The rise of online banking and automated payments through direct debits and standing orders has very much changed the way we interact with our chosen bank and they are increasingly turning to text as a communication channel. And for those already using text and mobile as a communications tool, there are other opportunities to use it further.
A Cost Effective Route to Market
Text marketing provides a fast, cost effective means of contacting both existing and prospective customers. Banks can use products such as TextOnline to promote marketing messages for new financial products direct to the customer’s’ smartphone, potentially saving millions on high cost television and print campaigns.
Doing More with Text
As the capability of automated messaging providers such as TextAnywhere develops, so has the way in which finance houses can use text services. In addition to marketing opportunities, text enables banks to cut straight through to customers with what may be vital information. Text alerts can be automated when specific account actions are made, such as mortgage payment processed or entering unarranged overdraft. With 98% of texts being opened, banks can ensure that customers receive messages and take the necessary actions to avoid unwanted bills or charges. Banks are using such services to provide exemplary customer service; a key method of differentiation in a highly competitive field.
Keeping Personal Information Safe
Due to the highly sensitive nature of banking and finance, communicating with customers via text enables financial organisations to be more private in their communications, as opposed to phone calls that can be overheard or emails that are visible on a desktop. The public is feeling increasingly comfortable with receiving text alerts regarding their banking activities. This is typified by the rising use of two-step authentication for activities such as changing passwords or adding new payees, adding another, vital layer of security. A study by the Centre for Generational Kinetics stated that 41% of millennials prefer text to be their banks’ primary method of communication. For those using the relevant bank, it is reassuring that you can be notified of virtually any activity on your account, thereby providing further layers in account security. Such messages create a sense of trust and reliability and again, great customer service.
Texting for Service and Streamlining
The move to text messaging as a communication channels is enabling banks to streamline and release the strain on branch staff. Simple reminders of hitting overdraft limits or when currency is ready for collection, leads to less customers going into branch for simple requests; potentially saving banks thousands in employee wages and even reducing the need for large, expensive premises. Similarly, banks can promote downloads of their mobile apps via text campaigns, again letting customers taking ownership of their banking and easing pressures on branches. By contacting people on the same device where they can access the app, text marketing proves to be a highly effective channel.
Another example of how banks are consolidating through mobile is by using Text Survey. As opposed to labour intensive telephone call-ups, surveys run via mobile can be run at any time and replied to by customers when they see fit. This contributes to the superior success of text surveys as opposed to more traditional methods, making it more cost efficient whilst generating crucial consumer insights.
With the potential to also run reminders, account verification and promotional campaigns; text messaging enables banks to offer a whole lot more with less resource, time and investment. To find out how we can change the way your organisation communicates with customers, contact TextAnywhere and find out more about the way our services are shaping the financial industry.
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