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New Fiserv White Paper Recommends Financial Institutions Follow A Phased Roadmap To Offer More Robust Mobile Alerts

Stocks in this article: FISV

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today released a white paper that offers financial institutions insight on how to develop a comprehensive enterprise mobile alerts platform to boost customer engagement and meet regulatory requirements related to customer notifications. The paper discusses consumer use of alerts, considerations for building an alerts platform and strategies for deployment in phases and across channels. The white paper, “Enterprise Alerts: The Superhighway to Delighting Customers with Timely, Relevant and Actionable Information,” can be downloaded at www.fiserv.com/enterprise-alerts.

Mobile alert strategies no longer encompass only basic one-directional communications to customers, but have evolved to include more sophisticated alerts known as push notifications. Push notifications enable customers to not only view an alert, but conduct a transaction in response to the alert within a secure app. For example, a low balance alert can include a response option that enables a customer to immediately transfer money into that account right from their phone. This gives customers more control over their finances, and can ultimately boost customer satisfaction.

“With push notifications, financial institutions have an opportunity to transform their existing alerts offering from a reactive, event-driven service to a proactive personal financial management tool,” said Jim Tobin, senior vice president and general manager, Mobile Solutions, Fiserv. “An enterprise alert strategy should include a wide variety of alerts distributed via multiple end points and devices. This will enable financial institutions to serve customers at different stages in their lives while keeping pace with regulatory demands.”

An enterprise alert system, or a “superhighway” of two-way informational flow, should be seamlessly integrated with all banking channels to support information access and management reporting. The “Enterprise Alerts” white paper outlines considerations for building and rolling out an enterprise alerts platform, as well as best processes for supporting alerts across channels. These considerations include using a phased approach to roll out alerts, with stages including:

  • Stage 1: Account-centered alerts that are specific to account activity;
  • Stage 2: Event-based alerts that indicate when an event may prompt a follow-up action;
  • Stage 3: Security-related alerts that notify the customer when accounts may be compromised;
  • Stage 4: Customer care information that can be initiated by the customer or the financial institution;
  • Stage 5: Actionable insights that provide financial management tips and guidance based on the customer’s activity.

Consumer demand for timely, relevant and actionable alerts has increased and new technologies have emerged, making this an ideal time for financial institutions to revisit their alert strategy.

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