Do you want to increase your customer communication efforts if you run a bank, mortgage firm, credit union, brokerage, or other financial institution? One of the best ways to assist and interact with your consumers is to send vital communications via SMS gateway.
Text messages are the most effective way to contact clients, having a response rate that is 209% higher than that of email, phone calls, and Facebook. Today, we’ll examine a number of strategies that finance professionals can use to benefit from SMS finance texts and establish a loyal customer base.
Bulk SMS is a favourite method for bankers, insurance brokers, and investment consultants to communicate with their clients.
Here are nine ways your financial institution may help clients by using text messaging
Welcome/Introduction Messages
Introduce yourself to new clients and express your gratitude for their patronage. In a follow-up text, thank clients for signing up for your SMS financing services and give contact information for more information or services.
Improved Client Support
For both your consumers and your business, making it possible for customers to text you for customer service may be a lifesaver. By offering automated replies for regular transactions like current balance, office hours, account balances, and more, you can end extended hold times.
Sending Reminders on Time
When delivered promptly, SMS reminders are just as successful as notifying the consumer that their payments are overdue. They are quick, clear, and efficient. They are a fantastic method to streamline the process by giving users an immediate link to the payment page in the SMS body without requiring them to register in or go through a drawn-out procedure.
Better customer service communication
Using Bulk SMS, customer care may be provided more quickly. Customers may immediately contact support employees at the push of a button and convey their inquiries with ease thanks to web-based SMS messaging. It’s as simple as speaking on the phone, but better since you don’t have to sit around for hours on end as a monotone tone plays until someone picks up and assists you.
Higher level of consumer involvement
SMS messages have an impressive 98% open rate. Banks and financial institutions may utilize the SMS channel to communicate with clients in a targeted and hyper-local manner in order to better understand their needs and desires.
Rapid affirmation
Fast is the standard in the digital age. It is quite important to have quick information regarding bank transactions, address updates, etc. This is essential for creating a culture of trust and aids in safeguarding the data, assets, money, and information of consumers.
Authentication
The feature of two-factor authentication and one-time passwords has become one of the popular and safe solutions to guarantee the consumers are secured as customers grow more mindful of online financial security. The best approach to avoid identity theft is to use SMS authentication.
Increases consumer response rates
Emails only have an 8% response rate, compared to a 45% response rate for texts. Every fifth email sent from a business account ends up in the junk mail folder. Since the information exchanged might be sensitive to timing and personal security, this can be quite troublesome in the banking sector.
Build client loyalty
If a consumer experiences an issue with their account but isn’t informed of it straight away, they may get irate and dissatisfied. In order to address this issue proactively and gradually increase client loyalty, send Bulk SMS messages.
You may text a consumer to inform them right away, for instance, if you see unusual behaviour on their account. The possible damage will be minimal and the consumer will probably be appreciative that you contacted them if it turns out that they did indeed lose their card.
The Advantages of SMS in Your Finance Business
Finance service businesses might get various advantages from using SMS messaging services.
Strong relationships
Text messages are personal, which helps to strengthen connections. When you text a customer, especially one who is important or in a hurry, they feel valued and noticed, strengthening your relationship and fostering loyalty.
Faster delivery of critical information
Like most individuals, banking consumers prefer text messages to emails for receiving important information. Text messages are read, keeping your consumers informed, unlike emails that might quickly end up in the rubbish bin.
Goals accomplishment
Goals are accomplished more quickly because text messages have high open and response rates, which give finance professionals the fastest way to organise meetings and confirm signed papers.
Describe your brand differently
Does your business stand out from the competition? Many financial firms still employ antiquated practices. By providing text messaging convenience, break the mold.
Minimizes human error Automating replies lowers the likelihood of errors, both large and little.
Produces leads
In addition to promoting your financial messaging services, printing your company’s textable cell number on marketing brochures and business cards encourages clients to text you.
Improves email campaigns
If your key information takes up more text characters than you have available, send a message instructing them to check their email in order to fill in any knowledge gaps.
Do SMS Finance Texts Fall Under TCPA Requirements?
Simply said, absolutely. Text messaging for financial services companies is heavily regulated by regulatory organisations including the FTC, FCC, and FINRA. These organisations have hefty fines that can range from $500 to $1500 each infraction.
Verify that your business is adhering to the TCPA’s (Telephone Consumer Protection Act) compliance requirements:
- Obtain written authorization.
- Give transparency and a thorough opt-in message.
- Explicitly state the terms and conditions.
- Only exchange messages during working hours.
- Include the name of your company in all communications.
- Provide customers with a method to opt out
- Observe opt-out requests and the National Do Not Call Registry.
Conclusion
One of the most effective direct channels accessible to banks and the financial industry is SMS. Its exponential growth has made it almost entirely synonymous with higher consumer involvement and happiness. This is because it is quick, efficient, dependable, secure, and succinct. Experience great campaign deliverability and effective personalisation.
