Push notification services (PNS) are optimal for transmitting sensitive data and enhancing customer experiences in the financial sector. They not only ensure safe transmission of confidential information but are also favored by users for their immediacy and user-friendly nature.
Benefits of Push Notifications in Banking: Higher Engagement with Reduced Messaging Costs
With PNS, financial institutions are able to engage customers with targeted content that builds loyalty over the long term. Banks can proactively deliver important messages to account holders that earn higher engagement rates than traditional communication methods. Unlike SMS and email limitations on message status, PNS ensures full traceability for the bank so that measures can be taken if a message has not been received or read by client.
The average open rates of push notifications are notably higher compared to SMS or email, reducing the concern that your message may end up in the unwanted or spam category. SMS messages often come at inconvenient times – when a subscriber is busy (driving, in a meeting, etc.). So, these messages remain unread or only casually viewed. Besides, with the development of instant messengers, SMS has almost lost its function as a communication tool because for the most part, users do not perceive them as a means of interactive contact as PNS.
Moreover, there is a significant reduction in messaging costs, as you can achieve a cost reduction in SMS messaging within a range between 40% and 75%, in a best-case scenario. That’s the reason why it is so important to expand your digital client base to migrate them to PNS.
Customer Privacy Concerns on Push Notifications – and How to Address them with Latinia
Latinia offers banking institutions a solution that guarantees the secure transmission of confidential information to their customers through push notifications, which are sent to an app where the client is logged in. The bank must position its app as the main communication channel with the client, avoiding the use of other channels that cannot offer the same level of security. This way, the bank ensures that the client has actually received the information.
Sensitive data remains completely segregated from public content, eliminating any risks associated with sharing such information with third-party service providers like Apple, Google, or Microsoft. Service vendors do not have access to the private content of push notifications, as it is exclusively downloaded from the bank’s server and never leaves the highly secure banking environment. Consequently, only the public content of the PNS, devoid of any sensitive data, is displayed on the user’s screen and shared with the respective service provider, ensuring maximum privacy and data protection.