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Innovation: How banks can stay ahead

By Banking Communications, Customer Experience, Featured
It’s no secret that consumers are looking for the most convenient service for them, and with such a wealth of options, banks need to be agile and ready to upgrade as behaviors shift.

 

Mobile banking apps are no longer enough. The way fintech is disrupting banking urges the industry to find new ways to engage their customers.

 

So, how can banks stay ahead? 

 

Many fintech innovations have hit the banking industry like a bomb: start-ups offered more than digital-only banking and became riddled with customer centricity. To counter this traditional banks have started embracing communication in different channels as a way to communicate their values to their customers. The goal being to meet consumers where they are — even if it’s at the street corner.

 

Poland’s Idea Bank offers customers a mobile ATM to withdraw or deposit cash. Germany’s Fidor Bank allows customers to sign-on to its bank through Facebook. Do you feel like the pressure for innovative banking is on yet?

 

According to KPMG, 43% of the bank CEOs responding to its survey admitted they were concerned about their ability to keep up with the rapid changes in the industry. They know the next generation is demanding ultra-convenient service.

 

Recently, innovative banking think-tank sessions are investigating the future usage of IoT and blockchain. The goal is to bring banking to more customers through improved customer experience. Does that mean banks should open a new department for innovation?

 

Whether or not a bank has an innovation department, it’s important to have an innovative culture that’s encouraged across hierarchy. Keeping the conversation open with the experts is more than necessary.

 

Innovation should always consider what the customers want. Offering omnichannel solutions— like SMS, voice, notifications, email, chat, IoT and chatbots — is increasingly fundamental but must be how the customer prefers to communicate. Innovation is possible — while keeping the environment secure for everyone.

EFFECTIVE COMMUNICATION WITH WHATSAPP BUSINESS

By Banking Communications, Customer Experience, Featured
How can banks effectively communicate with their clients?

 

Customer experience is a brand’s biggest asset today. To optimize it, messaging channels have become one of the most convenient and effective ways to communicate with a company or financial service. With WhatsApp for Business, enterprises can expand their customer-centric dialogue on a chat app their customers already trust and enjoy.

 

By leveraging WhatsApp Business, customers will have the option to receive important banking transaction alerts in real-time. For example, if a credit card has been compromised, the bank agent can reach out and notify the user immediately via chat app instead of over the phone in a secure environment.

 

  • Transactional inquiries: For everyday banking issues, instead of accessing a banking app, reaching out to a call center or visiting a local branch, clients can efficiently communicate over WhatsApp and enquire about everything from the status of a mortgage application, to the process of opening a bank account.
 
  • Customer support: Banks can also conveniently administrate support and time-efficient responses to new enquiries over WhatsApp Business, all within the app. This helps them avoid app development and the management of mobile sessions needed in the typical mobile bank application.

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.

Promotional SMS vs. Transactional SMS

By Featured, SMS Marketing No Comments

Both Promotional and Transactional SMS are kinds of SMS Marketing

PROMOTIONAL SMS

Promotional SMS: These are SMSes which are sent with the objective of promoting your product or service. This category includes any sales & marketing messages which may or may not be solicited by the recipient.

TRANSACTIONAL SMS

Transactional Bulk SMS also called as SMS (Short Messaging Service) which has the additional features like Identity on who is Sending (Six Character SENDER ID), 24x7x365 Days of Delivery. Most advantages of Transactional SMS is, it can deliver on DND & Non-DND Numbers both.

 

 

TO SUM IT ALL UP;

Promotional Bulk SMS

 

Transactional Bulk SMS

 

 

 

· DND Numbers list can be extracted and will not be charged

 

· The service is applicable 24x7x365 days

 

It works with 6 digit Numeric Sender ID · Six Character Sender ID

 

· The service is applicable 9AM to 9PM.

 

It works on template basis. The templates with 70% of Static Content and 30% Variables