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finance Tag

News, tips & advice from FastSMS

Around the world bank branches are disappearing. Just yesterday I received an email from Business Intelligence (BI) predicting the doom of US bank branches and cash machines. Their data is based on US economic and survey data, but others have done similar research in the UK and the world. And they all agree: the days of the local branch bank office are soon to be over.

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I came across an interesting article regarding the A2P market. It’s entitled “Growing Employment Rate to Benefit BFSI A2P SMS Market in Switzerland.” The contents summarise a new report from Transparency Market Research about the A2P market in Switzerland, specifically how it relates to BFSI or Banking, Financial Services, and Insurance (BFSI). You might be thinking that sounds boring rather than interesting, but what drew my attention was the relationship of employment to A2P SMS messaging.

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One of the most interesting use cases for SMS messaging is the financial industry. Just a couple weeks ago I wrote a blog on 7 ways the financial industry can use SMS messaging to communicate with customers. In this blog I'll expand on the topic from a different perspective: personalisation.

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If there's one industry that's often assumed to be cold and impersonal, it's the financial industry. It's all about numbers and money, not about the people who have accounts, or need help with enquiries. The reputation may or may not be deserved, but there is a way to combat it: by making customers, investors, or clients feel like you care.

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The benefit of using SMS messaging for authentication is that people have their mobiles with them all the time. It’s convenient for them to receive the passcodes quickly so they can get logged in and do their business, whatever that may be. At its simplest, the procedure goes something like this...