Category

Business SMS

4 ways financial sectors are using SMS for better customer experience

By Banking Communications, Business SMS, Customer Experience No Comments

Every business can use SMS to enhance their business, and they have been doing exactly that for the past couple of decades, finding new and innovative ways to harness the power of business SMS. However one sector in particular that is now fully on-board with business SMS, is the financial sector.

Customers are not only familiar with the SMS business experience, but they expect it. The convenience, speed and familiarity of SMS, means that it is fast becoming customers preferred choice of communicating. Nothing represents this more, than the adoption of this communication method by the financial services sector.

When it comes to money and more serious matters, we are rightly more cautious. But SMS is enabling the financial sector to engage with its customers in a secure digital environment that benefits all parties. Paper based communication can be expensive and ineffective, where with the increased number of fraudulent emails we receive everyday, trust in this method is diminishing, Research by Radicati Group state that 49.7% of emails sent are spam.

Whether it be your bank of choice, insurers or independent financial advisers, the financial sector is using SMS to communicate the following to its customers and staff:

1. Payment reminders and confirmations
Taking and reminding customers that a payment is due can be problematic. Sending out SMS reminders that a payment is due with a URL link in the message for them to make the payment online, makes it easier for the customer and in turn will increase the response rate. See how to enrich SMS campaigns with web links here.

Businesses are also sending out payment and deposit confirmations via SMS. Instant communication and confirmations, make your customers feel confident and make them feel secure when working with your company.

2. Fraud alerts
If there has been any suspicious activity on an account, SMS updates can be sent out to alert a customer of the situation, giving them the option to take action if needed.

These kind of updates and information can help reduce the damage of such activities and install a very positive secure opinion of your business.

3. Policy renewals
With SMS you can schedule in annual reminders for insurance policy renewals, complete with details on their existing deal, new quotes and include links and information on how to renew. 

The time periods associated with these sorts of things, mean information and policies are easily forgotten, SMS gives the perfect reminder and renewal.

4. Appointment reminders
No shows are not only frustrating, but they can also be very costly as missed appointments not only push back other appointments, they can also lead to missed opportunities. Missed appointments cost time and money.

Sending SMS appointment reminders deliver a timely update and important information but also provide your customers with a great customer experience.

If you would like to discuss how business SMS can help your business, please do get in touch or sign up for your free account via sales@gikko.net.

3 steps to ensure successful message delivery

By Banking Communications, Business SMS, IT Security No Comments

Follow these simple steps when uploading your customer database into the Gikko messaging platform to avoid common errors:

1. Collect the correct data.

The most important data is the mobile number of your client. Having the first and last name of you client is also important for personalisation. Gather this information in an excel sheet.

2. Input data correctly.

The data entered should match the column name, for instance where numbers are involved- bank account numbers should not be in the column for mobile numbers.

3. Include the correct country code.

The mobile number must include the correct country code at the beginning, for example, Zimbabwe’s is 263.

Omnichannel: The future of banking

By Banking Communications, Business SMS, Customer Experience
Banks can leverage automated and event based notifications on a wide range of messaging channels through omnichannel solutions, sharing notifications like anti-fraud alerts, balance statements, payment reminders and withdrawal notifications in a fast, convenient and secure way.

 

Banking and financial services cannot escape the effects of digital transformation, and they’re investing in technology to help facilitate their own and live up to a new paradigm. According to Gartner, the global banking industry will spend $519 billion on IT in 2018, up 4.1 percent year-over-year from $499 billion in 2017. The need to innovate to digitally transform spans both virtual and traditional banks. While brick-and-mortar banks must actively work toward digitization, online banks already operating via a digital model — even those natively built on digital platforms — must also modernize their communication strategies.

 

Keeping Pace through Enhanced Communication
Communication is key to customer experience, and customer experience is
paramount to overall business success. One way to ensure two-way, secure communication via platforms that customers know and love is by implementing omnichannel solutions. Omnichannel enables banks to reach their customers through various messaging platforms, delivering custom text messages and rich content over SMS, chat apps, voice, email, notifications, and Facebook. This custom streamlined communication improves the quality of service companies deliver to their target audiences. Seamless integration of communication helps ensure an easy, modern purchasing and consuming experience for a brand’s customer base. This enables online banks to capitalize on the on-demand nature of digital models and enables traditional banks to reach their target audiences in new, convenient ways. Taking brand-to-customer communication a (necessary) step further, one aspect of an omnichannel solution banks can use is application-to-person (A2P) SMS messaging — commonly referred to as “enterprise” or “professional SMS.” This allows for a direct conversation, authentication of users of online services and delivery of time-sensitive alerts.

 

Sending mobile messages from a business application to a mobile user enables banks to meet customers where they’re already actively messaging. According to Deloitte’s 2018 Banking Industry Outlook, mobile is rising to the fore in consumers’ banking habits and preferences. The mobile channel is steadily replacing the branch as the focal point of the banking experience, achieving engagement even beyond that of online banking.

 

Both traditional and online banks should capitalize on this shift to a mobile-centric world by creating a strong mobile offering. Offering constant access, and real-time customized communication and alerts, virtual banks are attractive to today’s always-on customer. Traditional banks can tap into the many benefits of virtual banks by leveraging omnichannel solutions and implementing A2P messaging, giving them the opportunity to keep on pace with the competition and enhance communication with their target audience.

 

While traditional and virtual banks serve specific purposes for their target audiences, both can be enhanced by adopting omnichannel solutions and A2P messaging. Adopting solutions that share personalized messages and are delivered at the
right time via the right channels will increase customer activity and communication effectiveness, ultimately bringing both online and traditional banks into the future.

The Benefits of SMS Marketing

By Business SMS, Featured, SMS Marketing
1) Instant Delivery
 SMS is lightning fast, literally putting your message into your subscribers’ hands seconds after you send. The average time for all mobile carriers and SMS services is less than 7 seconds from sent to received. Let’s face it, nothing compares to the immediacy of SMS.

 

2) Flexible Platform
Either send a handful of messages to a targeted group or send thousands of SMS messages to your entire list. A great SMS marketing service makes it easy to customize your text message campaigns to the needs of your SMS subscribers. Create a promotional message or a quick industry update; our platform truly bends to the needs are of your business. Also, many SMS services easily integrate into other online marketing strategies.

 

3)  High Open Rate
When compared to email marketing, SMS has a staggeringly high open rate. Essentially, almost every SMS sent is opened (and read), whereas only a fraction of emails sent are read. When a customer feels that buzz in their pocket or hears that trill signaling a text message, they always look. In some cases, text messages are automatically opened, where as emails aren’t.

 

4) High Conversion Rate
With SMS, there is an incredibly high rate of customer action. Whatever your SMS is – promotions or notifications – there is more action taken compared to any other marketing or notification strategies.

 

5) Reliable
 Unlike email, SMS doesn’t have to battle against spam or other email filters. If anything, SMS is the most direct connection to your customer base than any other marketing strategy, and there aren’t any barriers.

 

6) Limitless Market Potential
Do you even know how many mobile phones are out there? An absolutely ridiculous amount. And since mobile phones and text messaging especially, are the way that people communicate now, there isn’t any reason why you can’t tap into this virtually limitless market potential. Mobile phone users represent all demographics – a marketing gold mine!

 

7) Going Green
Green is in! Although most online marketing strategies are naturally green, it is incredibly important to reiterate. Any marketing strategy that is paperless is not only great for the environment but for the bottom line.