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FinTech services

FinTech services use in-app communications to provide support, foster trust, and enhance the user experience with live conversation capabilities.

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This can include adding real-time chat, video calling, push notifications, and chatbots to the mobile app. These capabilities enable a range of features, such as real-time chat, customer support, scheduling, security alerts, video consultations, and more. In-app communications add an important social layer to digital finance, contributing to a more convenient, trustworthy experience that drives transactions, informed decision-making, and lasting relationships.

How FinTech services use in-app communications

  • Identity-based transactions: Users and merchants can create secure, authenticated profiles through in-app chat, a crucial step for building trust in peer-to-peer (P2P) and consumer-to-business (C2B) payments.

  • User-to-user chat: In-app conversations between users can add important context to payments, providing a sense of security that helps drive engagement and transactions.

  • Business-to-user chat: Consumers may want to connect with a business before making a purchase. In-app chat provides a direct connection that fosters trust and encourages digital transactions.

  • Account and transaction notifications: Users can receive push notifications that inform them about account activity, such as deposits, withdrawals, bills due, transactions, or suspicious activity.

  • Customer support: Users can connect with customer support using in-app chat to get immediate assistance and resolve account issues where transactions happen, reducing the need for costly phone support.

  • Real-time updates: Users can receive real-time information about market data, investment positions, or budget status, helping them better manage their finances and capitalize on timely opportunities.

  • Video advisory services: Users are increasingly keen on video calls and consultations with their financial advisors and institutions. A business can schedule calls at the customer's convenience, helping to drive trust, satisfaction, and loyalty.

  • Rewards and cashback: Users receive push notifications and pop-ups about cashback rewards, loyalty program rewards, referral incentives, and other perks that drive engagement and marketing conversions.

  • User communities: Users are more likely to use and invite others to apps that make them feel like part of a community, e.g. Venmo. Financial apps can add group channels and public forums to make their experience feel more human and social media-esque.

Benefits of in-app communications platforms for FinTech services

  • Enhanced user experience: FinTech apps provide users with notifications about account activity, transactions, bill reminders, and important financial events. This added convenience makes it easy for users to stay on top of their finances, and enjoy the app experience.

  • Improved security: FinTech apps use in-app chat to deliver security alerts in the case of unauthorized access attempts and dubious transactions, as well as verify transactions. This helps to resolve security issues and reassure users their finances are being looked out for.

  • Customer support: In-app communications enable FinTech apps to provide immediate, cost-efficient support to users within the app. This convenience helps to improve customer satisfaction and encourage loyalty.

  • Modern messaging experiences: The most popular apps (e.g. WhatsApp, Facebook) include the latest messaging features, such as typing indicators and read receipts, that create a sense of in-person interactions while chatting or receiving support in the app.

  • Greater retention: In competitive markets like financial services, users are more likely to choose a business based on experience. In-app communications allow a brand to provide each user with tailored account management and seamless support to win their loyalty.

  • Data privacy and security: Leading in-app communications platforms take steps to protect users and their data. This includes providing secure, regularly-tested information architecture that complies with relevant privacy regulations like GDPR and ISO27001.

  • Cross-platform scalability: A reliable in-app communications platform can support 1 million concurrent connections and 500 million daily messages on any device or platform. This scalability allows a business to grow without re-coding its architecture.

  • Streamlined development: In-app communications platforms offer software development kits (SDKs) and user interface (UI) kits that make it easy to build and customize mobile communications for any device or platform. These resources allow developers to quickly create a visually appealing app experience, without coding the UI from scratch.

FinTech businesses use in-app communications to provide instant customer support, build trust, and strengthen user engagement and loyalty. The most popular financial apps provide a seamless, secure experience as part of a visually appealing, consistent UI.

To simplify the process of creating a custom-branded user interface, developers can use the cross-platform SDKs and UI kits from Sendbird and other in-app communications platforms.

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