The monetary companies trade is experiencing a digital transformation, with the fast adoption of latest applied sciences. Digital platforms are enabling companies to interact with their prospects in progressive and efficient methods. A helpful channel for this enterprise vital communication is SMS, boasting a formidable open price of as much as 98%.
Dotdigital and Paragon DCX are trade leaders who’re redefining the way in which manufacturers talk with their prospects. One of many methods they’re doing that is through the use of SMS to streamline communication and processes. For example, organizations like The Co-Operative Financial institution, Direct Line Group, Swinton Insurance coverage, and Coventry Constructing Society are leveraging SMS to reinforce buyer experiences. On this weblog, we discover how SMS is reworking buyer expertise within the monetary companies sector
How SMS can enhance buyer experiences within the monetary sector
Actual time SMS permits companies in monetary companies to raise their buyer experiences. Listed here are some key methods you may make the most of:
Safety and fraud prevention
The monetary companies trade must hold prospects’ knowledge protected and inform them about attainable fraud. SMS goes straight to the purpose and doesn’t get misplaced in spam folders. This makes certain prospects get necessary safety alerts quick.
In August 2023, The Co-Operative Financial institution despatched virtually 500,000 SMS messages to remind prospects about the necessity to cease and take into consideration whether or not a transaction is fraudulent. The message additionally offered recipients with the mandatory particulars to contact the Cease Scams UK quantity if required.
Actual time updates and transaction alerts
Monetary companies want to provide prospects real-time updates on account balances, transactions, and cost reminders. SMS is sort of immediate and excellent for this. Whereas e mail and push notifications also can ship updates, SMS notifications are extra dependable in conditions the place web connectivity is restricted or cellular knowledge is dear.
Jane Ball, Senior Advertising Supervisor at The Co-operative Financial institution, praised the SMS resolution provided by Paragon DCX, in partnership with Dotdigital. She stated, “The SMS resolution has enabled continuity of our buyer communications, making certain well timed, dependable, and effectively delivered messaging.”
Two-factor authentication (2FA)
Two-factor authentication is necessary for conserving prospects’ monetary info protected and safe. Sending one-time passwords (OTP) or distinctive codes by way of SMS lets monetary companies suppliers verify prospects’ identities and hold issues protected.
Excessive engagement and buyer satisfaction
SMS permits monetary service companies to enhance buyer engagement by conserving them knowledgeable about new merchandise, promotions, and coverage updates. In contrast to conventional e mail newsletters or app notifications which may get misplaced, SMS messages are concise, customized, and extra more likely to seize the recipient’s consideration.
Price-effective buyer assist
Monetary service companies can use SMS to supply quick, cheap buyer assist and minimize down on name middle quantity. SMS can ship automated replies, verify appointments, or observe up at a decrease value than cellphone assist.
Regulatory communication
Monetary companies can use SMS for necessary alerts like overdraft alerts, insurance coverage renewal reminders, and rate of interest adjustments. Whereas emails can work for this type of info, SMS also can remind prospects to test their e mail for vital, time-sensitive messages.
Last ideas
SMS is a robust software for the monetary companies trade to make buyer experiences higher. Utilizing SMS in communication methods helps monetary service companies enhance buyer satisfaction and success. By utilizing SMS, monetary service companies can proceed to do effectively within the digital age.
If you wish to study extra about utilizing SMS for necessary, time-sensitive messages, attain out to Paragon DCX to see how our mixed companies might help you speak to your prospects rapidly and successfully.
