Banking and financial services have become a necessity of modern-day life. One necessary tool in this sector is the growing use of SMS. It is one of the most effective and immediate direct channels available at the tip of your fingers.
Let’s take a look at the Top 10 uses of SMS in the Bankings and Financial Services sector —
1. Instant Text Notifications and Alerts
SMS notifications are used by banks and financial companies, to make the process transparent, allow customers to have greater control, and aid in customer security and safety.
2. Promote New Products and Services
Using this viral and personal medium of SMS — Banks and financial companies promote new schemes, products, or services to reach out to their potential customers informing them and keeping them closely interested in sometimes providing a direct link to the product page.
3. Sending Timely Reminders
SMS reminders sent in a timely fashion are as effective as letting the customer know they are due with their payments while being fast, concise, and effective. They are a great way to ease the process by providing an instant link on the SMS body to the payment page, without having to log in or go through a lengthy process.
4. Fast Confirmation
In the digital world, fast is the norm. Fast details about bank transactions, updation of address, etc. is of umpteen importance. This is a crucial factor in building a spirit of trust and helps protect customers’ data, assets, money, and information.
As customers become increasingly aware of online financial security the feature of two-factor authentication and one-time password has become one of the common and secure ways to ensure the customers are protected. Using SMS authentication is the best way to prevent identity theft.
6. Real-time payment updates
Most financial services and banks use SMS to reduce fraud and alert the customers with real-time updates about any suspicious activity while doing all of this in real-time.
7. Application update
A lot of people today use apps to check their accounts, send or receive money. It is important to keep them informed and notify customers through SMS, whenever any update occurs to prevent fraudulent attempts.
8. Increased customer engagement
SMSes boast an open rate of almost 98%. The SMS channel allows for targeted and hyper-local engagement allowing banks and financial companies to use the medium for gaining better feedback, insights, or understanding what the customers want.
9. Mobile Banking
The bit size information that we receive on our phones carries lots of data allowing customers to do SMS mobile banking. It is quite fast, quick, and simple to use and in many cases doesn’t need an active internet connection.
10. Faster communication with customer service
Customer services are made faster with the help of SMS. With web-based SMS messaging, customers can easily reach out to support staff at the click of a button and communicate their queries easily. It’s as easy as talking over the phone but better because you don’t have to wait for hours listening to a constant tone before someone picks up and helps you out.
SMS is one of the most powerful direct channels available to banks and financial sectors. It has been growing at an exponential rate and has become almost synonymous with increased customer satisfaction and engagement. The reason behind this is that it is— quick, effective, reliable, secure, and concise.
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