SMS marketing benefits in Banking | Financial messaging services

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Here's Why ... The Power of SMS in Modern Everyday Banking

The Power of SMS

SMS remains one of the most powerful communication tools in modern society, and financial institutions are taking notice. An SMS conveys a clear and concise message that delivers information to recipients quickly and effectively. Additionally, these messages are easily tracked and verifiable for quality assurance.

Everything You Need To Know About The innovative ways ...

Banks in the MEA region and beyond, are offering a wide range of SMS services for their clients through dedicated phone applications and other web-based platforms. SMS APIs (an interface that enables direct SMS services between clients and organizations via an SMS gateway) are easily integrated into a software to provide a consistent and convenient communications system.

In this article, we will look at some of the innovative ways on how banks are revolutionizing their operations through the strategic use of SMS services.

A Guide To Advanced Security Features 

  • Data protection is a major priority in the digital age. As technology advances, a one-time password is no longer a safe option when it comes down to safeguarding a user. Banks have turned to the solution of 2FA (two factor authentication) or multi-factor authentication. In fact, the process has become more of an industrial requirement in recent years.
  • 2FA provides an additional layer of protection for customers when they access a web-based platform. The built-in mechanism will send a one-time string of digits to a registered phone number, which is used to authenticates and complete a login process.
  • The 2FA concept is comparable to that of a debit card. Although the card technically grants access to a bank account, a PIN number is required in completing a transaction.
  • Through SMS APIs, banks can generate and manage one-time passwords for their 2FA needs. As a safety measure, 2FA one-time passwords are valid for a short duration before being replaced with a new sequence.
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Effective Customer Updates

  • Customers are always looking out for the most reliable method in receiving notifications for their banking needs. SMS is known for its high open rates, which means that customers are most likely to receive the information they need on time and on target.
  • The information delivered through SMS may include application updates, alerts, records of digital banking transactions, balance requests and other important details to bank customers.
  • Credit card payment reminders are another important function of SMS service. The process ensures that customers are constantly kept well-informed of due dates, which helps facilitate timely settlement of fees. SMS systems enable clear record-keeping of payment matters between the client and financial institution.

The Benefits of Two-Way SMS Systems

  • Two-way SMS systems can help streamline communications between a client and their financial institution. This makes client experience interactive and fuss-free.
  • Through this system, clients can receive actionable notifications such as bank appointments and bill payments, which are accessible from the body of the SMS itself.

Improving User Experience

  • User surveys and feedback are the nuts and bolts behind quality user experience. Banks may embed survey links to SMSs to improve the rate of response from participants. The results accumulated from these channels can be used to improve and develop customer experiences.
  • Additionally, adding a warm and friendly message at the end of each automated SMS can result in an improved customer experience for a banking service.

Upgrades Management Structure

  • Aside from fulfilling the needs of customers, SMS can also help improve the management process for banks. Information such as company announcements, system changes and even scheduling, may be effectively conveyed to staff via an SMS system.This ensures that the latest news and actionable items are delivered to staff quickly and reliably.

Real-Time Reports

  • SMS updates can be synced to provide real-time reports of changes in a bank account. This means that customers can gain access to accurate bank information when they need them, which enables them to respond faster in each situation.
  • Fraud alerts, logins, fund transfer confirmations and other account activities are all reliably conveyed by auto-responder SMSes from banks to valued clients.
  • The integration of automated SMSes reduces the routine workload of staff while preventing the risks of human errors. As such, text messaging can help optimize the financial functions of institutions.

About Cequens

  • Cequens is an expert provider of digital communication solutions for the global market. We feature a comprehensive array of tools proven to take business communications to the next level.
  • Request a free demo from one of our dedicated specialists and discover how we can revolutionize the communication experience of your organization through leading smart technology.

Read Now: Benefits of SMS in the Retail Space

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