4 ways the financial services sector is using SMS

Every business can use SMS to enhance their business, and they have been doing exactly that for the past couple of decades, finding new and innovative ways to harness the power of business SMS. However one sector in particular that is now really getting onboard with business SMS, is the financial sector.

We are now not only getting more familiar with an SMS business experience, but we are starting to expect it. The convenience, speed and familiarity of SMS, means that it is fast becoming customers preferred choice of communicating. Nothing represents this more, than the adoption of this communication method by the financial services sector.

When it comes to our money and more serious matters, we are rightly more cautious. But SMS is enabling the financial sector to engage with its customers in a secure digital environment that benefits all parties. Paper based communication can be expensive and ineffective, where with the increased number of fraudulent emails we receive everyday, trust in this method is diminishing, Radicati Group state that 49.7% of emails sent are spam.

Whether it be your High Street Banks, debt collection or independent financial advisors, the financial sector is using SMS to communicate with its customers and staff.

Payment reminders and confirmations
Taking and reminding customers that a payment is due can be problematic. Sending out SMS reminders that a payment is due with a URL link in the message for them to make the payment online, makes it easier for the customer and in turn will increase the response rate.

Businesses are also sending out payment and deposit confirmations via SMS. Instant communication and confirmations, make your customers feel confident and make them feel secure when working with your company.

Fraud alerts
If there has been any suspicious activity on an account, SMS updates can be sent out to alert a customer of the situation, giving them the option to take action if needed.

These kind of updates and information can help reduce the damage of such activities and install a very positive secure opinion of your business.

Policy renewals
With SMS you can schedule in annual reminders for insurance policy renewals, complete with details on their existing deal, new quotes and include links and information on how to renew. 

The time periods associated with these sorts of things, mean information and policies are easily forgotten, SMS gives the perfect reminder and renewal.

Appointment reminders
No shows are not only frustrating, but they can also be very costly as missed appointments not only push back other appointments, they can also lead to missed opportunities. The NHS reports that missed appointments cost them more that £126 million every year in England.

Sending SMS appointment reminders deliver a timely update and important information but also provide your customers with a great customer experience.

If you would like to discuss how business SMS can help your business, please do get in touch or sign up for your free account here