks the ability to standardise communications, and ensure that both employees and customers receive timely, relevant updates.
With the advent of digital technologies such as mobile banking and recently UPI, banks have undergone a massive digital transformation to remain relevant. However, connecting with and maintaining brand recall with today’s digitally native audience is another challenge. Historically banking and financial institutions have traditionally followed a more conservative approach to adopting new technologies. This is due to a plethora of reasons such as the rising complexity of banking products, the volumes of currency involved and the large size of such institutions.
The Challenges of Outdated Communication in Banking:
This is understandable, but not sustainable. With digital technologies revolutionizing employee and customer lifestyles, staying ahead is no longer just a numbers game but a perception game. Powerful communications are a cornerstone to this arena. Given the massive competition between centrally operated banks, enterprise operated banks and non banking financial institutions, a missed opportunity is not just a missed opportunity but a missed customer. In such a cut throat market, an outdated communication strategy is a heavy burden to carry. Email overloads result in missed communications, overlooked compliances and so much more. This can cause time and hence productivity losses managing avoidable crises, weakened customer loyalty with lacklustre experiences and dissatisfied fed up employees. Add global banks with their inflated promises and deep pockets in the mix and this quickly escalates to become a recipe for disaster.
The Power of Internal communication tool in Banking:
Specialized communication platforms unlock the power to revolutionize employee and customer experiences. Here are some statistics that support that general notion –
- Humans process visual information faster than text. Banks ensure that displaying visual messages is not only appealing as content but also captures attention and being remembered. A lot of banks today leverage this by displaying visually appealing content that captures attention and improves information retention.
- Engage and Retain! 47% of customers feel more informed when encountering digital signage in a bank. Transform your branch experience today!
- 69% of respondents perceived shorter waiting time in banks when exposed to digital signages
- Incorporating digital signage in banking branches increases sales by 32%
- 40% of customers report that digital displays in a bank’s physical branch make the institution seem more modern and progressive
- Boost Loyalty! Engaged front-line teams can lead to customer loyalty rates that are 12% higher than competitors. Prioritise internal communication for lasting success.
The Future of Retail Banking Internal Communication Tool:
Imagine this –
- Welcome Screens & Product Videos: Imagine greeting retail employees with personalized welcome screens as they log in, while simultaneously displaying promotional videos or service updates to customers on strategically placed displays throughout the branch.This seamless integration of internal and external communication ensures that both employees and customers are engaged and informed, enhancing the overall experience.
- Real-Time Updates: Weekly newsletters that applaud star performers,highlight performance improvements at the branch level and celebrate employee milestones.
- Daily Cybersecurity and Compliance Tips: Non-Intrusive, Easy-to-Learn Do’s and Don’ts
- Timely Employee Surveys: Ensure Timely Completion of Employee Surveys for New Policy Developmen
- Customers Interested in Products Seen in Recent Screen Ads: Regular customers inquiring about special products they recently noticed in ads displayed on screens, whether during a sports match or a soap opera.
- Timely Reminders for Important Deadlines and Urgent Alerts: Prompt reminders to employees about critical upcoming deadlines and urgent alerts.
- Committed and Productive Employees Who Choose to Stay: Dedicated and productive employees who are committed to staying with the organisation
- Building Reputation: Customers that stay for life and refer more customers. So gaining a customer’s trust is important but holding onto that should be the focus.
Imagine the Possibilities! Enhance your branch experience with personalised welcome screens and real-time updates. The future of banking is here!
This vision is attainable through QComm’s cutting-edge digital solutions. Considering the vast scale of banking operations, QComm enables organisations to reach their goals effectively, delivering measurable results.
Summary
Discover how QComm has transformed communication for a major UAE bank in our detailed case study here.
In today’s fast-paced business landscape, effective communications are essential to success. As the industry evolves, so should its messaging to its employees and customers alike. This calls for a screen management tool that can provide real-time, customizable, and scalable solutions. Qcomm was envisaged to solve that need while promoting engagement, collaboration, and productivity. Whether it be using mass notifications to garner employee attention or even training on cyber security and compliances Qcomm helps solve banking communication problems.
For insights on enhancing your communication strategies, check out our blog on Revolutionising Banking Communication: QComm’s Advanced Mass Notification Solution.
Let’s Connect! Interested in transforming your bank’s communication strategy? Contact us today for a demo or to learn more about QComm.
Read more on Qcomm helped a bank in the UAE improve employees’ product knowledge thus fostering customer growth and retention here.
