How Real-Time APIs are Transforming the Relationship Between Banks & their Customers?

Alexander S Published On November 24th, 2022 Insights

An API (Application Programming Interface) is a set of protocols and tools that offers communication mechanisms to software and applications. API solutions support the banking industry by building applications that help financial institutions communicate with their customers or exchange data with third-party organizations.

With the new era of technology and the convenience of real-time communication, APIs are making communication efficient and ultimately transforming relations between parties involved. A research conducted by Accenture Consulting stated that banks that embrace the new API-driven Open Banking initiatives will have a potential revenue growth of 20 percent. Another report by Deloitte Insights said that API-driven core systems can help banks radically rethink product design, in the same way big techs have done

Such studies have made top banks in India and across the globe adopt real-time communication APIs. For example, YES Bank’s API banking services offer integrated banking communication with corporate clients’ ERP systems. Likewise, ICICI is integrated with a third-party system called Cashfree, which provides access to data and performs banking functions.

The Types of Real-Time Communication APIs That Offer Ease & Convenience:

Real-time communication APIs offer an instant flow of data and chats between banks and customers, because of which it is referred to as real-time. Moreover, APIs enable direct and continuous communication between different software systems offering enhanced user experience in a time-efficient manner.

Before we analyze what are the various types of real time messaging APIs, let’s check out some of the key benefits of integrating communication APIs in Banking Apps:

• Advance Engagement – Integration of real time messaging API for banking apps allows every conversation to be held on a real-time basis. This is when banks can expect an advanced level of engagement with their customers.
  
• Increases Trust – With realtime messaging solutions customers can directly communicate with the banks, resolve their doubts, and have a clear communication channel. These factors increase trust and display reliability as communication happens on a real-time basis.
  
• Solves Issues Instantly – Messaging APIs for banking apps address the concerns of the customers on a real time basis and make communication effective so that customers can solve issues related to banking instantly.
  
  Recommended Reading: How To Build A Fintech App in 2023?
  
• Faster Transactions – Real time communication API integration for banking apps is ultimately ensuring transactions are done faster and enhancing customer support.
  

Now, that we have understood the  importance of communication in banking, let’s analyze the various types of real time communication APIs:

In-App Chat API for Banking Apps

Most national and international banks have invested in in-app chat APIs, considering the higher standards of services banks can offer to the customer. A report in the Washington Post said that 70% of people prefer to click on “message us” rather than “call us” when trying to get in touch with customer service

Hence, it was evident for the banks to integrate in app chat APIs to increase approachability, ease day-to-day banking operations, maintain customer relationships, ensure time efficiency and improve overall real-time customer communication.

Video calling API for Banking Apps

Video calling API on banking apps makes the interaction between banking officials and customers easier and more personal. Video calls have changed the face of the typical consumer banking experience.

This is because video chats substantiate communication and offer freedom to the customer to contact bank administrations and solve their problems from anywhere across the globe.

Voice Calling API for Banking Apps

Voice calling API for banking apps is yet another great interactive way to communicate with customers. Banks can be personal, swift in solving issues, and above all achieve an advanced level of engagement through human interaction.

Voice calling API enables banks to manage, monitor, and trigger voice calls as-and-when required by their customers and generates healthier customer relationships.

How Are Chat, Video & Voice Calling APIs Helping the Banking Industry

Real time communications through chat, video & voice calling APIs are becoming extremely important in the banking industry to meet customer expectations and requests. Real time messaging solutions for banking platforms help stem engagement. But that’s not all! chat, video & voice call APIs also create a fast, secure, and well-organized channel of communication between the customer and the banking departments. This increases the loyalty of the customer and generates a higher conversion rate.

Every bank applies the functionality of APIs in a different manner; however, the intention is the same. Let’s explore the top three banking departments in which chat, video & voice calling APIs are most helpful:

1. Customer Support

Enabling chat, video & voice communication in banking improves customer engagement and satisfaction, which further positively contributes to the customer support department. Such realtime communication APIs for banking apps and sites also generate trust and reliability between the bank and a customer. Customers can effortlessly resolve issues with their banks, inquire about anything, and ask questions at any given point in time.

2. Credit Card / Loan Department

Getting a credit card or applying for a loan usually comprises various stages from checking and approving customer eligibility, sanctioning loan to disbursement, and viewing the current status or due payments. The process can be lengthy, but with digitalization and ease of interaction through chat, video & voice calling APIs the credit card/loan departments can sanction such financial facilities almost instantly.

3. Saving & Investment Department

Real time messaging APIs are also helpful in the savings and investment departments of banks. Improved operational efficiency, online banking facility, instant account opening, and several other digitized banking services are facilitated by chat, video & voice calling APIs. This is because, virtual correspondence ensures excellent services are delivered in an authentic, personalized, and secure manner.

The Advantage of Real-time Communication APIs In Banking Apps:

Besides the fact that APIs enable real-time customer communication, there benefits in banking apps are diversified, starting with:

1. Fast & Efficient Operations – Banks can assist customers swiftly with real-time messaging solutions on banking platforms and make sure the experience is seamless.
   
2. Saves Time – Customers do not need to physically visit the bank. Real-time communication APIs offer instant assistance and can save customers valuable time.
   
3. Simplified Interaction – Offering chat, video & voice calling on bank apps and sites creates a simplified channel for the customer to interact.

Why Is CONTUS MirrorFly The Best Real-time Communication API For Banking Apps?

Bank customers need to access their financial data or share it with third parties. Moreover, communication is the core, as bank customers demand real-time communication with bank executives to solve their doubts and clarify queries. This can be simplified with chat APIs and who better than CONTUS MirrorFly?

All these attributes make CONTUS MirrorFly the best real-time messaging API for banking apps . Interested to know more?