Customers expect the highest quality of communication and service from the banks and financial institutions they have partnered with to achieve their financial goals. Rightfully so, as this relationship can span years and even lifetimes. There is no shortage of ways to communicate with a customer today and vying for their attention can be draining on customer, teams, and budgets. People are looking for consistency, reliability, and facility from their financial service provider, and often this can be the deciding factor for their business. Luckily, you can deliver that and much more with SMS.
Consumers across the board have shared their preference for texting over phone calls when interacting with a business. As of 2022, 98% of American adults are connected to a smart device with texting capabilities (1). And 95% of all text messages are read (2), making SMS a direct line of communication into the customer’s hands.
95% of all text messages are read.
Texting is a versatile tool that positively impacts all areas of the financial services customer experience, from marketing strategy and customer service to customer onboarding and fraud prevention. The immediacy and accessibility of text make it the ideal channel through which to build a partnership with your customers that drives engagement, builds brand awareness, and increases customer satisfaction. If you aren’t using SMS in these five ways, your customers are missing out.
1. Promotions & Offers
Standing out in a sea of messaging can be difficult when trying to reach new or established customers with the latest offers and promotions. It’s no secret that many online and financial footprints are being tracked, leading customers to expect customized promotions and offers based on their interests and needs. SMS makes personalization simple and easy. Start the SMS conversation with the consumer’s name, acknowledge any history they have with your financial institution, and send timely offers based on previous experiences. Customizing messages not only affects the current situation but can deliver long-term benefits to you as a financial service provider. 77% of consumers have made decisions and recommendations based on personalized experiences and services (3).
2. Customer Service
A strong customer service team is critical when handling the sensitive nature of financial services. SMS is a powerful ally for any team looking to provide competent, convenient, and proactive support. (4) Two-Way texting capabilities relieve call centers from mounting pressure to juggle multiple phone lines while meeting service levels. Customers can access the help they need on their timeline while feeling heard and understood. SMS is a mutually convenient solution that saves time and stress during customer service engagements.
3. Account Setup
SMS is a seamless tool for moving new customers through the account setup process. Customers can utilize SBT’s inbound messaging capabilities to return outstanding application materials, identification documentation, and more. Once they kick off the application process, new customers can instantly feel welcomed with an automated text leading them through their next steps. Use a branded SmartURL™ in your message to guide customers to essential areas on your website, application portals, instruction videos, and other valuable tools. With SMS, customer onboarding has never been easier!
4. Account Management
When it’s critical to get a message in the hands of a customer, trust the reliability of SMS to deliver it on time. On average, text messages are read and responded to within 90 seconds (5). Email responses typically take 60 times longer! From fraud alerts and time-sensitive communication to account management and policy changes, SMS automates the notifications that give your customers peace of mind when it matters most.
SBT’s SmartURL™ tool integrates seamlessly into existing File Process Automation (FPA) workflows allowing customers to modify their existing files easily. When customers receive a branded SmartURL, they will know it comes from a credible source, further building their trust in your services and experience.
5. Payments
Give customers one less step by making payments quick, convenient, and secure through SMS. Automated text message payment reminders that include easy ways to make their payment, check loan statuses, and reach a customer service representative put you ahead of the game. SMS also gives customers an open line of communication to discuss late payments in a non-confrontational manner that leads to quicker resolutions. Consistent communication with customers will help your team spend less time tracking down late payments and allow them to focus on helping customers reach their financial goals.
Financial service providers looking to engage with customers in a meaningful, responsive, and convenient way will benefit from adding SMS to their approach. Text messaging delivers real-time reliability and builds trust through its unique approachability and always-on accessibility. Deliver the highest quality of communication your customers deserve by implementing SMS into your financial institution’s overall communication strategy today.
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References
- https://www.smscomparison.com/mass-text-messaging/2022-statistics/
- https://www.smscomparison.com/mass-text-messaging/2022-statistics/
- https://www.slideshare.net/TrackIF/forrester-webinar-individualization-versus-personalization
- https://solutionsbytext.com/articles/empower-customer-service-teams-with-sms/
- https://www.forbes.com/sites/forbesagencycouncil/2021/01/20/why-sms-is-the-marketing-tool-of-the-future/?sh=78c9a5337012