Even among a plethora of communication channels, the good old-school SMS still remains the most effective one. With outstanding open rates, SMS has been considered as one of the best ways to streamline mobile banking solutions and communicate with your customers regularly.
Though considered an ultimate communication channel, many in the financial industry, especially the banking sector have not been leveraging the untapped power of SMS marketing. According to an estimate, it’s believed that around 45% of Australians are now using mobile banking. Given such amazing statistics, the financial sector in general and banks, in particular, are looking to leverage SMS to expand their personal reach.
SMS is a non-intrusive, simple and easy to use way to connect and engage with your customers – both existing and prospective. Hence, leveraging this underused tool is increasingly becoming common in the baking industry.
How Can You Leverage SMS For the Banking Sector?
There are a number of ways in which banking services can tap into the amazing and low-cost marketing tool to enhance customer experience and communication. Here are some of the examples of how you can use SMS for banking industry:
- Identification and Security of the Customers: The modern method of two-factor authentication has been rapidly embraced by various financial services, specifically the banking sector as a sureshot way to protect your client’s transaction details.
Opt-in SMS can be used to verify your client’s identity for actions like:
- Details of digital transactions like money or cryptocurrency transfers.
- Activation and login for online banking accounts
Important Notifications and Alerts
The banking sector is a need-it-now environment. Since SMS has an amazing open rate of more than 90%, an SMS alert is an ideal way to pass information to your customer quickly. Here are some of the smart ways in which you can leverage SMS alerts for your banking customers:
- Let your customers know whenever a transaction occurs for their account.
- Allow your customer to know any changes in bank interest rates or currency exchange rates.
- Notify when their account balance is low
- Alert in case of any potentially fraudulent transactions
SMS Reminders
In busy lives, an SMS reminder is a necessary nudge we all need to ensure your customers are well informed. You can use reminders to get on top of these crucial tasks like:
- Account renewal
- Upcoming or pending payments
- Appointment for personal banking
If you are in the banking sector, SMS is a simple and secure way to alert, remind, and authenticate to offer quality customer services to your customers.
Feel free to contact experts from SMS Solutions Australia to get more information about SMS services specifically designed for financial services.
