Last week both YouTube and Facebook rolled out updates to their respective messenger apps in hopes of better competing with iMessenger, Snapchat, WhatsApp, Viber, and others. We use or have tested all these, and we believe Facebook Messenger holds the most promise for a standardized and efficient platform for banks to leverage in order to increase communication with both their retail AND their commercial customers. In this post, we detail our reasoning for why banks should start to familiarize themselves with the application now and layout some use cases that banks may want to think about on their trek towards greater innovation.
Why Not Good Ol’ SMS Text?
Text, or Short Message Service (SMS), isn’t going anywhere, was the first mobile banking application and will probably be the last. Messaging is the most common thing you do on the phone, and that pathway is already ingrained. However, SMS has its limitations. For starters, both the customer and the bank need to have a cellular connection. If your customer services reps are in a branch with cell service, but your customer is stuck on a plane or in the middle of a building with only wifi, that is a problem that will prevent communication.
The other major issue with SMS is….