SMS Automation in Banking Industry
Financial institutions, such as banks happen to be under increasing pressure to prioritize the mobile user experience. To maintain customer brand loyalty and to meet the ever-increasing expectations of their customers, particularly millennials, banks are increasingly looking to provide customers with an omnichannel customer experience. SMS is predicted to play a significant role in the overall mobile banking experience, as stated in a report published by IDC in 2017 on mobile messaging in retail banking. SMS can be used for a wide variety of purposes, including but not limited to alerts and notifications for account status, security breaches, reminders, loan applications, credit card and two-way broadcast messaging, and multiple relevant updates.
In order to keep customer data and financial transactions safe, banks must adhere to strict compliance and governance standards. In addition, they are required to run their day-to-day operations effectively, in a cost-competitive manner while also providing superior services to their customers.
The major benefits of employing SMS alerts in regular business operations for banks are listed in the list below:
1. Boosting operational efficacy through CRM integration
The integration of an SMS gateway with an in-house customer relationship management platform allows businesses to notify customers automatically, streamlining routine administrative tasks and freeing up staff to focus on providing more valuable customer-centric services.
2. Reducing data breach risk with 2FA
The protection of customers' personal information is a priority for financial institutions. To reduce the likelihood of a data breach, financial institutions may choose to implement two-factor authentication (2FA) using an SMS One-Time Password (OTP) solution. This will add an additional layer of protection for customers when they access their financial information. Customers can also benefit from relevant authentication solutions by conducting sensitive transactions conveniently and securely.
3. Enhancing the Customer Experience Journey by Omnichannel Messaging
By facilitating communication between the bank's staff and the customers via various channels, omnichannel messaging improves the customer experience journey. Bank employees can use text messages, email, social messengers, and other collaboration tools to inform customers about account openings, the status of loans, credit card applications, and other essential matters.
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4. Reduce IT outages to improve IT responsiveness.
IT departments, when responding faster to applications, systems, web services, or network outages by active 2-way remote monitoring, the services can be executed properly. If the IT department acts swiftly, business interruptions can be contained before they cause irreparable harm to the brand and its reputation.
5. Use 2-way messaging to boost interaction
When it comes to messaging, financial institutions can use the feature that allows for two-way communication to increase the amount of interaction and engagement they have with their customers.