Messenger for Financial Institutions (BFSI)

Banking and Financial Services Institutions are foremost in the chain of enterprises that require event based messaging with their consumers.

These messages are usually generated by transactional systems (Core Banking, Trade Finance, Cards,Loan Management, Stock Trading, FX, etc) resident with the institution which are used for day to day transacting. Examples of events that needs to be communicated are Account Debit, Credit, OTP, Insurance Premium Payments, Share Trade Intimation,Cards Payment Remainders, Loan Payments, etc. For security reasons in most countries it has been made mandatory to keep customers informed on any changes effected on their accounts or instruments.

Today ‘SMS’ is being used as the predominant channel for such communication. As the volume of messaging increases, this is becoming a cost prohibitive channel. Added to this customers are wanting more granular communication (nightly account balance, check book reorder level notification, payment remainders, etc) from financial institutions. ‘SMS’ is also constrained by 140 characters per message limit as well as with its inability to communicate ‘Rich Text’ messages, images and videos. ‘SMS’ is also limiting in its ability to respond to such messages.

Emails are also used as a channel for communication but life style changes (mobiles as a primary computing device) and user behavioural changes is making this channel ineffective for instant messaging and communication. This channel is fast becoming a post-mortem channel in the context of instant notification. If emails were effective we wouldn’t have seen social media and P2P messengers take centre stage of communication today.

MeOnCloud is the answer to modern day A2P instant Bi-Directional enterprise communication needs.

• Messages can be in “Rich Text” format as well as can have images and video links attached.
• Most important of all MeOnCloud messages can have optionally “programmable transaction buttons” embedded in them which can be used to elicit response to the messages. The buttons could be in the nature of “confirm”, “pay”, “like”, “contact me”, voting, etc.
• MeOnCloud also supports commands as messages, for example “&BAL;” could fetch your account balance as a response message.
• MeOnCloud also supports protected messages which can only be viewed with a password.

“Here are some of the functional use cases for MeOnCloud”

• 1MeOnCloud can be used as a support channel by financial institutions. Customers can send their “request” as messages which can be serviced by the financial institution.
• 2MeOnCloud also supports self service capability for customers with its “commands” functionality.
• 3MeOnCloud can also be used as a marketing channel as well as a lead generation channel. Launch messages, announcement messages or promotional messages can be sent with buttons attached to them. When a customer presses any of the buttons the message in question gets converted to a lead.
• 4MeOnCloud can be used as a bill presentment and payment channel. Bills can be sent as a message with a pay button embedded in the message. Customers can pay the bill by pressing the “PAY” button and completing the formalities.