INTRODUCTION TO FINANCIAL MESSAGING

It can be challenging to distinguish your brand in the sector of financial services because, well, you're not really that different. It's likely that you provide services that are very similar to those of the majority of your rivals. How can you then make a statement in a crowded space and ensure that people remember your brand, which is essential to securing repeat business? This is known as financial messaging.

The following are the top five uses for two-way SMS in financial services:

• Applications and personalized services

According to studies, customers seem to be actually willing to divulge that much information if they anticipate receiving more personalized offerings. Personalized offerings made during the service and a welcome SMS When a customer is onboarded, you have the opportunity to build a relationship with them and learn about potential future value-added services.

• Account management and on-demand service

Automatic text messages that remind customers to make payments on time can help you lower the risk of delinquency. Since 85% of text messages are opened within five minutes of being sent, growth in the number of clients contacted per minute will result in a dramatic increase in agent effectiveness. An average account resolution call lasts 6 minutes. A text message typically takes 90 seconds to receive an answer. A 5X saving is represented by that. How might your agents utilize that time?

• Security and adherence

You must obtain a consumer's permission to interact with them in order to start building your SMS messaging database. Essentially, you must request the customer's consent to do this. You can keep your consent in sync across channels thanks to built-in consent mechanisms. A proactive step in identifying risks as well as potential compliance failures is the deployment of automated messaging technologies like bots. When utilized as an efficient two-factor authentication method, SMS messages can ensure that you take all necessary security precautions when handling customer information.

• Promotional campaigns for upselling

Two-way messaging campaigns can almost be too effortlessly integrated with upselling opportunities; it's as if they were made for it. Consider a client who wants to increase their credit limit in order to pay for a vacation. When they text you to do so, take advantage of the opportunity to offer them traveler's insurance or even suggest specific international fraud protections during the same customer service interaction.

• Alternative to IVR

SMS can be used as a substitute for standing in line. Contrary to voice, where service ratios are 1 to 1, SMS enables agents to manage various interactions at once, thereby increasing the chances of quicker response time for the customer and allowing them to continue their day without having to wait by the phone.

SMS is an excellent way to initiate a conversation. Extend SMS to two-way interactions to provide service at your customers' fingertips 24 hours a day, seven days a week. Because SMS is so effective at fostering customer relationships, it is one of the business communication channels that is expanding the fastest. It's also an excellent tool for streamlining and automating routine tasks.

The benefits of a two-way SMS method such as this within the financial services sector. Keep customers up to date on account activity.

• Stop fraud

• Simple ways to generate new leads

• Inform others about critical company information.

SMS Can Also Streamline The Management Of Customer Communications Across:

• Temporary passwords

• Support and guidance resources

• Codes for Activation

• Reminders to complete applications

• Questionnaires for feedback

• Balance warnings

• Paperless statements help to reduce waste and go green.

• Options for easy integration