RawStone Co., Ltd.: Powering client communication

Client communication matters. Down the timeline, it was a common norm for banks to print millions of statements through automatic data processing methods, insert them into envelopes, and send it to individual account holders through post. Today, the medium for communication has evolved from paper to PC and onto mobile phones with mobile communication drastically changing the world. Alongside the technology evolution, bank statements can be generated in any format and sent to account holders via several devices with different internet bandwidth. As finding new ways to communicate with clients become vital in the digital world, Taiwan-based RawStone is making long strides in helping financial institutions enhance communication and create meaningful client relationships.

Founded in 2015, Taiwan-based RawStone focuses on the new mobile technologies to improve client communication. “Even though mobile devices, instant messages, and social media offer convenience, customers are often perplexed when it comes to utilizing these touchpoints for availing banking services,” remarks Alex Lin, CEO of RawStone. He believes that mobile statements are the best communication channels for financial institutions and their clients. “We always help our clients to find out the rationale behind their needs. Depending on the specific attributes they have, we use different tools and ways to build a client communication platform for them,” adds Lin.

RawStone strengthens client communication between financial institutions and their customers with the help of its statement-oriented communication platform. This mobile statement solution provides vital information to financial institutions that they need to reveal to their clients. Strategically, financial institutions have a better chance to discuss, promote, and bring clients onboard based on the financial status that their statements reveal. “The statements need to be advisory, interactive, and transactional, and the mobile devices have been bringing all these together perfectly with our software,” says Lin.

The RawStone team has utilized their in-depth domain knowledge to come up with this out-of-the-box (OOTB) software. With the help of this platform, customers can access bank statements on their smartphones, receive advisory product introductions from the banking firms, and quickly apply online if they want to avail the benefits. The platform includes integrated modules pertaining to customer relationship management, content management, data analysis, and omnichannel customer communication that provide high-quality, interactive, personalized statements to customers, enabling banks to have better communication with their clients.

The data analysis module supports personalized marketing campaigns and cross-selling and up-selling of financial products.

Being at the leading edge of technology, the company employs artificial intelligence (AI) and machine learning (ML) to deliver high-quality customized products. Utilizing ML, it provides personalized content to create new leads while AI helps RawStone to onboard customers easily, enabling optical character recognition of customer IDs. Further, the firm offers e-Kyc using its live video solution over the internet and ensures data security with the help of its hybrid cryptography system, which is based on popular algorithms.

RawStone also focuses on creating omnichannel connections through customer touchpoints, on-line interactive widgets for financial product applications, AI-oriented campaign management for targeted marketing, and e-commerce-enabled initiatives to connect finance and commerce. The flexible campaign management tools make the statements a highly-personalized campaign communication channel and also act as an interactive on-boarding application, which helps banks to acquire clients for the first time when they show interest in any offer. For instance, mobile credit card statement reveals transactions and loyalty points, which allows clients to pay via account deduction, press-to-installment, and loyalty points. Customers can also apply for loans using their mobile statements if the bank’s campaign manager targets to offer loans to a group of clients. “We make sure our solutions help not only financial institutions but also their clients to have a better life,” affirms Lin.

The competence of RawStone is exemplified by China Everbright Bank (CEB) that could easily connect with their clients after employing the company’s solutions. RawStone successfully aided CEB in using mobile credit card statement to communicate with their cardholders. Earlier, the bank had only around eight million cardholders, and later RawStone launched an interactive campaign for CEB’s clients to apply for installment payment based on their mobile statements. The company employed its e-commerce module, enabling the cardholders to purchase foreign products by redeeming the membership points from the statement. Today, CEB has around 40 million cardholders and makes more than 100,000,000 RMB net profit per month from selling both financial as well as consumer products by leveraging the statement.

Similar to CEB, RawStone assists numerous other financial institutions in generating account statements and is looking forward to adopting innovative ideas for serving its customers better. Taking a step toward boosting client communications, RawStone has established the Rawstone Research team internally to study the appropriate implementation of technology in the financial space, including the new trends, regulatory standards, and how financial institutions can apply them. RawStone shares these ideas with its clients and helps them arrive at a better solution for their business.

In its quest to become the provider of the best communication platform in Asia in the fintech arena, RawStone is leaving no stone unturned to enhance the platform’s functionalities. With a major focus on the China market, the firm envisions expanding its footprint to Japan, ASEAN countries, and the U.S.