Expand your target market, increase customer retention and improve consumer satisfaction through the power of SMS
Research shows that customers aged under 25 who report a positive interaction with a bank when opening their first savings account or applying for their first credit card, are more likely to approach the same organisation later in life when seeking financing for larger transactions such as a mortgage or business loan.
Building strong customer relationships based on trust is a key priority for those in the personal banking or financial services sector, and communicating with your customers is the first step in establishing an ongoing relationship that lets you grow alongside them.
Connect with your customers
Mobile messaging offers a direct and personalised platform to communicate important account information, updates on loan or credit applications and late payment reminders to your account holders. Implementing SMS two-factor authentication is also the most reliable method of combatting account fraud and ensuring your customers remain protected when using your services.
The following outlines just some of the benefits that organisations operating in the banking and finance sectors can expect when integrating SMS messaging into their workflow.
Protect your customers and decrease instances of card fraud by implementing a two-factor authentication system that sends one-time passwords (OTP's) directly to their mobile device. Alert customers instantly to any suspicious activity on their accounts or by asking them to verify overseas payments via SMS.
Reduce collection costs by reminding customers of outstanding and overdue payments via text. With a read rate of 98%, SMS payment reminders are a more effective communication method than email, and cheaper than traditional alternatives such as direct mail or phone calls.
Ensure any system issues are detected and resolved in the shortest possible time-frame by implementing an SMS monitoring system that alerts technicians if critical infrastructure goes offline.
Your customers can’t take advantage of card-linked promotions and loyalty programs if they don’t know about them. Grow revenue from cardholders by sending out targeted SMS messages informing them of relevant offers.
Mortgage and credit applications take time to process, keep your customers informed on the status of their application by sending updates to their mobile throughout the process. Decrease inbound call volumes by conveying information to your customers before they have to ask.
Integrate the SMSGlobal gateway directly into any internal applications used by your frontline staff and give them the ability to text important account information and updates directly to customers. Contact one of our banking and financial services specialists to find out more.
A Real World Example
A finance company approached us with a request to integrate SMS messaging into internal software used by their front line staff. The project was intended to give staff the ability to send payment reminders, password reset links and fraud prevention alerts directly to customers after a call or in-person interaction at their local branch.
Working with their in-house technical team, our developers were able to engineer a custom web messaging portal and deploy it inside their existing software. Built and branded in accordance with our client’s requirements, the portal was used primarily for sending messages to customers on a one-to-one basis, and was coupled with an API solution connected to their customer database.
Automatic alerts involving overdrawn accounts, fraud notifications or payment verification codes were triggered and sent automatically via their API connection with the SMS HUB gateway, while manual messages could be sent directly from the finance custom portal following interactions with customers.
Utilizing SMS as a communications channel saw the finance's collections position improve significantly, with a reductions in costs associated with chasing outstanding payments, and customers reported higher satisfaction levels during after-call surveys. The success of the project also resulted in an increased take-up of mobile messaging within the organisation, with SMS now used for equipment monitoring and critical infrastructure alerts.