Research has shown that banks and financial institutions with strong customer loyalty have an open door to win more of their customers’ business. Research also shows that customers that have a positive first experience with their bank tend to stay loyal to that bank when it comes to applying for larger services.

Using SMS in a number of ways can help to improve customer retention and loyalty and open up to greater markets.

 

Using SMS in the finance industry

Payment reminders

Use SMS to reduce collection costs by reminding customers of outstanding and overdue payments. SMS has a 98% open rate, so you can be sure they will receive and read the message.

This will save your call centre staff needing to chase up payments, it also acts as a great way to build customer loyalty and shows you’re looking out for their best interests, helping them avoid fines.

 

Status notifications

Many products, such as mortgage and credit applications, can take considerable time to process. SMS is a great way to keep your customers informed on the status of their application(s). Sending updates via SMS throughout the process will keep them in the loop and lessen their need to contact you and ask questions, decreasing the volume of inbound calls.

 

Business continuity

In the finance industry, ensuring all of your business systems are working correctly, from your servers to website, is extremely important. It is essential that issues are detected early and resolved in the shortest possible time-frame.

By implementing SMS into your monitoring systems, you can be assured that technicians are alerted instantly if any critical infrastructure goes offline. SMS is usually read within 90 seconds of receipt. Furthermore, this process can be fully automated.

When you compare SMS to any other method, none are quite as effective as SMS. For example, emails can take up to 90 minutes on average to be read—this can be even slower outside of work hours. Phone calls generally require human intervention; someone has to notice the fault, know the correct procedure and follow up as quickly as they can. This has many areas susceptible to mistakes being made.

 

finance trading and stocks image
image of financial building

Staff communications

Using SMS is a quick way to ensure your staff get the message. SMS can be used to send staff messages on the following issues, and much more:

  • Updates on OH&S changes 
  • New products and services to upsell
  • Important event invitations
  • Travel information such as flights, hotels etc.
  • Meeting updates should a venue or date change at last minute

 

Income and expenditure & data collection forms

Calling customers for income and expenditure information can trap them in an uncomfortable location at an uncomfortable time. Therefore, rather than having account managers or call centre staff calling customers, sending out a Mobile Journey form—a custom built mobile optimised form for them to complete—can reduce call centre staff's time and increase the speed of which the information is obtained. It can be completed anywhere; at work, on a train or even in a cafe. Whereas taking or making a call cannot for sensitivity reasons, amongst others.

 

Marketing promotions

New products, services, credit card offers, extending credit limits, extended opening hours; all of these need communicating, and often email just doesn’t get read, and direct mail is expensive. SMS is a great way to get the message out there and get it read.

With almost 80% of the Australian population now owning a smartphone, you can also embed links within your SMS, which can send the recipient to mobile optimised web pages to give greater information on the products and services on offer.

 

 

Using SMS Suverys in the finance industry?

 

Feedback surveys

Feedback is essential to understanding how satisfied or dissatisfied customers are with your company. You can use SMS to send a survey to get to know how your customers really feel about your customer service as well as your services and offerings.

Market research surveys

Using SMS for market research is great because the response is high and quick. We have found SMS survey response rates to be up to 5 times higher than email. This leads to a more accurate cross section of your audience, and also enables you to act much faster.

A few of our finance industry customers

Dun & Bradstreet logo CC logo 1st credit logo cap quest logo cci logo investec logo

Sources:
http://www.bain.com/publications/articles/customer-loyalty-in-retail-banking-2013.aspx
http://landing.deloitte.com.au/rs/761-IBL-328/images/deloitte-au-tmt-mobile-consumer-survey-2015-291015.pdf?