Are you making the most of SMS in the Financial sector?

Many financial service providers have realised the potential of SMS for having more engaging customer interactions – but few have realised just how many ways it can help.
SMS is a great way for financial service providers to offer their customers an easy, convenient, and efficient means of engagement.
SMS also enjoys an open rate of 95 percent, meaning that the chances of prompting an action to take place are much higher.
Customers also enjoy using SMS to have conversations with financial service providers. In fact, 44 percent of people with mobile devices would rather complete a customer service journey through SMS, rather than speak to an agent, and 77 percent of the millennial demographic (people aged 18-34), who are seen as a key driver for growth in the next decade, had a much better perception of businesses who offered SMS support for than those that didn’t.

What are the ways financial service providers can use SMS?

SMS can help financial service providers in a wide variety of ways, but here are just some of the ways that our customers are using SMS:

Suspicious activity notifications
Quickly make your customers aware, and advise of any required follow-on actions.

Balance / transfer updates / Overdraft alerts
Keep customers up to date with periodic or triggered messages, updating them about account activity.

Transaction verification/ Two-factor authentication
Add an extra layer of security to your customer interactions, with a simple SMS.

Marketing
With a 95 percent read rate, you’ll ensure that marketing and promotions stand a better chance of reaching their audience.

Collections / Arranging payments
SMS Chat platforms can be used to have two-way conversations with customers and arrange repayment plans.

Appointment reminders/booking confirmations
A great way to reduce the amount of missed appointments, and reduce the amount of wasted time for your staff.

Customer satisfaction surveys
Make better business decisions based on data provided directly from your customers.

Vulnerable customers (Text2Callback)
In the age of Treating Customers Fairly. Allow customers to reply to an SMS and receive a direct callback (FOC). Allow customers to reply via Esendex-Chat, low cost and light touch (anonymous).

Manage the customer journey
Fully automate messages for the customer lifecycle. From acquisition, onboarding, customer -service, renewal and retention.

Interested to know more?

Esendex work with a wide variety of financial service providers, ranging from banks and building societies to debt collection agencies and Insurance providers , to provide more engaging SMS customer communications.. To find out how Esendex can improve your customer communications with SMS, get in contact today 0345 356 5758 or email us at [email protected].