April 2018

Making banking more efficient and familiar than ever with… Facebook Messenger

There is a space on the Internet where millions of tech-savvy individuals love spending hours on a daily basis. It’s called social media. If you could only reach them in a way that doesn’t feel intrusive, but still provides you with a proper touch point to sell and talk about your products... Find out how LiveBank is turning Facebook Messenger into a viable lead generator and sales tool with a real-time assistance and a unique user experience.

Did you know that last year the instant messaging branch of Facebook, the Facebook Messenger, has reached a staggering number of over 1 billion users worldwide[1]? Every day millions of messages are exchanged over the service. People interact with each other as well as with countless brands present on this giant platform.

The banking industry’s participation in this exchange is nothing new. In fact, banks are often at the forefront of innovation when it comes to Facebook Messenger, taking it far beyond its original purpose of exchanging messages. For example, Nordea uses it to make it easier for its Norwegian customers to pay their bills[2] and Wells Fargo develops an artificial intelligence chatbot to provide clients with instant help[3].

Impressive, isn’t it? But the potential of Facebook Messenger for the banking industry doesn’t end here.

LiveBank to take Facebook Messenger banking ever further

What if you could turn Facebook Messenger into a powerful lead generation tool? A tool which helps you close sales directly, without bombarding your customers with marketing messages and compromising the user experience Facebook Messenger provides as a social channel. This is precisely what the Facebook Messenger Communication module, one of LiveBank’s features, is all about.

With the Communication module, Facebook Messenger users can request and receive expert and real-time assistance from financial institutions, and even start the process of purchasing a financial product by opening an external (LiveBank) application in a pop-up window to safely (through a secure connection outside of the Messenger app) verify their status and authorize actions or transactions. Let’s see how it works in practice.

Facebook Messenger integration unit in practice

There are many scenarios that show the unique value provided by the Communication module. Let’s start with a simple one.

A customer reaches their bank’s Facebook page and is interested in a loan offer highlighted in the latest post. They click a “Send message” button to contact the bank about it. The LiveBank app redirects the message to a consultant specialized in this offer – a feature enabled by LiveBank’s Routing module, which redirects the connection to the most competent expert based on the context. The consultant, who already has a list of appropriate answers ready, picks the right one and sends it to the customer. The answer is displayed right in the customer’s Facebook Messenger window.

This scenario involves an existing customer who contacted the bank by sending a message via Facebook Messenger. If it’d be a new customer, the bank consultant could start the eKYC verification process.

Upon their request, the consultant starts an authentication process by sending the customer a “Login” button so that they can sign in using their credentials. The button opens a new window in the browser or, if the client uses a smartphone, an application – that’s where authentication actually takes place. Once the authentication process is finished, the short chat conversation takes place and, to make it faster, the customer requests a video call to discuss details. The consultant sends them a link via Messenger to start a LiveBank-enabled secure and fully transactional video connection. When the customer is ready, they authorize the operation and safely complete the purchase of a loan in the LiveBank app. Thanks to another LiveBank feature, the Recording Module, the entire process, including chat and video, is stored for future replay (a feature not offered by most of chats and at the same time required by the latest data protection regulations).

User experience that feels like home

The Facebook Messenger Communication module is a game changer when it comes to utilizing the power of this popular messaging tool for the banking industry. The customer can use it any time they want (and only then!) directly from their bank’s fanpage. That way, they can use a channel they are familiar and comfortable with as a starting point to have a meaningful conversation with an actual expert and even open a new window to complete the purchase of a product or a transaction in an external app, that is, the LiveBank virtual branch.

Expanding your sales channels with Facebook Messenger

This is yet another strength of the Communication module – the ability to connect customers with a consultant most knowledgeable about the bank’s offer rather than the marketing or communication team. The expert capable of explaining all the details on the fly, relieving customer’s doubts in the process and closing a sale. What’s more, since the customer can start the purchase process in Facebook Messenger and finish it in an external app, the path to a conversion is greatly shortened. And even if the real-time conversation doesn’t end with a sale, the customer will still appreciate the benefits of being able to talk to an actual expert in person so easily.

With the Facebook Messenger Communication module, you can bring all the benefits (and only the benefits) of traditional banking to Facebook, providing your customers with an incredible user experience and selling your products efficiently at the very same time.

[1]   https://www.statista.com/statistics/417295/facebook-messenger-monthly-active-users/

[2]  https://www.nordea.com/en/press-and-news/news-and-press-releases/news-en/2017/2027-11-29-nordea-launches-the-first-nordic-bank-service-via-facebook-messenger%20.html

[3]   https://stories.wf.com/helpful-banking-assistanton-facebook/

Any questions?

Need quick hints? Feel free to contact us

Piotr Skrabski

Piotr Skrabski

General Manager

    Ailleron Company

    43B Jana Pawła II Avenue
    Podium Park II Building
    31-864 Cracow

    Did you know?

    A virtual branch will work perfectly wherever efficient service is crucial