One of the most difficult challenges for bank marketing or bank client relationship teams is ensuring clients are depositing funds to their accounts on time. Many accounts, such as RRSPs or investment accounts, require a fixed amount to be deposited at a specific date. Not doing so may cause some problems both from bank’s end and from the client’s end.
However, despite knowing this fact, many clients simply forget to make their deposit by the due date. This is why reminding them about their due dates ahead of time is important because it helps them keep the deadline at the top of their minds, resulting in a lower missed deadline rate.
The problem is you cannot remind thousands of clients about their deposit deadlines manually. Imagine your client service team has 40 members. They need to call a couple of thousands of clients to remind them about deposits multiple times: seven days earlier, three days earlier, one day earlier…This is difficult because they have so much other stuff to do. Besides, it is not like sending a deposit deadline reminder MUST have human involvement, just an email or an SMS or even a voice message can do the work. But then again, sending those manually, one-by-one requires tons of work too.
The solution? You can use an automated bank deposit reminder solution to inform your clients about their deposit deadlines ahead of time. Using a perfectly built solution that is also integrated to your system, you can send super-personalized reminder messages to clients. All you need to do is setting up messages for a period (ideally, for a year), and then set up some criteria, and you are good to go. No technical knowledge required.
In this blog, we are going to discuss five benefits for how an automated bank deposit reminder solution can help boost your operations.
This one is obvious! You can save your team’s time by automating the entire deposit reminder sending process. With a manual process, your team needs to call every client or send an email regarding their deposit due dates. Many clients have multiple deposit due dates, which makes the process even more cumbersome. However, when you are deploying an automated bank deposit reminder solution, you are essentially sending those messages automatically, which means you can send reminders to thousands of clients at the same time. Since, you are not sending one by one, you are actually saving a lot of time.
Let’s say you need to remind 10,000 clients about their deposit due dates. If you send an email to them one by one, it should take at least 5,000 minutes every time you send a reminder (assuming one email takes 30 seconds). With an automated solution, you might hardly need to spend a couple of hours to set up the process and another couple of hours configuring reminder messages. Voila! Then, you don’t need to worry anymore for the whole year (and for the years coming!).
Build Client Loyalty
In the previous point we mentioned sending “super-personalized” deposit reminder emails. This point is particularly interesting regarding the banking sector. Non-personalized content generates 83% lower response rates in marketing or engagement campaigns than personalized content. Why? Let’s bring another example:
I often get spam emails from many sources that pretend to be my bank. Not one of them can personalize the email properly and most of those start with “Dear Sir/Madam” or “Dear Client”. I immediately toss them to my spam. The takeaway from this little scenario is your clients are unlikely to even open the message if they don’t find it personalized. With an automated solution, you can easily send hyper-personalized messages to all your clients. Personalization not only helps you boost engagement but also drives brand loyalty, especially when you are dealing with millennials. Did you know 70% of this client base can become frustrated if they do not find personalized emails?!
Reduce Manual Work
When you are using a manual process, you are actually doing everything from scratch and taking care of the small tasks required to streamline multiple tools. For instance, let’s breakdown the process of sending a reminder email: you need to create an email message, you need to copy the email address from the database, paste it, copy personal details multiple times and paste those in the email body, and hit the send button. Now, imagine doing these again and again and again! With an automated bank deposit reminder solution, you don’t need to do any of these. Let the system do all these work for you.
Keep Track in Near Real Time
In a manual process, you can send a generic reminder email blast to clients and that’s it! You will have no idea how those emails are doing and if your clients are opening those emails at all. Until a client responds, you will be in absolute darkness. However, when you are using an automated solution, you can track your campaign metrics in real time. For instance, you can see how many clients received the emails (i.e. the email delivery rate). If the delivery rate is poor, then you need to work on your email structure to boost the rate. You can also see how many clients opened emails. The open rate gives you an idea about your clients’ initial response after getting reminders. Finally, you can also check if your clients are taking any actions after reading an email. For instance, you can add a link to an email that redirects them to a client’s online bank account. You can check how many clients are clicking on that link and making their deposits. All these metrics can be tracked in real time, and you can also view complete reports once the reminder email campaign is done.
Increase Service Quality
Finally, you can increase your service quality by using an automated deposit reminder solution. How? This solution allows you to spend more time with customers who need more of a personal touch beyond personalized messages. For instance, you can actually check which of your clients are not opening/interacting with the deposit reminder emails. You can anticipate that those clients may need you to call them and speak to them. You can find those clients who need special attention and spend more time with them. In this way, you are increasing your service quality and building customer satisfaction. In a manual process, achieving this much success is not possible.
So, there are our top five benefits of using an automated bank deposit reminder solution.
If you find these benefits interesting, then let us tell you: you can do a lot more with our bank deposit reminder solution.
SimplyCast built its bank deposit reminder solution with in-house technology such as email marketing software, CRM software, and its marketing automation platform. You may also use other channels for reminding clients such as voice broadcasting or SMS messaging. Our solution is customizable so we can tweak the automated bank deposit reminder solution based on your business requirements.
And, of course, our platform is safe and secured. We are an ISO 27001:2013 certified service provider with data centers in the USA and Canada. We also operate with a minimum of 99.5% uptime.
Sound like something you can use? Speak to our experts.
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