10 Key Strategies for Banks During Peak Seasons

Travel Peaks Effects on Banking Services

The elevated activity offers banks an opportunity to earn more through transaction fees, interest, and other services. But on the other hand, the surge in demand can easily overwhelm customer service departments and existing banking infrastructure, leading to delays, operational bottlenecks, and ultimately, dissatisfied customers. A single bad experience can create long-lasting negative impressions that not only affect customer loyalty but can also spread through word-of-mouth or social media, creating a wave effect of dissatisfaction.

As customers travel, they use less secure internet connections, misplace their financial instruments, or become targets for skimming (copying the information from a credit or debit card to carry out unauthorized transactions) and other fraudulent activities. A proactive approach to fraud detection and customer communication is essential.

Given this landscape, real-time solutions like those offered by Latinia can be a game-changer. By offering targeted, timely communications based on customer segments and transactions, Latinia’s platform allows banks to shift from a reactive to a proactive model. This not only enhances the customer experience but also helps banks manage their internal resources more efficiently.

By appreciating the complexity and importance of high travel seasons, banks can better prepare for the surge in customer needs and expectations, leading to happier customers and a stronger bottom line.

1. Advance Currency Exchange Alerts

Currency exchange is often a stumbling block for customers traveling internationally. An abrupt change in rates can catch customers unprepared, leading to a financial strain and ultimately dissatisfaction with the bank’s services.

By leveraging real-time data, banks can send automated alerts about current exchange rates to customers during their international travel. Latinia’s real-time notifications make this communication seamless, allowing tailored messages based on customer preferences.

2. Activate International Expenses Proactively

Activating international transactions can be easily overlooked in the chaos of travel preparations. A forgotten activation can result in blocked cards, which is an unfortunate way to start a holiday.

Banks can set up a system to recognize the signs of impending travel—like buying something at an airport or airplane —and send a pre-travel notification. On the other hand, they can also communicate the description of the error on the 1^st international transaction, giving the customer the chance to activate it in one click. This process can be automated by setting up business rules to send real-time notifications, reminding customers to activate international transactions.

By being proactive, banks can significantly reduce emergency calls to customer service to unblock accounts, thereby reducing operational strain.

3. Dynamic Spending and Withdrawal Limits

Pre-set spending and withdrawal limits may not be sufficient for customers during their travels, leading to declined transactions and ensuing frustration.

Banks can offer customers the ability to manage their spending limits dynamically through their banking app. To facilitate this, real-time alerts about approaching limits, powered by Latinia, can be sent to allow customers to make necessary adjustments.

This feature can greatly reduce the number of calls to customer service about transaction limits, thereby optimizing call center operations.

4. Optimize Travel Benefits with Airline Co-Branded Credit Cards

One of the most opportune moments for banks to engage with customers is when they purchase an airplane ticket. Thanks to real-time transaction monitoring, Latinia’s platform can trigger an immediate notification at this precise moment.

As soon as the customer initiates a transaction to buy an airplane ticket, the bank can automatically send out a notification asking whether the customer wants to proceed with the purchase using their existing card or switch to their airline co-branded credit card to earn points and enjoy other travel perks.

This real-time alert comes with the option to accept or reject the initial transaction. If the customer chooses to reject, they can then use their airline co-branded card instead, capitalizing on the extra miles, freebies, and other bonuses. This way banks not only enrich the customer’s travel experience but also promote beneficial card usage, making it a win-win situation for both parties.

5. Cross-Selling Opportunities: Travel Insurance

High travel seasons also present cross-selling opportunities. For example, of travel insurance, a product that many customers consider essential when going on international trips but often forget to purchase in advance.

Whenever a customer makes a significant transaction related to travel—such as buying an international plane ticket, or booking a hotel— It’s an opportunity to offer travel insurance.

Using Latinia’s real-time notifications, banks can send targeted messages to customers immediately after such transactions are made, and to the segment of customers they choose. This timely approach ensures that the offer is highly relevant, increasing the likelihood of a successful cross-sell.

6. Real-Time Fraud Alerts

The faster a potential fraudulent transaction is detected and addressed, the lower the financial and reputational damage for both the bank and the customer.

Banks can set up a real-time fraud detection system that immediately alerts customers of suspicious activity, asking them to confirm or deny the transaction in question.

Latinia can deliver these urgent notifications reliably, ensuring that customers can act swiftly to prevent fraudulent activities.

7. Real-Time Communications with Real-Time Data

In a time where customer preferences and global conditions can change in an instant, real-time data is invaluable. Customers feel valued and taken care of when they receive personalized, timely offers that align with their immediate needs, improving their experience and reinforcing their loyalty to the bank.

A real-time micro segmented communication engine like Latinia not only delivers timely messages to customers but also provides banks with instant data on customer responses, behavior, and needs. This real-time data keeps the bank agile and responsive.

8. Advanced Personalization

Today’s customers are tired of receiving spam and seek highly personalized experiences.

Latinia’s technology enables banks to go beyond the basics by integrating personalized messages based on individual customer behaviors or life events, segmented by specific customer profiles and transactions, and even real-time geolocation, making the support experience truly one-of-a-kind.

9. Seamless Multi-Channel Support

When customers are traveling, their digital interaction needs can change rapidly. They might move from a Wi-Fi-enabled environment to a location with no internet access, necessitating a switch from push notifications to SMS alerts. This dynamism calls for a more adaptive, real-time multi-channel strategy to ensure uninterrupted communication.

Latinia’s real-time notification capabilities can seamlessly adapt to these variable conditions. All channels—email, SMS, push notifications, and WhatsApp—are managed through a single platform, making it exceptionally easy for banks to organize and adapt their notification strategies.

For instance, if a customer is traveling abroad and doesn’t have reliable Wi-Fi, Latinia detects that the message is not being delivered and sends it on an alternate channel, for example via SMS. This adaptability ensures that alerts, especially critical ones, are always delivered promptly, irrespective of the traveler’s changing circumstances. Creating a customer-centric banking experience.

10. Enhanced Travel Security Measures

Travel inherently poses various security risks, from physical theft to digital fraud. As customers use their banking services in multiple locations and potentially insecure networks, ensuring the security of financial transactions becomes paramount for maintaining trust. The need for real-time alerting and quick action is critical.

Latinia’s Critical Events Gateway is designed to handle high-priority, time-sensitive situations like security alerts and potential fraud. Banks can ensure that these crucial notifications are sent immediately and are prioritized over less urgent messages. This immediacy allows customers to take prompt action and not only minimizes the risk of fraudulent activities but also enhances customer trust, as they know that their financial well-being is actively monitored and safeguarded, even while they’re on the move. This is especially crucial for customers who are traveling, giving them peace of mind and a better overall banking experience.

Conclusion

High travel seasons present a dual narrative for banks: opportunity and challenge. While increased transaction volumes offer revenue potential, the operational stress and risk of fraud are imminent.

Through targeted and timely alerts, Latinia’s platform elevates customer experience by keeping users informed and secure. Features like currency exchange alerts and real-time fraud notifications not only enrich customer engagement but also reduce operational strain, thereby aligning with a bank’s efficiency goals. Moreover, real-time data analytics provided by Latinia enable banks to make informed decisions swiftly, fortifying both short-term operations and long-term strategy.

To explore ways your bank can enhance its communication strategies, book a videocall with an expert.

Categories: Strategy