Due to the consistent growth of smartphones, mobile messaging technology and especially Bulk SMS is considered a high-returning and viable investment for organizations in the financial sector. In another few years, the question won’t be “should you include text message into your business”, but rather, “how you should include text message into your business?”
SMS in the financial sector
Recently, Bulk SMS Services has seen significant growth within the financial sector. Have a look at the following statistics found in a recent study.
- 80% of all financial services organizations are presently using or consider using global text messaging to interact or communicate with their clients as well as employees.
- 83% of financial service companies believe mobile messaging has a “major” or “considerable” effect on the brand awareness of the company.
- Almost 9 out 10 financial service companies feel like SMS has “major” or “considerable” affecting overall client experience.
Although, some sectors are still looking at mobile messaging and SMS with a delayed acceptance or bit of hesitance, the same can’t be said about the financial sector. Companies are adopting text messaging at a fast rate, and now is the right time to make an investment.
Common ways the financial sector uses text messaging
As the above statistics suggest that the financial sector relies on SMS as an effective communication and engagement tool. But how exactly is the sector leveraging SMS for a high return on investment? Let’s have a look at some of the common uses:
To communicate with employees
While majority of people think that text messages are used to engage clients and customers, there is also huge value to be extracted from the internal applications of SMS. In a research it was found that 73% of financial service organizations find Transaction Bulk SMS a very effective tool for employee emergency alerts. Moreover, this industry is comparatively more interested in one-way SMS technology than any other surveyed sector.
Today, both human resource and IT departments are using SMS as a tool for mobile workforce management, timesheet processing, password reset information, sending account authentication, providing IT system updates and sending company announcements.
For improved client experience
While organization management and employee relations may now garner much of the text messaging focus, organizations within the financial sector are also using the value of SMS as a tool for increasing client experience. Here are a few examples of how does it exactly look like.
- Customer services: Clients within the financial sectors are usually very busy. This indicates they don’t have time for calling their financial service providers, waiting on hold and getting answers to their questions. With text messaging, customers and clients can just text a question to their portfolio manager/banker/financial planner/accountant etc. and get a reply when the question can be answered.
- Safe authentication: In the financial sector, security is definitely an important deal. One of the safest means to authenticated password resets, account updates and transactions is through OTP SMS. This guarantees timely and safe delivery, keeping important information out of the wrong people.
- Client surveys: Sending surveys to clients is one of the most popular use of SMS. These simple short surveys usually produce high response rates and are a lot effective than long online surveys.
Real time client alerts
Text message also allows these companies to send out urgent information and timely alerts to clients and customers. This includes account information or sudden market update or anything that needs to be conveyed immediately.
If you are also from financial services industry considering giving your clients or employees something new in 2016, then start using Bulk SMS for better communication and client support.