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4 Reasons Why Financial Services Are Using Texting

Posted by Justin McIntire on Feb 06, 2018

why financial services use mobile sms

The largest banks and financial institutions have been using text messages for years, and it’s no surprise why. With a read rate five times higher than email, SMS is the most immediate, reliable, and attention-grabbing form of communication. And you don't have to worry about members deleting your app, as most customers opt-in to receive SMS alerts from their bank anyway. Trumpia has been helping customers in the financial services industry for more than a decade, and here are just a few important lessons we’ve learned:

 

1. Tighten Your Financial Security With Trumpia’s SMS Software

In light of recent large-scale data breaches and cyber attacks, building trust with your customers is paramount. A study by Juniper Research predicts that cyber-attacks will cost businesses up to $2.1 trillion by 2019. This figure would cause anyone to feel insecure about their finances, mobile banking or text banking overall. Luckily, SMS is the perfect answer to help prevent fraud and improve member satisfaction.

 

SMS is perfect for two-factor authentication as it adds another layer of security when creating or signing into an account and authenticating a new IP address. It reduces identity theft by requiring a one-time passcode that can be emailed or texted to your members. As an added layer of security, members can get a fraud alert on their phone if a suspicious charge is made on their accounts.

 

2. Tailor Your Notices With SMS Text Messaging

We’ve already established that using SMS will help improve communications with your members. With Trumpia, you can do more than send a mass blast to everyone on your list. With our Smart Targeting, you can easily send the right message to the right recipient at the right time, every time. This means you can filter your customer database by specific criteria, allowing you to send targeted messages to members who have been with you for over a year, or send loan offers to members that you know are looking to buy their first home.

 

SMS is significantly easier to use and more efficient than other communication methods, which means sending texts to communicate with your customers will increase your ROI. Late notices can be a headache. SMS messaging for banks or financial services is perfect for sending messages that will get customers attention, as 90% of SMS messages are read within 3 minutes. This means you will free up your staff from having to call customers to remind them of their past due balances, and your revenue will see a dramatic tick upward.

 

3. Provide Better Customer Service With Texting

The problem with telephones is not only can calls take ages, but your reps can only handle one customer at a time! Texting strikes the perfect balance between being more casual than a phone call, while being more attention grabbing and getting 750% more responses than email, all while being 60 times faster to carry out customer service. Reps can also handle multiple text conversations at the same time from the comfort of their computer.

 

64% of consumers prefer texting over talking on the phone. That’s why landline texting is a game changer, giving you the power to text-enable the same business phone number that your customers already call into. Instead of placing your members on hold every time they call in, your service reps can reply to text inquiries right from our platform’s web-based inbox, saving time and allowing them to help more customers at once and still provide personalized, one-on-one service.

 

3. Harness the Power of SMS Automation

Repeatedly answering the most frequently asked questions can be a drag for any customer service rep. “What time do you open?” “Can you send me a link to this or that form?” If you choose a provider with SMS automation like Trumpia, the automation features can answer these questions for you!

 

Our advanced Interactive Text Response (ITR) solution can automatically answer common questions, freeing up your reps for more important tasks. For example, if a customer texts in wanting to know your customer service hours, set up an automatic response that will text your customer back with your schedule!

 

Automation also lets you send messages based on customized conditions, like on each member’s birthday, reminders for important deadlines, or any other notification rules you set up. An intelligent solution like Trumpia can send automatic reminders while you move them through things like the loan application process or retirement planning, or follow up with members who have incomplete applications with our powerful click through and site tracking functionality. And with SMS integration with your banking systems, you can plug powerful messaging API’s like Trumpia’s into your existing systems and take advantage of the power powerful communication channel: SMS.

 

Trumpia Case Study: Showcase of A Financial Services SMS Success Story!

zacks investment uses trumpias sms api

Zacks Investment Research is a financial research firm that provides investment recommendations to their customers. Looking for a way to diversify how they sent stock tips, they partnered with Trumpia to pair SMS with their email efforts in order to maximize their reach. By integrating Trumpia’s SMS API into their system, Zacks was able to send over 30,000 texts in a month, or about 1,500 texts every workday. With texting, Zacks could send tips through a more attention grabbing and immediate channel, letting customers take actions to quickly move on stocks. Also, their new two-pronged approach essentially doubled their reach, and allowed Zacks to ensure their advice was seen by their customers on their most preferred communication channel.


Are you a financial services professional looking to improve how you communicate with your customers? Click here to learn more!

 

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Topics: Financial Services

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