How to Leverage the Power of SMS Marketing in Modern Everyday Banking?
Unlike other marketing channels, text messages convey a clear and concise message to the recipients. Also, it’s easier for organization to track those messages and verify them for further quality testing.
Today, many banks are offering a vast array of text message services to their customers. Users can easily access those services using web portals or a dedicated phone app. SMS APIs are conveniently combined into a program to offer a consistent and reliable communication systems.
Let’s see how the banking sector can use text blast marketing to revolutionize their operations in the challenging era of cross-platform marketing.
Financial institutions can use SMS texting solutions to update customers and account holders about ATM withdrawals, fee deductions, and money transfers. The bank’s database must be linked to the SMS API to send automated alerts for any banking activity.
Data protection is certainly one of the biggest concerns for present-day financial institutions. As technology evolves, a one-time password is sadly no longer a dependable choice. Modern banking institutions have now turned to two-factor authentication popularly known as multi-factor authentication system.
Two-factor authentication offers an extra layer of protection to the users especially when they access a web-centric platform. The advanced security features associated with the 2FA system will send a half code to the customer’s registered cell phone number. Banks generally use SMS APIs to generate one-time codes or passwords needed for their two-factor authentication requirements. As an added security feature, these one-time passwords are only valid for a certain span of time and you have to initiate the entire login process if you fail to input the right password in the required timeframe.
Confirmation of Transactions
Customers who want to make payments online or transfer funds using internet banking have to input an automated code to complete their transaction. Today, most online banking services need users to enter an OTAC which they receive on their registered email ID and mobile phone simultaneously to complete their transaction. Again, the time to enter these values is restricted and you have to initiate the entire process if you fail to enter the right values in the required timeframe.
Banking customers are always on the lookout for the most dependable method in receiving alerts for their baking requirements. Since text messages are known for their massive open rate, financial institutions generally prefer to use a SMS marketing channel to stay connected with their customers instead of other available solutions.
Generally, banks use SMS platforms to send application updates, reminders, notifications, information about any other financial service, and balance inquiries.
In addition to that, many banks use a text message marketing channel to send credit card payment reminders to their customers. SMS, unlike other options ensures that customers are well-informed of approaching payment dates, so that they can settle their credit card bills without any delay.
Enhancing User Experience
Many banks use SMS Surveys and polls to gauge their user experience. For this, they have to integrate mobile-friendly survey links to their text messages to increase the response rate from the customers. The outcomes received from these surveys can be further used to enhance customer experiences.
Apart from that, including a friendly message or a thank you note at the end of the message can drive customer engagement and ensure a better user experience.
Improves Management System
Text message marketing channels can also help revolutionize the management structure of financial institutions. Important details such as announcements, change in timetables, and other important notifications can easily be circulated among staff using SMS marketing strategies.
Customers can easily check their current account balances, generate mini statements, track transaction history, and make bill payments using the SMS banking feature.
SMS notifications can easily be synched to offer real-time reports to the customers, allowing them to respond faster in each particular situation. Also, banks use SMS platform to share timely notifications about suspicious account activity, fraud alerts, money transfer notifications, and other account activities to keep their customers informed.
Integrating automated SMS solutions into a banking framework reduces the hefty routine workload of employees while managing the risks of manual working.
SMS marketing has transformed the ways financial institutions used to perform their everyday activities. Today, they can integrate SMS APIs to their system to provide fast and up-to-the-minute information to their customers.
All in all, SMS is an affordable and time-saving tool for banks and credit unions. It’s an all-inclusive solution that enables banks to streamline customer communication, enhance their data protection systems, and promote their banking services.