SMS for banking and finance

SMS for Banking and Finance

Use text messaging to improve all processes at your financial institution.

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SMS Banking Communications with ClickSend

Online banking has seen an incredible boom in the last decade, including the massive uptake of mobile banking. While mobile banking was originally performed through SMS then through mobile browsers, with mobile banking becoming far more commonplace in society, banking apps have become increasingly sophisticated and the security to protect customers has had to evolve accordingly. Financial institutions of all kinds, including banks, building societies, credit unions, credit card companies, remittance companies, brokerage firms, non-bank lenders and money transfer enterprises can benefit enormously from mobile banking, as can their clients.

Mobile marketing for banking communications and security

While SMS is lesser used for performing banking transactions now, there are various SMS banking solutions that are specifically customized for use by the finance and banking industry. The advantages of using SMS for banking purposes include enhanced communication with regards to speed, cost effectiveness, reliability, and unobtrusive messaging. Open and response rates for text messaging are far superior to that for email, which in turn is preferred over traditional mail and voice-to-voice calling for ease of use.

Customers prefer reliable information regarding their financial transactions. Invest in a banking SMS gateway for your financial institution to amplify the satisfaction of your clients and hence to maximise your profitability.

SMS banking solutions can be used in the following ways:

  • Notify consumers instantly of account transactions

  • Use one time passwords to reduce fraud and theft

  • Generate real-time fraud alerts

  • Send payment reminders

  • Effect debt collection

  • Reduce defaulting on loan payments

  • Allow customers to monitor their account activity

  • Reduce operating costs

  • Increase customer satisfaction and retention

Customers prefer reliable information regarding their financial transactions. Invest in a banking SMS gateway for your financial institution to amplify the satisfaction of your clients and hence to maximise your profitability.

Why Use SMS Communication For Banking and Finance

Just some of the ways the finance industry is benefitting from SMS

SMS Banking Example - New Savings Account

Be Present on the Channel that Matters

In this day and age people expect reliable information quickly, making text messaging the perfect medium for communication. Consumers who opt in for SMS messaging tend to be receptive to the medium; given they have indicated that it is their preferred method of communication with banking institutions, over time this will translate to greater use of the services provided. Empower your customers to self manage their mobile banking and be receptive through text messaging to ensure your customers remain satisfied and loyal to your brand.

Simplify Your Banking Messaging

There are many transactional messages you need to send your clients during your daily processes, for example when funds have been transferred, accounts have been finalised, rates have changed, loans have been approved or new funded loans.

With SMS banking solutions you can quickly and easily notify consumers of account transactions, send payment reminders (including reducing the late payments by sending reminders before payments fall due), send collections messages to recover funds owing and allow customers to monitor their account activity. By automating your messaging through our integrations you can shave hours off your communications processes, reducing your overall operating costs.

SMS Banking Examples - New Payment, Debit PIN, Insufficient Funds
SMS Security for Banks - Example for temporary passwords and suspicious activity

Automate Repetitive Security Processes with SMS

Banks have always been a big target for criminals - think bank robberies and elaborate heists - and just as banking has moved online so have the criminals.

As such, banks and financial institutions spend a lot of time and money on ensuring all systems are secure and making every effort to minimise fraud and theft. Most common ways to use SMS for security includes text messaging for two-factor authentication, through issue of one-time passwords. You can also use SMS to send real-time alerts of fraudulent account activity to the account owners. In doing this, you shave time off having to call customers and can shut down activity on the account much more quickly - preventing further fraudulent activity taking place and doing right by your customers. Which in turn then engenders greater brand loyalty.

An SMS gateway can be effectively utilised within the financial marketplace for the benefit of both consumers and service providers. This includes using SMS for cross-selling and for prevention of fraud.

Some Favorite Use Cases and SMS Templates for the Banking and Finance Industry

Create greater connections with your customers in the moments that matter with messaging that actually gets read.

Loan Approval

Hi {first name}, your loan with {bank} has been approved. We have sent your loan docs via email - if you have not received them, please contact us. Kind regards, {bank}.

Credit Card Payment Reminder

Hi {first name}, just a friendly reminder that your credit card ending {4 digits} is due on {day}. The minimum repayment is {repayment amount}. Please ensure repayment is made promptly to avoid late fees. {Bank}.

Reminder - Credit Card Mailed

Hi {first name}, your new credit card with {bank} has been mailed to you. Please note, your PIN has been sent separately. If you have not received your credit card and/or PIN by {date}, please get in contact with us to reissue it. {Bank}.

Large Bank Transaction Notification

Hi {first name}, this is an automated warning that {amount} has been transferred from your bank account to {recipient}. If this was not you, please contact us immediately. {Bank}.

ATM Transaction Notification

Hi {first name}, you have withdrawn {withdraw amount} from {ATM location}. Total account balance is {balance amount}. If this wasn't you, please contact us immediately. {Bank}.

Rate Change SMS

Hi {first name}, with the recent reserve bank rate {cut/increase}, the interest rate on your loan account has been updated to {interest rate}. Your new repayments will be {amount} as of {date}. If you have any questions, please contact us. {Bank}.

Let's Get Started with Banking and Finance SMS

Turbocharge your communications strategy and see your finance business profitability increase. Sign up for your free trial so you can find out how text messaging can help your financial institution or contact us for integration assistance.

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