FinText 2023 Insights: Day 1 Pt. 2

Messaging Compliance and 

Consumer Demand for Text Payments

This FinText 2023 recap highlights topics from Day 1, Part 2 of the SBT conference. We’ll bring you up to speed on the most significant trends and insights from the conference sessions you might have missed and share impactful Ah-Ha! moments that your business needs to know.

Ah-Ha! Moments from FinText Day 1 Part 2: 

          • Compliance is an opportunity to build trust with consumers regarding your brand.  
          • Utilization of multimedia assets within text campaigns can help establish consumer confidence in your communications.
          • Texting strategy should not be a “one size fits all” approach.
          • Tailor the messaging of every text campaign by audience. 

Session Summaries

Compliance Forum: 2024 Regulatory Update

Amanda Payton, Chuck Dodge, Jeff Simmons

During the “Compliance Forum: 2024 Regulatory Update,” Amanda Payton, Chuck Dodge, and Jeff Simmons highlighted the intricate relationship between CTIA – The Wireless Association, the FCC – Federal Communications Commission, and text solution providers. The panel focused on the pivotal roles that the CTIA and FCC play in representing consumers and ensuring businesses adhere to wireless carrier requirements. Jeff Simmons, VP of Technology Programs at CTIA, praised SBT for their role in setting and educating their customers on compliance standards stating, “SBT has been a great jewel in the crown for creating best practices in compliance.”

Jeff, Chuck and Amanda then went into an deep-dive of the three-part framework for businesses to follow to ensure consumers receive content that they want to receive like: consent, opting in and out, and terms and conditions. They also discussed the monitoring handbook for short codes, a resurgence in the conversation surrounding net neutrality, and the importance of secure messaging practices in line with Reg F.

Real Time Ecosystem: Drive Payments to Your Advantage

Nick Babinsky, John Turnage, Rob Kennedy, Jason Smith

This panel highlighted the new landscape of collections and payment communication. The shift away from traditional communication methods like snail mail and email towards text messaging as the primary channel for reaching consumers was a key theme. However, the panel emphasized that it’s not just about the medium, but also the quality of the message. Building trust and delivering a clear call to action in these texts are paramount. It’s important to provide context when sending payments via text, considering your audience’s needs. 

Texting is not a one-size-fits-all approach, and experimentation with various message types to measure success is crucial. Monitoring campaign data, including engagement metrics by time of day and day of the week, is the cornerstone of a successful texting strategy.

A key focus of the discussion was the importance of making the consumer experience seamless and efficient in order to increase consumer satisfaction and yield successful payments. The panel also touched on the Convenience Fee Model in payments processing, emphasizing that its success lies in implementation and flexibility, particularly since consumers are cost-conscious. 

Check out insights from Day 2!

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