Money is the main source of stress for all adults: they struggle to make it and then deciding how to save. Bankers, accountants, financial advisors daily manage their clients’ livelihood. Since all banking transactions hold much significance, institutions benefit from their clients’ financial literacy. Meanwhile, when the clients can quickly receive reliable information from financial institutions, their stress is reduced.
This background makes mobile banking SMS an outstanding medium. The last decade demonstrates an impressive uptake of mobile banking. While it is becoming way more mainstream, banking apps have become increasingly complicated and data security engineering has evolved.
People who opt-in for SMS tend to be open to this medium, and when they do, you are free to send them alerts, promotions, and other information. If they’ve indicated this channel as their preferred, this means that over time they will probably use more services you offer and remain loyal to your bank. Text messaging for financial institutions and banks streamlines many processes, and using it means your presence on the channel that matters.
sms financial solutions
Financial agencies of all kinds ― banks, credit card, and remittance companies, credit unions, brokerage companies, etc. can notably benefit from SMS financial solutions, along with their customers. The benefits of applying SMS for banking purposes are conditioned by its speed, cost-efficiency, reliability, and unobtrusive nature. Open and response rates and ease of use of text messaging leave email far behind, not to mention snail mail and voice-to-voice calls.
While you know the status of your client’s account, you cannot be sure if their phone is currently not in the roaming. But if you automate messaging with WTC integration into your bank’s CRM, your contacts will be verified by HLR lookup, eliminating sending failures due to phone number status. Together with cutting your staff workload, this will significantly reduce your operating costs.
Below are the most common banking SMS value-added cases:
Automated transaction alerts
You need to send numerous transactional messages in your routine: when funds are transferred, rates are changed, cash flows on the account. With short messaging, you can instantly advise of all of that, send payment reminders, and allow customers to track their account activity. SMS banking services notify recipients of ATM withdrawals, financial deals, or balance alerts. Such notifications empower your customers to self-administer their accounts and to be receptive through texting. Setting up a banking SMS gateway will boost their satisfaction and hence ― your revenue.
Banks have always been a sweet target for robbers, and modern criminals use stolen card details to buy things online. Last year, such frauds made up £452.6 million in the UK. Automating two-factor authentication (2FA) via SMS deprives the criminal of the opportunity to use stolen data, and gives your customers a reasonable sense of security. Real-time issued one-time passwords and verification codes in SMS marketing for retail have also proven their strength against fraud and theft attempts. The financial marketplaces similarly utilize SMS gateways to send confirmations. You can also send real-time alerts of suspicious or fraudulent activity to the account owner. Thus, customers can shut it down much faster.
Loan and debt management
Debt collection is an integral part of the financial industry. You can instantly advise customers of upcoming or overdue payments or debts in a non-intrusive way, by sending them friendly payment reminders. Debt collection effectiveness grows with SMS banking solutions while defaulting on loan payments is reduced. Likewise, you can inform your client that their loan application has been approved.
Offers and attachments
SMS marketing is a straightforward, yet powerful channel increasing consumer retention and satisfaction. Just like with SMS service for E-commerce, it comes with a personalization feature. At the WTC platform, you can foster clients to keep in touch, solve real-time issues, and promote discounts and new services to thousands of customers with bulk messaging campaigns. Include short links to reports, account overviews, and other important documents into your message for fast access.
Create strong connections with your customers in the crucial moments with our universal finance SMS templates.