Using SMS in Financial Services

On: Dec 3, 2015    In: Tips & Best Practices

mobilebanking.jpgWith mobile phones gaining coverage and presence every day, it has given banking services an opportunity to get closer to consumers more than ever before.  Around 88% of financial companies believe that by using SMS for b2c communications, they can deliver an excellent customer experience. 

SMS can provide a number of benefits to the finance sector. Here are just of few examples:

Help to connect with your customers

Good customer service is very important in the finance sector and SMS allows instant, secure, real-time communication, such as informing customers of financial news, interest rates and policy changes, or new opportunities, updating customers in a secure, reliable way.

Keep customers updated

Banking services have a greater opportunity to get closer to consumers than ever before and by using SMS they can send instant alerts offering customers a real-time notification. This can be a very simple way to keep account holders up-to-date.  If a customer is late with a payment or a payment is due, an SMS alert can be sent in bulk to all affected customers within a matter of seconds. This can avoid the customer going overdrawn.  This is a great way to strengthen the relationships with customers by providing a valuable service.

“Your credit card payment is due in the next 5 days; please ignore this message if you have already paid”

Help customers feel their money is secure

mobile-banking.jpgAn important factor in banking for customers is the safety of their accounts and with cardholders now travelling and transacting internationally, SMS notifications can be sent out regarding ‘suspicious activity’ helping banks fight fraud more efficiently.  Alerting customers instantly of any activity that seems out of the ordinary, means the customer can contact the provider and take the necessary actions to report fraud. The quicker a customer learns of fraudulent behaviour, the quicker it can be resolved. This also enables customers to manage their personal finances more efficiently and save on unnecessary charges.

 “Your transfer of £950 has been held. To confirm payment please contact us to verify transaction”

Get Information Quickly

SMS can be the most effective way to reach users when sensitive information needs to be communicated, to a more secure distribution method than sending a paper pin through the post. Using a network that is fast, secure and reliable will really make a huge difference.

Offer Rewards

A simple way to boost your business revenue is through using SMS alerts offering rewards as part of a customer loyalty program. This can lead to an increase in repeat customers increasing revenue and keeping in touch with existing customer at the same time.

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