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How SMS Marketing can Transform Your Banking Practice

.  nThe quality of the user experience (UX) has surpassed all other marketing considerations across all sectors. Businesses are realizing that customers and potential customers will stick with them if they provide a positive experience, but will move elsewhere if they don’t. Consumers have a lot of options now that they can find alternatives with the click of a mouse from the comfort of their own homes on the Internet. The banking industry has benefited greatly from the accessibility and efficiency of smartphone apps. Waiting in long lineups is a thing of the past, especially for individual bank accounts. Even said, there are still situations in which bulk SMS marketing services can provide banks with a distinct advantage.

Despite the popularity of banking apps for smartphones, people still value the convenience of SMS for handling banking transactions. A bank account can be easily managed through SMS, including bill payment, account alerts, recharging prepaid services, and monitoring account activity. As sending and receiving SMS messages doesn’t require any special software or the presence of a 3G or 4G network, it may be used by anybody with a cell phone. Offering cutting-edge tools for managing finances and accepting many digital payment methods gives financial institutions a leg up on the competition.

The Benefits of SMS Banking

If you’re looking for a service that’s easy for anyone to use, it doesn’t get much more popular than cold texting. Consumers of diverse ages, socioeconomic backgrounds, and educational levels often engage in text messaging. Customers now have a safe and convenient way to access their financial information, including account balances and transaction histories, via text message. SMS banking, in contrast to smartphone apps, takes nothing more than a phone capable of sending and receiving text messages. 

Safe and Sound Texting

Providers of bulk SMS marketing services for online and mobile banking place a premium on customer safety. Two-factor authentication for SMS banking is a new feature that adds an extra layer of security to the banking service. Customers typically activate the safety measure whenever they perform a significant financial transaction, such as a balance transfer or a one-time payment of a substantial amount, using their preferred online payment system. In order to use this feature, clients must provide an additional layer of security by sending themselves a security code by SMS message and entering it into the system alongside their regular banking password. This additional layer of identification is a great way to keep your bank account safe. 

Financial Alerts

Customers’ primary worry, as should be expected, is the safety of their financial data and bank accounts. The use of short message service (SMS) alerts for low and negative balances, overdrafts, and suspicious activities has been demonstrated to reduce consumer anxiety for banks. Whenever time a customer makes a withdrawal that is larger than their predetermined limit, they will receive an alert. They can also choose to receive notifications if new papers or statements are released.

Warnings While Using an ATM

SMS monitoring extends to the use of other payment methods, such as check and ATM cards. Clients can customize notifications to their needs. Financial institutions are increasingly adopting short message service (SMS) alerts to notify customers of big or potentially fraudulent transactions, as well as other instances of anomalous behavior. Withdrawing money from an ATM, buying gas, making online purchases, paying for items without physically having the card, having a transaction denied, and making purchases abroad are all examples.

Communication with the customers

Using text messages to communicate with customers is a fantastic method to meet their need for immediate gratification. Potential topics for discussion included:

  • Altering their account information with a new name or address.
  • Verification of monetary transactions or transfers.
  • All bills have been paid.
  • Sales and special offers
  • Safety notifications.

Enhance Your Financial Safety with SMS

Since there have been numerous major cyber incidents recently, your customers’ trust in you is crucial to maintaining their loyalty. As luck would have it, texting is an excellent method of establishing credibility and avoiding scams. Two-factor authentication, in which additional information is required throughout the account creation and authentication procedure, is perfectly suited for SMS. By providing clients with a unique passcode that can be sent via email or text message, this method has the potential to lessen instances of identity theft. When potentially fraudulent behavior is detected in a member’s account, the member can receive a text message on their phone.

The use of text messaging to improve customer service is highly recommended.

Telephones are inefficient because not only do calls take a long time, but each representative can only work with one consumer at a time. Customer support by text message is 60 times faster than via phone call. Grabs more attention than an email, and generates 750% more responses. Agents can respond to customers’ text messages from the convenience of their desktop computers. Statistics show that the majority of consumers (64%) would rather text than call a company. That’s why landline cold texting is so revolutionary. It allows you to turn the same business phone number into a cold texting number for your consumers. 

Make Use of the Potential of Automated Text Messages

CloudContactAI is an intelligent SMS solution that can automatically remind members at key points in the application process. Such as during loan or retirement planning or follow up with members. Who have incomplete applications using our robust click through and site monitoring capability. And by integrating SMS into your internal systems, you can take use of the most effective communication channel available today. This was done by connecting sms bulk sending API like Cloud Contact AI to your current infrastructure

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