Finance Industry

Uses of business SMS within the Finance Industry

Nowadays, we have a substantial dependence on our mobile phones – they have become a significant tool in our day-to-day lives for both personal and work purposes. Interestingly, a text message is read within 5 seconds of being received with an industry average 98% open rate and over 5.5 million people have opted in to receive SMS messages from various finance and insurance companies.

Emails however, are becoming less and less reliable – your email campaigns have to conquer complex spam filters and promotional inbox filtering. The average read rate of an email is 14% and 9% are deleted before they’ve even been read.

Banks are sending around 1.3 million text message alerts to their customers daily (and this figure is set to increase) – demonstrating that people are now expecting to receive SMS notifications and reminders.

Textplode understands that security, dependability and trust are extremely important within the finance industry and that’s why all messages sent through its platform are through fast and secure channels.

How the Finance industry currently use Business SMS:

  • Balance & transfer requests
  • Security (2 factor authentication)
  • Overdraft & insufficient fund alerts
  • Appointment reminders
  • Application & transfer updates
  • Payslips and payslip reminders
  • Call back requests
  • Ordering products & services
  • Sending mini statements
  • Notify consumers instantly of account transactions
  • Generate real-time fraud alerts
  • Effective debt collection
  • Allow customers to monitor their account activity

The benefits of using a Business SMS platform:

  • Convenient and simple to use
  • Deepens customer relationships
  • Increases customer satisfaction and loyalty
  • Empowers customers
  • Attracts new customers
  • Cuts operational costs, including call centre costs
  • Improved security measures
  • High speed delivery
  • Higher customer reach
  • Higher response rates than post or email

Business SMS is, and will remain an important tool for banks, legal firms and all other companies within the finance industry. Consumers have familiarised themselves with this method of rapid and accurate communication and it provides you with the ability to push content or deliver information that is data efficient and reach your audience instantly.