Branded calling increases engagement

Post-Covid consumers per se are making fewer visits to the banks. According to a recent survey, consumers still want a strong connection with their financial institution, but on their terms. They want to know that their funds are protected, their data is secure, and that they can get the information they need when and how they want it.

If the consumer initiates contact, more than half of them prefer to reach out using their provider’s mobile app. But, when the roles are reversed, only 18% of people want their financial institution to contact them through a digital means. Instead, it’s the phone call that gives consumers a greater sense their information is being handled safely, particularly in situations that require more security like suspected fraud or loan applications. The personalized attention reassures them that their business is valued.

When they need something, people would rather hop on their banking provider’s mobile app. But, if the bank has to reach out, consumers prefer a phone call.

First Orion provides just the solution that financial institutions need to increase their engagement with their clients.

As consumer demand for technology and digital innovation grows, an increase in security threats follows, especially in regard to financial matters. When asked to rank the most secure form of communication with their primary financial institution, one out of three respondents said they believe a phone call is the most secure — more than twice as secure as mobile banking (18%), email (18%) and text/SMS (12%).

It’s no surprise that this sentiment only increases when the bank or credit union is calling about an urgent matter, where 86% of respondents said they prefer to speak with a live person instead of text or an alternative message. Phone calls are also preferred when financial institutions are calling in regards to suspected fraud (36%), financial planning (36%), new loan information (32%) and investment opportunities (31%).

While it’s true that consumers want their banking providers to call them, that doesn’t mean they’re answering their phones. Nine out of ten consumers want banks and credit unions to clearly identify themselves when calling, because nearly two-thirds of survey respondents reported missing a call from their financial institution because they did not recognize the number. For better or worse, people generally assume that unidentified callers are spam or unwanted calls, despite the fact such calls can be important.

While on the surface, an unidentified phone number may not seem that significant, it can however lead to major implications for the financial institution: 70% of respondents stated they would leave their current bank or credit union for one that could properly identify themselves when calling (with all other things being equal).

Enter: Branded Calling

Given the need for institutions to provide consumers with a level of familiarity, transparency and trust so that they want to answer the phone, banks and credit unions should consider adopting a technology to make that possible: branded calling.

Some organizations think the solution to getting consumers to answer their phone is to tell them they’ll be receiving a call on a certain date, around a certain time and to just answer every call in that window. The problem with this approach is that it asks consumers to open themselves up for additional risk and unnecessarily exposes them to scam callers. Instead of guaranteeing a positive and trusted consumer interaction with the financial institution, it is being left to chance.