SMS banking enables financial institutions to deliver better experiences and minimize costs. Let’s dig deeper into how you can use SMS if you are a big player in the industry.
6 Ways to Use SMS in the Banking Industry
1. Internal Communications
The thing about SMS is you can use it not only for external engagements but internal communications as well. Be it a quick update or a company-wide announcement, SMS does the trick and delivers your message.
While often used to build or improve ties with customers, you can use SMS banking to enhance your internal engagements, too. This is especially true for the HR and IT departments.
Simply put, if you want to maximize the potential of SMS, consider introducing it first within your organization. Watch how it works wonders for your internal communications and explore its potential for your external engagements.
2. Account Management
The thing about SMS is it is very user-friendly and can be accessed anytime, anywhere. It doesn’t require a smartphone or internet connection, making account management easier, efficient, and more convenient for bank customers.
Monitoring or changing bank details is made faster and simpler, too, as account holders no longer need to go online or call the service desk. By sending a simple code, your customers can check their transaction history, balances, and even execute fund transfer.
3. Real-Time Alerts
One of the key priorities of bank customers is their account’s safety. SMS makes a handy option when it comes to sending updates about urgent and time-sensitive information.
For example, you can notify your customers of fraudulent activities in their accounts, reducing problems in the long run. Through SMS alerts, your account holders can prevent massive headaches while you boost their trust and confidence in your institution.
Also, you can automatically notify your customers of cash withdrawals made in their accounts. This can serve as an extra layer for security, especially that they can raise the incident if the transaction wasn’t made by them.
4. Customer Service
SMS banking also allows your customers to save time. For instance, if they have basic queries, they only need to send a text message to dedicated personnel for an instant response.
You can even go above and beyond by initiating a quick update or a follow-up. By going the extra mile, you’re showing your customers how dedicated your institution is in offering outstanding customer service.
5. Security Purposes
Since cybercrime cannot be totally thwarted, it’s become even more important for enterprises to add an extra security layer to their tech innovations. Here’s where two-factor authentication plays a crucial part.
Today, banks are turning to SMS to verify transactions made online. This kind of SMS service gives account holders the extra confidence they need when making online transactions.
6. Surveys and Feedback
If you want to know what your customers think about your bank and service, SMS makes a convenient option, too. The average response time for email commonly takes about two to three days as opposed to 90 seconds for SMS.
Put simply, SMS can help enhance your feedback strategy. You can launch a survey via SMS and gain insights into what your customers think. Then, improve your operational activities based on the feedback you’ve collected.
4 Key Benefits of SMS Banking
Statistics show that there were about 66 million mobile phone users in the Philippines in 2015 alone, and it is expected to grow to about 70 percent of the country’s population in 2020. It’s no longer surprising why many enterprises are maximizing the potential of text messaging. SMS banking, for example, offers these benefits:
One of the best ways to satisfy your customers is by offering exceptional customer service. SMS accelerates the delivery of a message, may it be for internal or external communications.
It provides convenience for your users as it automates updates, reminders, and alerts. Even better, it helps minimize mistakes and boosts the precision of several tasks.
You’ll soon realize that partnering with a reliable SMS provider helps a lot in reducing costs. For instance, SMS boasts of high open and response rates compared with other available channels and comes with a lower cost.
Additionally, you can try using SMS for your marketing campaigns. It’s a lot cheaper compared with other marketing initiatives but garners considerably higher returns.
SMS banking’s two-way authentication feature notifies your account holders when there’s an activity in their accounts, alerting them of possible unauthorized login or other fraudulent activities.
This security feature not only helps combat cybercrime and fraud but also saves time as opposed to calling your customers manually.
Enterprises aim to build customer loyalty, and SMS banking helps do just that. It’s an accessible, convenient means of communication that brings your business closer to your clients.
SMS exhibits several potentials for your business, especially if you are in the banking industry. The trick is to identify what you need and how can you maximize SMS to achieve your goals.
Once you’ve identified where you’re going to use SMS banking, the next crucial step is to look for the right partner. As a rule of thumb, look for a credible and reliable SMS provider that understands your requirements and can deliver the right solution for your business.
If you’re looking for an SMS provider in the Philippines, look no further than Mobile360! Reach your customers anytime, anywhere and enjoy the benefits of SMS banking. Get in touch with our team today to know more!