Fiserv launches real-time alerts solution for bank customers, Notifi
Fiserv has launched Notifi, a platform for the delivery of real-time alerts for retail and SME bank customers. Home Federal Bank and C&F Bank are among the first takers.
The solution consolidates information from across a financial institution’s systems – including core account processing, online banking and mobile banking, lending software, debit and credit cards etc – into a central hub from which alerts are distributed.
Fiserv says “customers can choose the types of alerts they receive, how and when they are received, and can take action directly from the alerts”.
Notifi can provide alerts on “every aspect” – from a low balance on a deposit account to a pending loan payments or a suspicious card transaction. Alerts can be delivered by email, online inbox, text or push notifications via the bank’s mobile app.
Mark Schwanhausser, director of omnichannel financial services, Javelin Strategy & Research, predicts that “more than half of online consumers will receive financial alerts by 2019”. Hence, “it will be critical for banking alerts to find a way to stand out amid the flurry of notifications from social media and utility apps like calendars, games etc.
“To rise above the digital noise, financial institutions must focus on developing information that is relevant, immediate, digestible and actionable.”
Among the early takers of Notifi is Home Federal Bank in Nebraska, which, according to its COO Lisa Harris, is “operating in a competitive market where the average age is 35 to 39”.
For many in this segment, a mobile phone is their primary source of information, Harris observes. “With Notifi we can be a partner that is keeping them informed and stand out as a leader in 24×7 digital banking.”
Another taker is C&F Bank in Virginia. CIO Rodney Overby points out that the bank’s customers “are rapidly adopting mobile banking and, no matter their age, they have expectations of immediacy”.
There is also an advantage from a customer service standpoint, he adds. “About half of the calls we receive are balance or transfer-related. Providing updates via alerts helps eliminate some of those basic calls so our employees can focus on more complex and higher value inquiries.”
There is a security benefit too, Harris and Overby say, as real-time alerts lead to faster discovery and prevention of fraud.
The proliferation of smartphones presents a real opportunity for banks to serve engaging content to the many consumers who are now “mobile first”. However, developing an app for a banking experience isn’t the same as doing so for a website – so what do the banks need to know to ensure their app is “sticky” (i.e. keeps mobile users engaged)?